Bryan Realty

Somerville, TN 38068

Single-Family Homes

Market Report / michael@bryanrealty.com



Somerville, TN 38068

Thu Mar 23 2023
This week the median list price for Somerville, TN 38068 is $345,990 with the market action index hovering around 28. This is about the same as last month's market action index of 28. Inventory has decreased to 30. 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 Buyer's Advantage

Home sales have been exceeding new inventory for several weeks. Since this is a Buyer's market prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller's zone, and we are likely to see upward pressure on pricing.

Somerville, TN 38068

Thu Mar 23 2023
This week the median list price for Somerville, TN 38068 is $345,990 with the market action index hovering around 28. This is about the same as last month's market action index of 28. Inventory has decreased to 30. 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 Buyer's Advantage

Home sales have been exceeding new inventory for several weeks. Since this is a Buyer's market prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller's zone, and we are likely to see upward pressure on pricing.

Real-Time Market Profile

Never miss important changes in the Somerville market.
Median List Price $345,990
Median Price of New Listings $675,000
Per Square Foot $162
Average Days on Market 119
Median Days on Market 119
Price Decreased 60%
Price Increased 0%
Relisted 0%
Inventory 30
Median Rent
Market Action 28
Slight Buyer's Advantage

We continue to see prices in this zip code bouncing around this plateau. 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
$1,100,000 3,299 10 - 20 acres 4 3.5 26 1 0 154
$365,000 2,299 5 - 10 acres 4 2.5 16 0 0 105
$321,990 1,899 - 4 2 1 0 1 122
$299,945 1,899 1 - 2.5 acres 4 2 12 0 0 105