Somerville, MA—02143
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Somerville, MA
As of Oct '25, the median home price in Somerville, MA is $916,000, with a year-over-year change of 1.5%. This indicates that home prices in Somerville, MA are increasing. According to Zillow, the 1-year price projection is 0.9%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $916,000 | 1.5% |
| Single Family | $1,187,000 | 1.0% |
| Condos | $818,000 | 1.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $601,000 | 0.8% |
2 Bed | $829,000 | 1.5% |
3 Bed | $1,094,000 | 2.0% |
4 Bed | $1,308,000 | 1.3% |
| 5 Bed | $1,472,000 | 3.0% |
% of Housing Stock
Rental Trends — Somerville, MA
As of July '25, Rentcast reports the average rent in Somerville, MA is $3,470, with a year-over-year rent change of -2.0%. Per bedroom, the median rent as of July '25 in Somerville, MA is studios: $2,430, 1-bedrooms: $2,620, 2-bedrooms: $3,500, 3-bedrooms: $3,860, 4-bedrooms: $4,620. The most common rental property sizes in Somerville, MA are 1-bedroom and 2-bedroom, accounting for 36.4% and 34.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,400 | $3,470 |
| Studio Rent | $2,400 | $2,430 |
| 1 Bed Rent | $2,600 | $2,620 |
| 2 Bed Rent | $3,400 | $3,500 |
| 3 Bed Rent | $3,800 | $3,860 |
| 4 Bed Rent | $4,480 | $4,620 |
% of Rental Stock
Property Listings — Somerville, MA
As of Oct '25, Realtor.com reports that the median days on market for a home in Somerville, MA is 39. This is a increase of 35.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 21.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $858,000 | -13.0% |
Listing Count | 39 | -18.0% |
| Listings as % of Homes | 0.2% | -18.0% |
Days on Market | 39 | 35.0% |
Demographics — Somerville, MA
As of the latest ACS Survey released in 2023, Somerville, MA has a population of 25,200, which has decreased by -3.8% over the past 5 years. Somerville, MA is a less popular place for families, as children make up 8.6% of the population. The area has a highly educated workforce, with 74.5% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 32.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 25,200 | -3.8% |
% Under 18 | 8.6% | -13.1% |
% Seniors | 9.4% | 6.8% |
% WFH | 32.6% | 462.1% |
% w/ College Degree | 74.5% | 2.1% |
As of the latest ACS Survey released in 2023, Somerville, MA is a predominantly white area, with 69.5% of the population identifying as white. The white population has shrunk by 0.1% in the last 5 years. The second most common race or ethnicity in Somerville, MA is asian, making up 11.3% of the population. Foreign-born residents account for 23.8% of the population in Somerville, MA, and this percentage has increased by 1.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 69.5% | -0.1% |
% Black | 4.4% | 0.0% |
% Hispanic | 8.2% | -8.9% |
% Asian | 11.3% | -4.2% |
% Foreign Born | 23.8% | 1.3% |
Mortgage and Risk — Somerville, MA
According to HUD data as of 2023, there were 241 mortgage originations in Somerville, MA, of which 99.0% of loans were conventional mortgages. The average loan-to-value was 56.0%, with 5.0% above 90% LTV (normal). This implies small mortgage risk in Somerville, MA. Investor activity is low, as 6.0% of loans were by investors. 3.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 241 |
% Conventional Loans | 99.0% |
% Government Loans | 1.0% |
% Investor Loans | 6.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 3.0% |
Loan Activity
Rentals and Section 8 — Somerville, MA
As of 2024, the percent of homes in Somerville, MA under the Section 8 program is 7.2%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Somerville, MA, because HUD payments exceed market rent, while 2-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 841 |
Total Units Section 8 | 597 |
% Rentals under Section 8 | 7.2% |
% Occupied Section 8 | 94.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $130 | $2,600 | $2,730 |
| 2 Bedroom | -$160 | $3,400 | $3,240 |
| 3 Bedroom | $100 | $3,800 | $3,900 |
| 4 Bedroom | -$180 | $4,480 | $4,300 |
Affordability — Somerville, MA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.8 |
| Median Home Price | $916,000 |
| Median Household Income | $126,000 |