Home Prices in Somerset Massachusetts -March 2017
Real estate market data for Somerset Mass. provided by Lori Lincoln, The Lincoln Team- Serving Somerset Massachusetts and surrounding areas
Somerset Home Prices
We have seen listing price increases on home prices in Somerset. While 2017 will be an overall great year for home price increases, prices could slow down if interest rates continue to rise, and buyer push back on pricing will affect affordability. For now, sellers, enjoy the gains. If you are considering buying a home you can still find deals on a house in Somerset, and having a good real estate agent who understands the market is a must. Don’t wait on the sidelines for too long, many of our listings are starting to sell within a few days of hitting the market. As you can see from the graph below, Somerset values continue to rise. To be sure you don't overpay for your home, you'll want to have an agent that does a thorough market analysis of the Somerset home on which you are making an offer.
If you are interested in how much current inventory is on the market in Somerset MA you can find that information by clicking on the link. High inventory will suggest that homes are sitting on the market for longer. Currently in Somerset, homes have a median time of 60 days on the market before they close. This would suggest that buyers are in a great position to make an aggressive offer on a home. Sellers should be sure to price their home near the market value if they expect to get an offer from one of those interested buyers. Low inventory in Somerset has multiple offers coming in on homes similar to what we saw back in 2006. I wouldn't expect home prices to run up quite as fast as they did back then as banks have gotten a lot stricter on lending guidelines and are no longer giving a loan to anyone with a pulse. But low inventory is one indicator that prices should continue to rise in 2017.
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The median sold price in February for single family homes in Redmond is $249,240. The sold prices increased by 130% from the same time 2016..
As of March 18, 2017, there are currently 50 single family homes for sale.
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