Somerset Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Somerset averaged
6.66%
for the week of 2024-10-10, compared to the national average of
6.32% for the same period.
The average rate for the prior week (2024-10-03) was
6.16% and
one month ago for the week of 2024-09-05, the
average rate was 6.69%.
Somerset's average rate one year ago was 7.53%.
For refis of the same type during the week of 2024-10-10, the average rate
was 6.82%.
Loan Type | Date | Rate |
---|---|---|
US 30 Year Fixed Rate | 2024-10-10 | 6.32% |
Somerset 30 Year Fixed Rate | 2024-10-10 | 6.66% |
Somerset 30 Year Fixed Rate Refi | 2024-10-10 | 6.82% |
Somerset 15 Year Fixed Rate | 2024-10-10 | 5.41% |
Somerset 15 Year Fixed Rate Refi | 2024-10-10 | 5.31% |
Somerset 30 Year FHA | 2024-10-10 | 5.97% |
Somerset 30 Year FHA Refi | 2024-10-10 | 6% |
Somerset 30 Year USDA | 2024-10-10 | 5.98% |
Somerset 30 Year USDA Refi | 2024-10-10 | 6.08% |
Somerset 30 Year VA | 2024-10-10 | 5.97% |
Somerset 30 Year VA Refi | 2024-10-10 | 6.05% |
Somerset Top Lenders by Rates & Fees
The below table looks at the consensus average rates and fees provided by each lender, for only loans originated in the Somerset, KY market. This includes FHA, Conventional, USDA and VA loans, as well as refis. All terms in the below chart are 30 year fixed rate. Unless noted otherwise, other data is all inclusive (FHA, ARM, 15-yr, etc.).
Somerset Average Closing Costs & Other Stats
Somerset, KY's 77 lenders originated 926
loans during 2023. The total origination value was $158,970,000, with an average loan value of
$171,674.
Somerset's average closing costs are $4,319.
The top Somerset lender as defined by loan originations is The Citizens National Bank of Somerset, with
32 loans originated. Their average total fees are
$2,100, which is $3,678
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Somerset lenders (with over 10 loans originated) are
Community Trust Bank, Inc. ($2,018), The Citizens National Bank of Somerset ($2,100), L & N Federal Credit Union ($2,211), QUICKEN LOANS, LLC ($5,779) and .
The lowest rate Somerset lenders (with over 10 loans originated) are
Community Trust Bank, Inc. (6.19%), QUICKEN LOANS, LLC (6.95%), L & N Federal Credit Union (6.99%), The Citizens National Bank of Somerset (7.24%) and .
Somerset, KY Mortgage Market Share & Volume
Loan origination value is a good proxy for a lender's prominence within the market. The general assumption is that larger lenders will have more resources, but may spend more (and therefore charge more) on marketing and overhead expenses.
Name | 2022 Loan Value | 2023 Loan Value | % Change | 2023 Market Share |
---|---|---|---|---|
The Citizens National Bank of Somerset | $35,425,000 | $14,205,000 | -59.9% | 8.9% |
QUICKEN LOANS, LLC | $16,410,000 | $11,705,000 | -28.7% | 7.4% |
United Cumberland Bank | $4,065,000 | $8,810,000 | 116.7% | 5.5% |
Community Trust Bank, Inc. | $5,460,000 | $8,255,000 | 51.2% | 5.2% |
HOMESIDE FINANCIAL, LLC | $1,875,000 | $7,730,000 | 312.3% | 4.9% |
UNITED WHOLESALE MORTGAGE, LLC | $7,635,000 | $6,835,000 | -10.5% | 4.3% |
L & N Federal Credit Union | $8,620,000 | $5,895,000 | -31.6% | 3.7% |
