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Zip Code
22972
City
Somerset, VA
Aterio Score™
428
out of 1,000 pts
State highest score is
789
National highest score is
870
Census 2010
439
Census 2020
430
Forecasted population 2025
332
Forecasted population 2026
336
Forecasted population 2027
341
Forecasted population 2028
346
Forecasted population 2029
351
Forecasted population 2030
356
The population in the US is expected to grow 4.7% between 2020 and 2030 or 0.6% per year. Neighborhoods or municipalities with growths above 4.7% for the next 10 years will have a positive effect on the score.
Any growth above 10% should create imbalances between supply and demand in the area creating strong signals for investment opportunities.
Aterio's Adjusted Growth
Coming soon
Growth rate 2020 to 2025
-0.228794072
Growth rate 2025 to 2030
0.072580877
Expected growth rate from 2020 to 2030
Coming soon
Aterio's Adjusted Growth is a specialized metric that refines growth projections by incorporating historical growth information and projections, as well as migration data extracted from the USPS. This comprehensive approach offers a more precise indicator of expected growth, enhancing accuracy in predicting demographic and economic changes within a given area.
Average Property price latest Month
$352,534
Average Property price 6 months ago
$359,682
Average Property price 12 months ago
$348,783
Average number of days of a property in the market
Coming soon
Total number of home for sales abandoned
Coming soon
The average number of days a property spends on the market refers to the typical length of time it takes for properties to be sold. A higher average indicates that properties are staying on the market for longer periods, often suggesting lower demand and potentially unfavorable market conditions for sellers.
The total number of abandoned home sales refers to the count of properties that were listed for sale but ultimately left unsold, showcasing a lack of buyer interest or demand. A higher count of abandoned sales typically reflects diminished demand for those properties and can indicate a sluggish or unfavorable real estate market for sellers.
Price speed change rate
0.023665679
Price direction
0.980126852
The speed of change in prices is an important indicator of market volatility and can be used to help investors make decisions about buying or selling assets
In general, when there is a strong price direction, it is more likely that the speed of change will be faster. This is because the momentum behind the price movement is greater, and there may be more market participants who are eager to buy or sell at the prevailing prices.
Home Value Relative Strength Index
52.554071232
Home Value Volatility Score Last 24 Months
33.417348248
Average annual mortgage rate in the US for 30 years
0.0703
Estimated installment price
$2,353
AVERAGE PROPERTY PRICE LATEST MONTH
$430,000
CHANGE IN LISTING PRICE YEAR OVER YEAR
-0.785
AVERAGE LISTING PRICE PER SQUARE FOOT
$214
DAYS ON MARKET
24
ACTIVE LISTINGS
1
Average Property price latest Month
$352,534
CHANGE IN LISTING PRICE YEAR OVER YEAR
Coming soon
AVERAGE LISTING PRICE PER SQUARE FOOT
Coming soon
DAYS ON MARKET
Coming soon
ACTIVE LISTINGS
Coming soon
Housing units available in 2020
292
Housing units available in 2021
231
Estimated Housing units needed 2030
241
Deficit or excess inventory
-50
When there is a deficit of houses available in the market, it typically leads to an increase in home prices. This is because the demand for homes exceeds the supply, which creates a competitive bidding environment. As a result, buyers are willing to pay more to secure a home, driving up the prices.
Vacancy rate is 10.1% in the United States in the fourth quarter of 2022.
Low levels of vacancy rate signals a need for additional units in a market and a difference in supply and demand where demand is most likely not meet.
Homes in construction in the next 5 years
Coming soon
Total housing units (most recent data)
152
Occupied housing units by owners
113
Occupied housing units by renters
NA
Total Vacancy rate
0.256578947
Rental Vacancy rate
NA
Number of business establishments in 2020
10
YOY GDP Growth
0.078321808
YOY GDP Growth for Retail
0.156042037
YOY GDP Growth for construction
0.188117087
YOY GDP Growth for Real Estate
0.021514001
Retailtainment is a term used to describe the practice of combining retail shopping with entertainment experiences to create a more engaging and immersive shopping environment. The concept of retailtainment is based on the idea that people are looking for more than just a place to buy products; they want an experience that is fun, interactive, and memorable.
Universities attract a large number of employees and students who need housing. This creates demand for real estate in the surrounding area, which can lead to an increase in real estate prices, provides stability to the local economy, and attract investment from wealthy individuals and organizations.
People over 16 years old
256
People in labor force
115
civilian employed
115
civilian unemployed
NA
People marked as armed employed
NA
% of Army employed Vs Civilian Employed
NA
The Number of Armed Forces Employees signifies both potential advantages and vulnerabilities. Proximity to military bases enhances employment and safety in nearby ZIP codes, but reliance on military activity can create economic risks if bases shut down. It's noteworthy that armed forces employees are concentrated in a minority of ZIP codes, leaving most areas unaffected by this indicator's dynamics.
Average of household income in 2021
$103,178
Affordability index
1
Household debt as % of Income in 2020
1.715
Household debt as % of Income in 2021
1.715
Rate of the previous household debt to income in 2021 vs 2020
NA
Affordability indicates the ability of potential homebuyers to afford a home measured in number of years needed to pay a house. Example: Home Price 500,000 / Household Income 100,000 = 5 Years.
3 years or below is affordable, 3.1 to 5.0 is moderate and above 5.1 unaffordable. In 2021 Pittsburgh was 2.7 and San Francisco was 11.8.
Household debt can affect the ability of individuals to make mortgage payments, which can impact the foreclosure rate and the number of distressed properties on the market. If a large number of homeowners default on their mortgages, it can lead to an increase in foreclosures and distressed properties, which can put downward pressure on real estate prices.
% of HouseHolds making less than 50K
0.155
% of HouseHolds making between 50K and 75K
NA
% of HouseHolds making between 75K and 100K
0.47
% of HouseHolds making between 100K and 200K
0.315
% of HouseHolds making more than 200K
0.061
These household income percentage indicators are derived from IRS data and offer insights into income distribution. They provide a snapshot of economic diversity within a population, highlighting the proportions of households across different income ranges, which can be valuable for assessing community prosperity and socio-economic trends.
Unemployment rate
NA
Unemployment rate for county last 6 months
0.037166667
Unemployment rate for county latest month
0.038
% of Homes Owner-occupied
1
US unemployment rate is at 3.4% for April 2023. High levels of unemployment can reduce the number of potential buyers in the market, as individuals who are unemployed or underemployed may not have the income or financial stability to purchase a home. This can lead to a decrease in demand for real estate, which can cause real estate prices to fall.
Owner-occupied housing rate in the US for 2021 was 64.6%. Homeowners are more likely to invest in their homes and the surrounding community, which can lead to improvements in infrastructure, schools, and other amenities. This can make the area more attractive to potential buyers and investors, which can further increase demand for real estate and real estate prices.
% of mortgage defaults in 2019
0.008836524
% of mortgage defaults in 2020
0.005891016
% of mortgage defaults in 2021
0.011782032
Mortgage default rates indicate the percentage of homeowners who fail to make timely mortgage payments, reflecting financial instability. These rates are crucial metrics as they inform investors about potential risks associated with a market. High default rates can signal economic challenges and impact property values, influencing investment decisions and risk assessments.
Violent Crimes ( % above or Below US average)
-0.474408435
Property Crimes ( % above or Below US average)
-0.475024111
Total number of violations
31
-87%
244 US average
Total number of health violations
10
-55%
22 US average
Total number of contaminations
6
-75%
24 US average
