Bryan Realty
Somerville, TN 38068
Single-Family Homes
Market Report / michael@bryanrealty.com
Somerville, TN 38068
Fri Apr 23 2021
This week the median list price for Somerville, TN 38068 is $229,900 with the market action index hovering around 55. This is an increase over last month's market action index of 50. Inventory has held steady at or around 11.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
Real-Time Market Profile
| Median List Price | $229,900 | |
| Per Square Foot | $129 | |
| Days on Market | 35 | |
| Price Decreased | 18% | |
| Price Increased | 18% | |
| Relisted | 0% | |
| Inventory | 11 | |
| Median Rent | $1,695 | |
| Most Expensive | $799,000 | |
| Least Expensive | $135,000 | |
| Market Action | 55 | |
| Strong Seller's Market | ||
Recently prices in this zip have settled at a plateau even though they dipped this week. Look for a persistent up-shift in the Market Action Index before we see prices significantly move from these levels.
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 |
|---|---|---|---|---|---|---|---|---|
| $717,000 | 3,299 | N/A | 4 | 3 | 26 | 0 | 0 | 150 |
| $325,000 | 2,499 | 1 - 2.5 acres | 4 | 3 | 17 | 1 | 0 | 7 |
| $229,900 | 1,899 | 6,500 - 8,000 sqft | 4 | 2 | 1 | 3 | 1 | 84 |
| $219,900 | 1,699 | 4,500 - 6,500 sqft | 4 | 2 | 0 | 2 | 1 | 0 |