Mortgage Research Center, LLC | $7,625,000 | $5,825,000 | -23.6% | 3.7% |
Forcht Bank | $6,070,000 | $4,240,000 | -30.1% | 2.7% |
The Monticello Banking Company | $7,835,000 | $4,135,000 | -47.2% | 2.6% |
SOUTH CENTRAL BANK, INC. | $4,460,000 | $3,545,000 | -20.5% | 2.2% |
VANDERBILT MORTGAGE AND FINANCE, INC. | $3,475,000 | $3,315,000 | -4.6% | 2.1% |
Cumberland Valley National Bank & Trust Company | $1,785,000 | $3,270,000 | 83.2% | 2.1% |
Northpointe Bank | $885,000 | $2,670,000 | 201.7% | 1.7% |
NAVY FEDERAL CREDIT UNION | $765,000 | $2,630,000 | 243.8% | 1.7% |
First Southern National Bank | $4,130,000 | $2,555,000 | -38.1% | 1.6% |
Truist | $3,525,000 | $2,385,000 | -32.3% | 1.5% |
BROKER SOLUTIONS, INC. | $595,000 | $2,235,000 | 275.6% | 1.4% |
STOCKTON MORTGAGE CORPORATION | $2,245,000 | $1,995,000 | -11.1% | 1.3% |
AMERISAVE MORTGAGE CORPORATION | $2,275,000 | $1,770,000 | -22.2% | 1.1% |
ARK-LA-TEX FINANCIAL SERVICES, LLC. | $1,440,000 | $1,750,000 | 21.5% | 1.1% |
Republic State Mortgage Co. | $6,410,000 | $1,700,000 | -73.5% | 1.1% |
Mr. Cooper ( Nationstar Mortgage ) | $1,375,000 | $1,670,000 | 21.5% | 1.1% |
LOANDEPOT.COM, LLC | $1,265,000 | $1,640,000 | 29.6% | 1.0% |
FREEDOM MORTGAGE CORPORATION | $2,230,000 | $1,480,000 | -33.6% | 0.9% |
COMMONWEALTH | $1,765,000 | $1,385,000 | -21.5% | 0.9% |
U.S. Bank | $1,050,000 | $1,350,000 | 28.6% | 0.8% |
21ST MORTGAGE CORPORATION | $1,425,000 | $1,335,000 | -6.3% | 0.8% |
POLARIS HOME FUNDING CORP. | $1,490,000 | $1,300,000 | -12.8% | 0.8% |
Fifth Third Bank | $545,000 | $1,285,000 | 135.8% | 0.8% |
JPMorgan Chase Bank | $515,000 | $1,160,000 | 125.2% | 0.7% |
NEW DAY FINANCIAL, LLC | $1,240,000 | $1,110,000 | -10.5% | 0.7% |
PENNYMAC LOAN SERVICES, LLC | $3,095,000 | $935,000 | -69.8% | 0.6% |
Union Savings Bank | $1,455,000 | $935,000 | -35.7% | 0.6% |
Wells Fargo Bank | $1,890,000 | $925,000 | -51.1% | 0.6% |
Paramount Residential Mortgage Group, Inc. | $145,000 | $885,000 | 510.3% | 0.6% |
Renasant Bank | $850,000 | n/a | 0.5% | |
Farm Credit Mid-America, ACA | $1,550,000 | $825,000 | -46.8% | 0.5% |
M&T Bank | $825,000 | n/a | 0.5% | |
First Financial Bank | $770,000 | n/a | 0.5% | |
ZILLOW HOME LOANS, LLC | $760,000 | n/a | 0.5% | |
GoPrime Mortgage, Inc. | $145,000 | $750,000 | 417.2% | 0.5% |
RUOFF MORTGAGE COMPANY, INC. | $735,000 | n/a | 0.5% | |
WRIGHT-PATT CREDIT UNION, INC. | $105,000 | $720,000 | 585.7% | 0.5% |
Magnolia Bank | $165,000 | $680,000 | 312.1% | 0.4% |
GUARANTEED RATE, INC. | $875,000 | $665,000 | -24.0% | 0.4% |
MOVEMENT MORTGAGE, LLC | $360,000 | $665,000 | 84.7% | 0.4% |
Bank of England | $2,965,000 | $645,000 | -78.2% | 0.4% |
PNC Bank | $470,000 | $645,000 | 37.2% | 0.4% |
City National Bank of West Virginia | $605,000 | n/a | 0.4% | |
TOP FLITE FINANCIAL, INC. | $605,000 | n/a | 0.4% | |
UNIVERSITY OF KENTUCKY | $715,000 | $605,000 | -15.4% | 0.4% |
EVANSVILLE TEACHERS | $45,000 | $590,000 | 1,211.1% | 0.4% |
Towne Bank | $565,000 | n/a | 0.4% | |
FCN Bank | $505,000 | n/a | 0.3% | |
SOUTHPOINT FINANCIAL SERVICES, INC. | $905,000 | $505,000 | -44.2% | 0.3% |
Guardian Savings Bank, A Federal Savings Bank | $2,165,000 | $495,000 | -77.1% | 0.3% |
USAA Federal Savings Bank | $1,255,000 | $490,000 | -61.0% | 0.3% |
