Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 3,432 people, 1,615 houses or apartments, and a median cost of homes of $789,244, real estate costs in Somerset are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive California communities.
Single-family detached homes are the single most common housing type in Somerset, accounting for 84.40% of the town's housing units. Other types of housing that are prevalent in Somerset include mobile homes or trailers ( 9.86%), large apartment complexes or high rise apartments ( 3.03%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Somerset. Owner-occupied housing accounts for 86.10% of Somerset's homes, and 63.40% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Somerset built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Somerset built between 1940-1969 ( 20.38%). A lesser amount of the housing stock also hails from between 2000 and later ( 8.38%). There's also some housing in Somerset built before 1939 ( 4.26%).
In the last 10 years, Somerset has experienced some of the highest home appreciation rates of any community in the nation. Somerset real estate appreciated 119.69% over the last ten years, which is an average annual home appreciation rate of 8.19%, putting Somerset in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Somerset definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Somerset that despite a nationwide downturn in the housing market, Somerset real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Somerset appreciation rates continue to be some of the highest in America, at 22.10%, which is higher than appreciation rates in 96.77% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Somerset. Somerset appreciation rates in the latest quarter were at 27.24%, which equates to an annual appreciation rate of 162.08%.
Importantly, this makes Somerset one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.
Relative to California, our data show that Somerset's latest annual appreciation rate is higher than 90% of the other cities and towns in California.
$789,244
for California
for nation
1,615
$3,173 / per month