Somerville, MA Real Estate Trends
Somerville, Massachusetts is a suburb just two miles northwest of Boston. According to the 2010 Federal Census, the city has a population of 75,754 residents in an area of 4.2 square miles, making it notably dense in population as compared to other New England cities. Many locals choose Somerville as home and commute to Boston for work. The benefits of a smaller town with the nearby conveniences of a big city make Somerville real estate a practical investment.
The demographics of a community can help potential residents get a feel for the town before deciding to purchase Somerville real estate. Due to its proximity to several New England colleges and universities, there is a regular influx of students who tend towards Somerville apartments for rent in areas near the south side close to Cambridge and along the Somerville-Medford city line where Tufts is located. The population of Somerville is young, with 42.6 percent of residents between the ages of 25 and 44, with the remainder spread evenly across other groups. Approximately 18 percent of households have children under the age of 18 and only 32 percent are married couples. This emphasizes a hip and trendy location for young singles looking for Somerville apartments for rent or for sale.
The Somerville Real Estate Market
Like most industrial U.S. cities, Somerville felt the strain of the economic downturn and housing inflation of the early 2000s, but is gaining momentum in economic recovery. Somerville real estate has seen a steady increase in home value in recent date. The median value of owner-occupied homes in 2014 is $214,100, which is slightly higher than the state average of $185,700. This is a 36 percent increase over the previous five years and is expected to continue to climb. Rental rates fluctuate widely by neighborhood and apartment size. A one-bedroom apartment on the north side is around $1000 per month, while a three-bedroom townhouse near a university is around $3000 per month. Whether you plan on renting or buying an apartment or a house in the area, Somerville real estate makes a wise investment choice in the Boston area.