CARDINAL FINANCIAL | $765,000 | $470,000 | -38.6% | 0.3% |
The Huntington National Bank | $935,000 | $460,000 | -50.8% | 0.3% |
SouthPoint Bank | $535,000 | $455,000 | -15.0% | 0.3% |
First Savings Bank | $445,000 | n/a | 0.3% | |
CROSSCOUNTRY MORTGAGE, LLC | $445,000 | $435,000 | -2.2% | 0.3% |
Discover Bank | $295,000 | $435,000 | 47.5% | 0.3% |
Commerce Home Mortgage, Inc. | $430,000 | n/a | 0.3% | |
Coastal Community Bank | $405,000 | n/a | 0.3% | |
Ally Bank | $115,000 | $400,000 | 247.8% | 0.3% |
First Vision Bank of Tennessee | $395,000 | n/a | 0.2% | |
DAS Acquisition Company, LLC | $345,000 | $390,000 | 13.0% | 0.2% |
BAY EQUITY LLC | $385,000 | n/a | 0.2% | |
A&D Mortgage LLC | $375,000 | n/a | 0.2% | |
EASTMAN | $375,000 | n/a | 0.2% | |
Carrington Mortgage Services, LLC | $545,000 | $350,000 | -35.8% | 0.2% |
Central Bank | $185,000 | $345,000 | 86.5% | 0.2% |
GENEVA FINANCIAL, LLC | $595,000 | $330,000 | -44.5% | 0.2% |
Abound Federal Credit Union | $1,055,000 | $320,000 | -69.7% | 0.2% |
CMG MORTGAGE, INC. | $320,000 | n/a | 0.2% | |
Minster Bank | $315,000 | n/a | 0.2% | |
AMERICAN HERITAGE LENDING, INC. | $310,000 | n/a | 0.2% | |
BLACK HILLS FEDERAL CREDIT UNION | $305,000 | n/a | 0.2% | |
EMERY FEDERAL CREDIT UNION | $305,000 | n/a | 0.2% | |
Princeton Mortgage Corporation | $295,000 | n/a | 0.2% | |
ROSS MORTGAGE CORPORATION | $145,000 | $295,000 | 103.4% | 0.2% |
FirstBank | $275,000 | $290,000 | 5.5% | 0.2% |
LENDSURE MORTGAGE CORP. | $285,000 | n/a | 0.2% | |
ATLANTIC BAY MORTGAGE GROUP, L.L.C. | $275,000 | n/a | 0.2% | |
Morgan Stanley Private Bank | $275,000 | n/a | 0.2% | |
NBKC BANK | $275,000 | n/a | 0.2% | |
The Park National Bank | $275,000 | n/a | 0.2% | |
NEWREZ LLC | $875,000 | $270,000 | -69.1% | 0.2% |
CHURCHILL MORTGAGE CORPORATION | $445,000 | $265,000 | -40.4% | 0.2% |
First Horizon Bank | $265,000 | n/a | 0.2% | |
PRIMELENDING, A PLAINSCAPITAL COMPANY | $95,000 | $255,000 | 168.4% | 0.2% |
Traditional Bank, Inc. | $195,000 | $255,000 | 30.8% | 0.2% |
Heartland Bank | $240,000 | n/a | 0.2% | |
GREENSTATE CREDIT UNION | $235,000 | n/a | 0.1% | |
PROVIDENT FUNDING ASSOCIATES, L.P. | $225,000 | $235,000 | 4.4% | 0.1% |
MUTUAL OF OMAHA MORTGAGE, INC. | $1,385,000 | $225,000 | -83.8% | 0.1% |
AMERICAN FINANCIAL NETWORK, INC. | $215,000 | n/a | 0.1% | |
AMERICAN FINANCING CORPORATION | $290,000 | $215,000 | -25.9% | 0.1% |
PLANET HOME LENDING, LLC | $250,000 | $215,000 | -14.0% | 0.1% |
Whitaker Bank | $210,000 | n/a | 0.1% | |
Eagle Savings Bank | $205,000 | n/a | 0.1% | |
Gateway First Bank | $205,000 | n/a | 0.1% | |
Prosperity Home Mortgage, LLC | $790,000 | $205,000 | -74.1% | 0.1% |
THE EQUITABLE MORTGAGE CORPORATION | $205,000 | n/a | 0.1% | |
AG Credit, Agricultural Credit Association | $195,000 | n/a | 0.1% | |
AMERICAN FINANCIAL RESOURCES, INC. | $155,000 | $195,000 | 25.8% | 0.1% |
NFM, INC. | $350,000 | $195,000 | -44.3% | 0.1% |
The Central Trust Bank | $525,000 | $185,000 | -64.8% | 0.1% |
Third Federal Savings and Loan Association of Cleveland | $360,000 | $185,000 | -48.6% | 0.1% |
Flagstar Bank, FSB | $285,000 | $180,000 | -36.8% | 0.1% |
Plains Commerce Bank | $450,000 | $175,000 | -61.1% | 0.1% |
