Eric Raynor
Somerville, MA
Condos/Townhomes
Real Estate Agent
Somerville, MA
Sun Dec 22 2024
This week the median list price for Somerville, MA is $998,000 with the market action index hovering around 43. This is less than last month's market action index of 44. Inventory has decreased to 55.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
Market Narrative
The market remains in a relative stasis in terms of sales to inventory. Prices have not been moving higher for several weeks. 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 persistently, prices are likely to resume an upward climb.
Real-Time Market Profile
| Median List Price | $998,000 | |
| Median Price of New Listings | $999,000 | |
| Per Square Foot | $733 | |
| Average Days on Market | 92 | |
| Median Days on Market | 63 | |
| Price Decreased | 36% | |
| Price Increased | 0% | |
| Relisted | 9% | |
| Inventory | 55 | |
| Median Rent | ||
| Market Action | 43 | |
| Slight Seller's Advantage | ||
The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.
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 |
|---|---|---|---|---|---|---|---|---|
| $1,450,000 | 2,210 | 0 - 4,500 sqft | 4 | 3.5 | 94 | 1 | 1 | 42 |
| $1,099,500 | 1,577 | 0 - 4,500 sqft | 3 | 2.5 | 108 | 1 | 2 | 63 |
| $924,950 | 1,166 | 0 - 4,500 sqft | 2 | 2 | 6 | 1 | 1 | 84 |
| $699,900 | 980 | 0 - 4,500 sqft | 2 | 1 | 89 | 1 | 2 | 42 |