Somerville, TN—38068
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Somerville, TN
As of Oct '25, the median home price in Somerville, TN is $295,000, with a year-over-year change of 2.5%. This indicates that home prices in Somerville, TN are increasing. According to Zillow, the 1-year price projection is 0.6%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $295,000 | 2.5% |
| Single Family | $295,000 | 3.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $289,000 | 3.6% |
4 Bed | $375,000 | 0.0% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Somerville, TN
As of July '25, Rentcast reports the average rent in Somerville, TN is $2,000, with a year-over-year rent change of 5.8%. Per bedroom, the median rent as of July '25 in Somerville, TN is 3-bedrooms: $1,860, 4-bedrooms: $2,050. The most common rental property sizes in Somerville, TN are 3-bedroom and 2-bedroom, accounting for 43.1% and 27.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,000 | $2,000 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $1,900 | $1,860 |
| 4 Bed Rent | $2,000 | $2,050 |
% of Rental Stock
Property Listings — Somerville, TN
As of Oct '25, Realtor.com reports that the median days on market for a home in Somerville, TN is 96. This is a increase of 9.0% 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 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $396,000 | 17.0% |
Listing Count | 53 | -14.0% |
| Listings as % of Homes | 0.9% | -14.0% |
Days on Market | 96 | 9.0% |
Demographics — Somerville, TN
As of the latest ACS Survey released in 2023, Somerville, TN has a population of 10,900, which has increased by 1.1% over the past 5 years. Somerville, TN is a moderately popular place for families, as children make up 23.9% of the population. The area has a poorly educated workforce, with 19.0% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 10,900 | 1.1% |
% Under 18 | 23.9% | 11.7% |
% Seniors | 20.8% | 8.9% |
% WFH | 7.4% | 196.0% |
% w/ College Degree | 19.0% | 18.8% |
As of the latest ACS Survey released in 2023, Somerville, TN is a predominantly white area, with 64.0% of the population identifying as white. The white population has grown by 11.5% in the last 5 years. The second most common race or ethnicity in Somerville, TN is black, making up 28.5% of the population. Foreign-born residents account for 0.3% of the population in Somerville, TN, and this percentage has decreased by 66.7% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 64.0% | 11.5% |
% Black | 28.5% | -26.4% |
% Hispanic | 1.7% | 325.0% |
% Asian | 0.1% | -93.8% |
% Foreign Born | 0.3% | -66.7% |
Mortgage and Risk — Somerville, TN
According to HUD data as of 2023, there were 209 mortgage originations in Somerville, TN, of which 68.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 33.0% above 90% LTV (very high). This implies large mortgage risk in Somerville, TN. Investor activity is low, as 3.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 209 |
% Conventional Loans | 68.0% |
% Government Loans | 32.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Somerville, TN
Somerville, TN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 206 |
Total Units Section 8 | 206 |
% Rentals under Section 8 | 17.7% |
% Occupied Section 8 | 83.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,040 |
| 2 Bedroom | N/A | N/A | $1,170 |
| 3 Bedroom | -$360 | $1,900 | $1,540 |
| 4 Bedroom | -$200 | $2,000 | $1,800 |
Affordability — Somerville, TN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.2 |
| Median Home Price | $295,000 |
| Median Household Income | $63,000 |