38068, Somerville, TN

The 38068 zip code of Somerville, TN has a median home value of $151,000 and a median home equity value of $122,000. The 38068 zip code is located in the Nashville metropolitan area and has a population of about 101,000.

There are several factors that contribute to the high home values in the 38068 zip code. First, Somerville is located in one of the most desirable areas in Tennessee. Second, there is strong demand for housing in this area due to its proximity to many major cities (Nashville, Memphis, Chattanooga) and businesses (the Nashville airport). Third, Somerville has experienced relatively low levels of unemployment over the past few years which has helped to drive up prices. Finally, there is limited supply of homes available for sale in the 38068 zip code which has helped to drive up prices even further.

Despite these high home values, it is important to keep in mind that not everyone can afford to purchase a home at these prices. In fact, according to Zillow’s 2018 Home Value Index report,[1] the average price per square foot for homes in the 38068 zip code is $163 which makes it one of the most expensive areas in Tennessee. Additionally, although homeownership rates are high in this area (about 88%),[2] there are still plenty of renters who make up a significant portion of the population (about 36%). This means that there is likely room for growth within this market as more people become able to purchase homes at higher prices.