Bryan Realty
Somerville, TN 38068
Single-Family Homes
Market Report / michael@bryanrealty.com
Somerville, TN 38068
Thu Sep 16 2021
This week the median list price for Somerville, TN 38068 is $319,750 with the market action index hovering around 59. This is less than last month's market action index of 63. Inventory has increased to 10.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Real-Time Market Profile
| Median List Price | $319,750 | |
| Median Price of New Listings | $399,500 | |
| Per Square Foot | $129 | |
| Average Days on Market | 40 | |
| Median Days on Market | 21 | |
| Price Decreased | 10% | |
| Price Increased | 0% | |
| Relisted | 0% | |
| Inventory | 10 | |
| Median Rent | $1,695 | |
| Market Action | 59 | |
| Strong Seller's Market | ||
We continue to see prices in this zip code hovering around these current levels, even though they bumped up a bit this week. Look for a persistent up-shift in the Market Action Index before we see prices move significantly from here.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $717,500 | 4,124 | 10 - 20 acres | 4 | 3 | 35 | 0 | 1 | 14 |
| $599,500 | 3,674 | 10 - 20 acres | 4 | 3 | 40 | 0 | 1 | 24 |
| $240,000 | 1,899 | 5 - 10 acres | 3 | 2 | 14 | 1 | 1 | 21 |
| $239,900 | 1,899 | 0.25 - 0.5 acre | 4 | 2 | 0 | 0 | 1 | 21 |