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

$490,000

  • 5.6% 1-year change
  • 1.0% 1-year forecast

The median home value in Somerville is $490,000. Somerville home values have gone up 5.6% over the past year and Zillow predicts they will rise 1.0% within the next year. The median list price per square foot in Somerville is None. The median rent price in Somerville is $2,550, which is higher than the Boston Metro median of $2,395.

Foreclosures will be a factor impacting home values in the next several years. In Somerville 1.1 homes are foreclosed (per 10,000). This is lower than the national value of 3.5

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 Somerville is 1.9%, which is lower than the national value of 6.0%. 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 7.5%, which is lower than Boston Metro at 8.5%.

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Relative ZHVI
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Somerville Market Overview

Data through May 31, 2015
  • $490,000 ZHVI
  • 1.0% 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
    (May 31, 2016)
  • No data Median listing price
  • No recent data Median sale price
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Somerville Market Health

Data through May 31, 2015
  • No recent data Very healthy
  • No data Average days on Zillow
  • 7.5% Homes with negative equity (15.4% US Avg) (Mar 31, 2015)
  • 1.9% Delinquent on mortgage (6.0% US Avg) (Mar 31, 2015)
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Nearby Cities

Name Median ZHVI
Winchester $809,000
Brookline $599,800
Cambridge $552,700
Name Median ZHVI
Arlington $549,400
Melrose $451,500
Medford $395,700
Name Median ZHVI
Malden $311,100
Everett $269,500
Chelsea $234,500

Listings & Sales

  • No data
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Somerville Rentals

Data through May 31, 2015
  • Zillow Rent Index

  • $2,480 Somerville
    $2,191 Boston Metro
    $1,367 United States

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

  • 3.0 Breakeven horizon
    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more
    (Dec 31, 2014)
  • $2,550 Rent list price
  • $2.34 Rent list price / sq ft
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