Bryan Realty

Somerville, TN 38068

Single-Family Homes

Market Report / michael@bryanrealty.com



Somerville, TN 38068

Mon Dec 11 2023
This week the median list price for Somerville, TN 38068 is $339,899 with the market action index hovering around 33. This is less than last month's market action index of 36. Inventory has increased to 28. 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

The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the Buyer’s zone. Watch for a persistent up-turn in Market Action to signal prices rising again.

Somerville, TN 38068

Mon Dec 11 2023
This week the median list price for Somerville, TN 38068 is $339,899 with the market action index hovering around 33. This is less than last month's market action index of 36. Inventory has increased to 28. 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

The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the Buyer’s zone. Watch for a persistent up-turn in Market Action to signal prices rising again.

Real-Time Market Profile

Never miss important changes in the Somerville market.
Median List Price $339,899
Median Price of New Listings $429,900
Per Square Foot $165
Average Days on Market 71
Median Days on Market 56
Price Decreased 50%
Price Increased 4%
Relisted 7%
Inventory 28
Median Rent
Market Action 33
Slight Seller's Advantage

Prices in this zip code have been on a downward trend recently and this week, while essentially flat, doesn't break us out of that cycle.

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
$629,900 2,600 5 - 10 acres 4 3 15 2 0 77
$364,900 2,200 0.25 - 0.5 acre 4 2.5 0 0 1 42
$320,990 2,000 0.25 - 0.5 acre 3 2 16 0 1 49
$225,000 1,200 0.25 - 0.5 acre 3 2 28 1 0 49