Home Values

Somerville 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

$474,400

  • 12.0% 1-year change
  • 3.1% 1-year forecast

The median home value in Somerville is $474,400. Somerville home values have gone up 12.0% over the past year and Zillow predicts they will rise 3.1% within the next year. The median list price per square foot in Somerville is $431, which is higher than the Boston Metro average of $224. The median price of homes currently listed in Somerville is $495,000 while the median price of homes that sold is $448,325. The median rent price in Somerville is $2,300, which is higher than the Boston Metro median of $2,200.

Foreclosures will be a factor impacting home values in the next several years. In Somerville 1.2 homes are foreclosed (per 10,000). This is lower than the national value of 4.0

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 Somerville is 2.0%, 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 Somerville homeowners underwater on their mortgage is 7.0%, which is lower than Boston Metro at 10.6%.

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Relative ZHVI
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Somerville Market Overview

Data through Sep 30, 2014
  • $474,400 ZHVI
  • 3.1% 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
    (Sep 30, 2015)
  • $495,000 Median listing price
  • $448,325 Median sale price
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Somerville Market Health

Data through Sep 30, 2014
  • 9.6/10 Very 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
  • 7.0% Homes with negative equity (17.0% US Avg) (Jun 30, 2014)
  • 2.0% Delinquent on mortgage (6.9% US Avg) (Jun 30, 2014)

Homes foreclosed (per 10,000)

1.2 homes(Aug 31, 2014) Somerville
4 homes United States
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Nearby Cities

Name Median ZHVI
Winchester $813,300
Brookline $622,500
Cambridge $565,100
Name Median ZHVI
Arlington $561,800
Melrose $458,600
Medford $409,600
Name Median ZHVI
Malden $327,800
Everett $286,300
Chelsea $244,000

Listings & Sales

Data through Sep 30, 2014
  • $431 Median list price / sq ft
  • $457 Median sale price / sq ft
  • 20.0% Listings with price cut
12.9%
Sold below listing
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Somerville Rentals

Data through Sep 30, 2014
  • Zillow Rent Index

  • $2,423 Somerville
    $2,131 Boston Metro
    $1,335 United States

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

  • 2.3 Breakeven horizon
    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more
    (Jun 30, 2014)
  • $2,300 Rent list price
  • $2.30 Rent list price / sq ft
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