Home Values in Somerville, Massachusetts — 2026 Market Report
Updated March 2026 | Buyer's Market | +4.2% YoY
The median home value in Somerville, Massachusetts is $785,000 as of March 2026, which is above the national median of $400,000. Home values in Somerville have increased by 4.2% over the past year and 22.8% over the last five years. With a population of 81,360 and a median household income of $92,250, the price-to-income ratio stands at 8.5x, making Somerville affordable for the average household.
Somerville Housing Market Conditions
| Metric | Somerville | National Avg |
|---|---|---|
| Median Home Value | $785,000 | $400,000 |
| YoY Appreciation | +4.2% | +3.8% |
| 5-Year Appreciation | +22.8% | +22.4% |
| Price per Sq Ft | $436 | $222 |
| Days on Market | 52 days | 45 days |
| Months of Supply | 5 | 3.5 |
| List-to-Sale Ratio | 96.4% | 98.5% |
| Monthly Homes Sold | 40 | — |
| Foreclosure Rate | 0.72% | 0.3% |
Home Value Trends in Somerville
A homeowner who purchased at the median price of $639,251 five years ago in Somerville would have gained approximately $145,749 in equity, representing a 22.8% return on investment. Over the past year alone, the typical homeowner gained $31,641 in home equity.
Affordability in Somerville, MA
With a median household income of $92,250 and a median home price of $785,000, the price-to-income ratio in Somerville is 8.5x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $5,642 compared to estimated monthly ownership costs of $4,514 gives a rent-vs-buy ratio of 0.80. In Somerville, buying is currently competitive with renting when factoring in equity accumulation.
Property Taxes in Somerville
The effective property tax rate in Massachusetts is 1.2%. On a home valued at $785,000, the estimated annual property tax bill is $9,420, or approximately $785/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Somerville is 148.5 (100 = national average), indicating living costs are above the national average.
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Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Somerville, MA?
The median home value in Somerville, Massachusetts is $785,000 as of March 2026. Home values have changed +4.2% over the past year, with a 5-year appreciation of 22.8%.
Is Somerville a buyer's or seller's market?
Somerville is currently a buyer's market with 5 months of housing supply. Homes spend an average of 52 days on market, and the list-to-sale price ratio is 96.4%. Supply and demand are relatively balanced.
Are home values going up in Somerville?
Yes, home values in Somerville have increased by 4.2% over the past year. The 5-year appreciation rate is 22.8%, meaning a home worth $639,251 five years ago is now worth $785,000.
Is it better to rent or buy in Somerville?
The average monthly rent in Somerville is $5,642, while estimated monthly homeownership costs are approximately $4,514. The price-to-rent ratio is 11.6. Based on current conditions, buying may be more cost-effective than renting in this market.
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Disclaimer: Home value data for Somerville, Massachusetts is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.