Somerville is blessed with the confluence of 4 things that are the makings of a city growth: its proximity to Cambridge and Boston, urban amenities, highly skilled talents with the highest concentration of engineering, tech and life science professionals per square mile and accessibility via public transportation, which will expand in the years to come with the extension of the Green line.
Its communities revolve around its squares and hills. The West side is home to vibrant Davis square, the city's cultural heart, Tufts University/ Magoun Square and Teele Square. Pleasant Spring Hill and Prospect Hill look over Cambridge. Union Square connects the dots and is poised to be at the forefront of the region's development. East Somerville and Ten Hill, and now Assembly Row, a first rate urban shopping center with the HQs of Partners Healthcare and Puma and T orange lines.
Nearly half of Somerville's entire population are millennials. And millennials with a four year degree or higher constitutes one fourth of the residents.
With 130+ restaurants, nearly 30 coffee places and 25 parks, Somerville's urban livability approaches that of both Cambridge and Boston while real estate is more affordable.
What you should know...
For 2020, the residential tax rate in Somerville is $10.09/000 of the assessed value. Somerville does offer the highest residential exemption in the Commonwealth, and on occupied primary residence. In 2019, the 35% exemption will yield a saving of up to $3,269.
The real estate market is mainly a market of condominiums with 530 units sold in 2019 compared to 110 multi family buildings and 76 single family homes. The average price for single in 2019 was $973,000, for condos $788,000 and $1,305,000 for multi family buildings.