Home Values

Somerset Home Prices & Values

Zillow Home Value Index

The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

$230,400

  • -3.2% 1-year change
  • -1.6% 1-year forecast

The median home value in Somerset is $230,400. Somerset home values have declined -3.2% over the past year and Zillow predicts they will fall -1.6% within the next year. The median list price per square foot in Somerset is $175, which is lower than the Providence Metro average of $175. The median price of homes currently listed in Somerset is $229,000 while the median price of homes that sold is $237,650. The median rent price in Somerset is $1,200, which is lower than the Providence Metro median of $1,250.

Foreclosures will be a factor impacting home values in the next several years. In Somerset 2.4 homes are foreclosed (per 10,000). This is lower than the Providence Metro value of 5.3 and also lower than the national value of 4.5

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Somerset is 5.9%, which is lower than the national value of 6.9%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Somerset homeowners underwater on their mortgage is 17.6%, which is lower than Providence Metro at 20.9%.

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Relative ZHVI
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Somerset Market Overview

Data through Oct 31, 2014
  • $230,400 ZHVI
  • -1.6% 1-yr forecast
    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more
    (Oct 31, 2015)
  • $229,000 Median listing price
  • $237,650 Median sale price (Aug 31, 2014)
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Somerset Market Health

Data through Oct 31, 2014
  • 1.2/10 Less healthy
    The Market Health Index illustrates the current health of a region's housing market relative to other markets across the country. The Market Health Index is based on up to 10 metrics including those capturing the past and projected evolution of home values, the prevalence of foreclosures, foreclosure re-sales, negative equity and delinquency, as well as whether homes are currently selling faster or slower than in the past.
  • No data Average days on Zillow
  • 17.6% Homes with negative equity (17.0% US Avg) (Jun 30, 2014)
  • 5.9% Delinquent on mortgage (6.9% US Avg) (Jun 30, 2014)

Homes foreclosed (per 10,000)

2.4 homes Somerset
5.3 homes Providence Metro
4.5 homes United States
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Nearby Cities

Name Median ZHVI
Rehoboth $329,800
Berkley $309,100
Bristol $281,500
Name Median ZHVI
Dighton $274,000
North Westport $245,900
Warren $240,000
Name Median ZHVI
Swansea $236,900
Town of Tiverton $226,600
Fall River $200,600

Listings & Sales

Data through Oct 31, 2014
  • $175 Median list price / sq ft
  • $162 Median sale price / sq ft (Aug 31, 2014)
  • 50.0% Listings with price cut
22.9%
Sold below listing
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Somerset Rentals

Data through Oct 31, 2014
  • Zillow Rent Index

  • $1,503 Somerset
    $1,507 Providence Metro
    $1,337 United States

    The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more

  • 4.7 Breakeven horizon
    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more
    (Jun 30, 2014)
  • $1,200 Rent list price
  • No recent data Rent list price / sq ft
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