Bryan Realty
Somerville, TN 38068
Single-Family Homes
Market Report / michael@bryanrealty.com
Somerville, TN 38068
Tue Aug 09 2022
This week the median list price for Somerville, TN 38068 is $479,900 with the market action index hovering around 46. This is less than last month's market action index of 47. Inventory has decreased to 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 and prices have recently resumed upward pressure.
Real-Time Market Profile
| Median List Price | $479,900 | |
| Median Price of New Listings | $483,300 | |
| Per Square Foot | $167 | |
| Average Days on Market | 40 | |
| Median Days on Market | 28 | |
| Price Decreased | 18% | |
| Price Increased | 9% | |
| Relisted | 0% | |
| Inventory | 11 | |
| Median Rent | ||
| Market Action | 46 | |
| Strong Seller's Market | ||
The market for this zip code continues its bounce again this week. We’re a long way from the market’s high point so watch the Market Action Index to predict how long this trend will last.
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 |
|---|---|---|---|---|---|---|---|---|
| $2,400,000 | 2,999 | N/A | 3 | 2.3 | 81 | 0 | 0 | 38 |
| $499,000 | 3,299 | 1 - 2.5 acres | 3 | 3.5 | 10 | 1 | 1 | 21 |
| $299,900 | 1,499 | 1 - 2.5 acres | 3 | 2 | 22 | 1 | 1 | 14 |
| $90,000 | 1,099 | 5 - 10 acres | 3 | 1 | 50 | 0 | 0 | 98 |