Between 2010-2015, in Somerville:
Single families appreciated 62%
Condos appreciated 56%
Multi families appreciated 81%
Somerville doesn't yet have the luxury cachet that Cambridge does, but the definition of value/luxury is changing with younger people buying homes, and many of our clients who are going to Somerville are in this category.
Millennials value convenience over space and are putting off things like marriages so they can buy homes. Additionally, millennials approach wealth in a very different way than other generations, and view luxury as something totally different than the past. For example, studies have been finding that, "among high earners between the ages of 24 and 34...traditional status symbols and luxury brands have surprisingly little appeal to younger consumers."
Here are just a few of the exciting things happening that are helping to drive Somerville's growth:
Somerville is ranked #11 for fastest increasing home values nationally from 2014-2015 http://www.nerdwallet.com/blog/mortgages/home-search/cities-fastest-increasing-home-values/
Somerville is #6 for most unexpectedly exciting place in US (damned by faint praise?) https://www.lonelyplanet.com/best-in-us
Medtouch, one of the fastest growing private companies in MA, is moving HQ to Assembly Row