Bryan Realty

Somerville, TN 38068

Single-Family Homes

Market Report / michael@bryanrealty.com


Somerville, TN 38068

Sat Jul 27 2024
This week the median list price for Somerville, TN 38068 is $336,990 with the market action index hovering around 31. This is about the same as last month's market action index of 31. Inventory has increased to 51. Click here to stay informed with the Somerville market!

Market Action Index

This answers “How’s the Market?” by comparing rate of sales versus inventory.

Slight Seller's Advantage

While the Market Action Index shows some strengthening in the last few weeks, prices have not seemed to move from their plateau. Should the upward trend in sales relative to inventory continue, expect prices to resume an upward climb in tandem with the MAI.

Somerville, TN 38068

Sat Jul 27 2024
This week the median list price for Somerville, TN 38068 is $336,990 with the market action index hovering around 31. This is about the same as last month's market action index of 31. Inventory has increased to 51. Click here to stay informed with the Somerville market!

Market Action Index

This answers “How’s the Market?” by comparing rate of sales versus inventory.

Slight Seller's Advantage

While the Market Action Index shows some strengthening in the last few weeks, prices have not seemed to move from their plateau. Should the upward trend in sales relative to inventory continue, expect prices to resume an upward climb in tandem with the MAI.

Real-Time Market Profile

Never miss important changes in the Somerville market.
Median List Price $336,990
Median Price of New Listings $354,450
Per Square Foot $183
Average Days on Market 91
Median Days on Market 49
Price Decreased 31%
Price Increased 4%
Relisted 6%
Inventory 51
Median Rent
Market Action 31
Slight Seller's Advantage

Again this week we see prices in this zip code remain roughly at the level they’ve been for several weeks. Since we’re significantly below the top of the market, look for a persistent up-shift in the Market Action Index before we see prices 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
$562,450 2,600 10 - 20 acres 3 3 21 1 0 87
$355,990 2,000 0.25 - 0.5 acre 4 2.5 1 2 1 35
$332,990 1,800 0.25 - 0.5 acre 3 2 0 0 0 98
$259,900 1,600 0.5 - 1 acre 3 2 52 1 1 42