Market Trends: 5/18/2012
Somerville
Market Snapshot
Total Properties Listed:
207
Month-Over-Month Change: +11.29%
Average List Price:
$459,359
Month-Over-Month Change: +2.04%
Median List Price:
$415,000
Month-Over-Month Change: -.48%
Typical Property
Condo
2.55 Bedrooms
1.66 Baths
$459,359 Average List Price
$340/SqFt Average Price per SqFt.
Average Price by Bedrooms:
1 Bedroom:
$232,185
2 Bedrooms:
$348,743
3 Bedrooms:
$459,624
4 Bedrooms:
$457,306
5 Bedrooms:
$595,981
Top 5 Most Viewed Properties
Somerville, MA Real Estate:
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Somerville Real Estate
About Somerville
Somerville Massachusetts is a city of approximately 80,000 people located next to Boston and Cambridge. Only 4 square miles in area, Somerville is the most densely populated city in New England, as well as being one of the most diverse.
Founded in 1842, Somerville was previously part of the Charlestown neighborhood of Boston. The city is often known as the “city of seven hills” for its unique terrain. One of them, Prospect Hill, played a major role in the Revolutionary War, and is one of first places the American flag was raised.
Like Cambridge, Somerville’s neighborhoods focus around “squares”—neighborhood centers that allow residents to have a common place to shop, eat, and socialize. The best known of these, Davis Square, is directly adjacent the campus of Tufts University and is home to many coffeeshops, restaurants, theatres, music venues, and pubs.
Originally a blue-collar community, Somerville has undergone a great deal of gentrification in the last 10 years. Beginning with the repeal of rent control in 1995, property values began to increase rapidly, largely due to the city’s proximity to Cambridge. Along with the repeal of rent control came an explosion in the number of condominiums, as former rental units were renovated, converted to condos, and sold to buyers looking for an affordable alternative to Cambridge and Boston.
Somerville is also home to vibrant artist community; in fact, Somerville has more artists per capita than New York City. Somerville’s arts scene hosts a number of community events each year—including the nationally-known ArtBeat festival. Hosted by the Somerville Arts Council, ArtBeat transforms Davis Square into and weekend-long outdoor arts festival.
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