Somerville

With scenic vistas of the Mystic River from the hills of Somerville, the city's more than 78,000 residents enjoy the benefits of suburban living just two miles from Boston. Many of its neighborhoods are focused around town squares with shopping, restaurants, transportation and entertainment.

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Although architecture styles differ, most Somerville neighborhoods feature well-proportioned brick apartments and row houses from the 19th century, triple-deckers and multi-family units interspersed with single-family dwellings. Many lovely Victorian houses have been modified into apartments and condos. Lot sizes are generally small, and homes are built closely together. Small parks and community gardens provide greenspace.

The city is very walkable. Somerville is well-connected to other communities by major thoroughfares, bus and rail lines. The Somerville Community Path connects to neighboring communities.

Somerville Residential Investments

Somerville's homeownership rate is 36.8 percent. Single-family homes account for about 11 percent of all residential units, small apartment buildings account for almost 61 percent and high-rise or large complexes account for 24 percent.

Somerville's median home value was $491,700 in May 2015, a rise of 7.6 percent over the previous year. An increase of 3.6 percent is predicted for the coming year. Residential real estate in Somerville has appreciated 115 percent since 1990 and 13 percent in the last two years. Several residential listings have sold for more than the asking price in the last two years. The median rent is $1,567, and the vacancy rate is 3.72 percent.

Choosing the Right Somerville Investment Property

Residential real estate in Somerville is scarce and prices are rising. Much-needed new development is under construction or planned. The new multi-use development at Assembly Row on the Mystic River will include several hundred luxury apartments and condos. Completion of the Orange Line station and plans for Green Line stops are pushing rents higher.

Somerville is an excellent place for long-term investments. If you would like assistance with marketing existing developments, Boston City Properties uses a number of marketing channels to showcase your Somerville residential properties. Listings are posted on more than 75 websites and include virtual tours, photographs and floorplans. Call us at 617-247-1933 to find out more about investing in Somerville.

Somerville Market Report 2017

With 78,000 residents, Somerville offers a suburban lifestyle just two miles away from downtown Boston. From many of the homes, residents can enjoy having scenic vistas of the Mystic River. The neighborhoods within this community tend to focus around the town squares. Within each town square, residents can find transportation options, restaurants, entertainment venues and shopping.

Depending on the neighborhood, the architectural style can vary. Many of the neighborhoods boast of brick apartments, multi-family units and triple-deckers. The row houses in the community are from the 19th century. Meanwhile, a number of the Victorian houses have been transformed into gorgeous apartments and condos. The lot sizes in Somerville tend to be fairly small with most of the buildings constructed close to each other.

Residents can enjoy having plenty of green space through the many community gardens and pocket parks in the neighborhood. Pedestrians can enjoy having a very walkable neighborhood. With the Somerville Community Path, residents can easily reach neighboring areas. Meanwhile, other transportation options include bus routes, major thoroughfares and rail lines.

Real Estate in the Area

Currently, the homeownership rate in the neighborhood is 36.8 percent. About 61 percent of the housing stock consists of apartment buildings. Single-family homes make up about 11 percent of the residential units in the area. Meanwhile, large complexes and high-rise buildings account for 24 percent of the residential homes.

Since 1990, residential properties have appreciated by 115 percent. With a low vacancy rate of just 3.72 percent, this community is an excellent place to invest in Boston. Within the last few years, several residential listings have even sold for more than their asking price.

In the last year, median home sales have increased by 9.4 percent. The median price has advanced by $54,000. Meanwhile, the average price per square foot has increased from $539 to $590 in the last year. Currently, the median sale price is at $629,000. In 2016, the median home sold for $575,000.

In August of 2017, the monthly rental price was at $2,900. With the scarcity or residential real estate properties, prices are rising. This is a good situation for developers and real estate investors in the area. Recently, some developers have worked to create the apartment complexes and multi-use developments that the community needs. One multi-use development on Assembly Row will offer luxury condos and apartments along the Mystic River. Once the Green Line and Orange Line stations are developed, rents are expected to go even higher.

Lavish homes can be found throughout Somerville. At 23 Elston Street, residents will discover a five-bedroom home for a price of $1,795,000. Boasting of 4.5 bathrooms, this single-family home was gut renovated to create a state-of-the-art design. At 7 Pearson Road #2, residents will discover a 2,000-square-foot home with high ceilings, an open floor plan and four bedrooms. It boasts of south-facing front windows and a gorgeous deck.

Another example of luxury homes in the area can be found at 1 Irving Street #1. Designed with three bedrooms, this 1,683-square-foot home includes 2.5 bathrooms. Within this contemporary townhouse, residents will discover an upstairs loft bedroom, an open floor plan, an upgraded kitchen and a roof deck.

2017 Real Estate Developments in Somerville

In June 2017, the Somerville Board of Aldermen voted to make zoning changes to accommodate a new development. Union Square will get a development that spans 2.3 million square feet. This $1 billion project extends around a future Green Line stop and will include 1.38 million square feet of space. Once it is completed, the new development will have 950 residences, offices, hotels, labs, arts space, retail shops and a hotel.

About 25 percent of the project will be devoted to public open space. The first stage of construction will start in 2018. That initial phase should end in 2020. The first phase will include 175,000 square feet of office, lab and retail space. It will also consist of 400 residential units. Ultimately, the entire project is expected to take 20 years to fully complete.

The accompanying Green Line expansion is currently underway. The MBTA is in the process of starting the designs and construction on the 4.7-mile extension. Once it is completed, the Green Line will extend from Somerville into Medford. Preliminary work is already underway. Roughly $1 billion of the $2.3 billion project will be paid for by the federal government. If the project goes according to plan, the extension will start service in 2021.

Right now, the area around Union Square is rapidly growing with new shops, restaurants and entertainment venues moving to the area. The comedy club known as the Comedy Studio, has moved from Cambridge's Harvard Square to Union Square. The new venue will be taking up the empty space in Bow Market. Previously, the market was a storage facility. Now, it is being transformed into 30 storefronts for food, the arts and retail shops. Already, 11 tenants have signed up for the opening of the new project in spring 2018. The new tenants include a theater and a craft brewery.

Another new project along Assembly Row is in the works, but it will be months before it will get approval. The project was trying to avoid an affordable housing complex, but the Somerville Planning Board was deadlocked over whether to waive the requirement. The prospective apartment complex will be brought up for a vote again on May 18, 2018. If it is finally approved, the development will include a 500-unit apartment complex and a commercial building.

Previously, the Somerville Board of Aldermen only required 12.5 percent of the units to be affordable if the building was larger than 18 units. Now, this requirement has been changed to 20 percent. Developers like the ones on Assembly Row can petition the board for a waiver. The developers had originally agreed to a different plan and infrastructures investments when the project was proposed years ago. Now, they will have to seek a waiver or agree to more affordable housing units.

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