ROYAL UNITED MORTGAGE LLC | $170,000 | $170,000 | 0.0% | 0.1% |
Western Ohio Mortgage Corporation | $165,000 | n/a | 0.1% | |
Citizens Bank | $130,000 | $155,000 | 19.2% | 0.1% |
Regions Bank | $220,000 | $155,000 | -29.5% | 0.1% |
TRIAD FINANCIAL SERVICES, INC. | $75,000 | $155,000 | 106.7% | 0.1% |
ENDEAVOR CAPITAL, LLC. | $145,000 | n/a | 0.1% | |
MORTGAGE INVESTORS GROUP, INC. | $145,000 | n/a | 0.1% | |
CINFED Federal Credit Union | $125,000 | n/a | 0.1% | |
PRIMARY RESIDENTIAL MORTGAGE, INC. | $235,000 | $125,000 | -46.8% | 0.1% |
Bank of America | $475,000 | $120,000 | -74.7% | 0.1% |
AMCAP MORTGAGE, LTD. | $105,000 | n/a | 0.1% | |
Deere Employees Credit Union | $105,000 | n/a | 0.1% | |
ENVOY MORTGAGE, LTD | $870,000 | $105,000 | -87.9% | 0.1% |
HOMEBRIDGE FINANCIAL SERVICES, INC. | $105,000 | n/a | 0.1% | |
CPM Federal Credit Union | $95,000 | n/a | 0.1% | |
CREDIT HUMAN FEDERAL CREDIT UNION | $85,000 | $95,000 | 11.8% | 0.1% |
FINANCE OF AMERICA REVERSE LLC | $95,000 | n/a | 0.1% | |
PARK COMMUNITY CREDIT UNION, INC. | $145,000 | $90,000 | -37.9% | 0.1% |
SUN WEST MORTGAGE COMPANY, INC. | $90,000 | n/a | 0.1% | |
Bank of Lexington, Inc. | $495,000 | $85,000 | -82.8% | 0.1% |
Centra Credit Union | $85,000 | n/a | 0.1% | |
Baxter Credit Union | $75,000 | n/a | 0.0% | |
Farmers Bank and Trust Company | $75,000 | n/a | 0.0% | |
LONGBRIDGE FINANCIAL, LLC | $125,000 | $75,000 | -40.0% | 0.0% |
Equity Prime Mortgage LLC | $905,000 | $65,000 | -92.8% | 0.0% |
MEMBERS HERITAGE Credit Union | $45,000 | n/a | 0.0% | |
Central Kentucky Agricultural Credit Association | $35,000 | n/a | 0.0% | |
WesBanco | $5,000 | n/a | 0.0% |
Somerset's top lender by overall market share is The Citizens National Bank of Somerset, with 8.9% market share. In second place, with 7.4%, is QUICKEN LOANS, LLC, having originated $11,705,000 in loans. In third place, with 5.5%, is United Cumberland Bank, having originated $8,810,000 in loans. In fourth place, with 5.2%, is Community Trust Bank, Inc., having originated $8,255,000 in loans. In fifth place, with 4.9%, is HOMESIDE FINANCIAL, LLC, having originated $7,730,000 in loans.
Somerset Housing Market Trends (Median, Average Prices & Listing Count)
Realtor.com - Somerset (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $159,900 (0.0%) | $207,462 (-0.8%) | 0.00 | 401 |
2018-02-01 | $159,900 (0.0%) | $205,723 (-0.4%) | 0.00 | 413 |
2018-03-01 | $159,900 (0.0%) | $214,127 (2.6%) | 0.00 | 416 |
2018-04-01 | $168,650 (-0.2%) | $212,896 (-1.3%) | 0.00 | 432 |
2018-05-01 | $169,900 (0.0%) | $214,561 (-0.3%) | 0.00 | 439 |
2018-06-01 | $170,000 (0.6%) | $214,704 (1.1%) | 0.00 | 441 |
2018-07-01 | $175,000 (6.1%) | $215,264 (1.9%) | 0.00 | 457 |
2018-08-01 | $172,225 (3.8%) | $210,917 (-0.8%) | 0.00 | 460 |
2018-09-01 | $175,900 (3.5%) | $216,538 (0.7%) | 0.00 | 450 |
2018-10-01 | $177,600 (4.8%) | $217,399 (2.5%) | 0.00 | 431 |
2018-11-01 | $175,225 (3.1%) | $217,836 (2.6%) | 0.00 | 433 |
2018-12-01 | $175,700 (9.9%) | $222,628 (5.7%) | 0.00 | 406 |
2019-01-01 | $170,600 (6.7%) | $217,171 (4.7%) | 0.00 | 387 |
2019-02-01 | $169,925 (6.3%) | $215,848 (4.9%) | 0.00 | 378 |
2019-03-01 | $169,900 (6.3%) | $212,970 (-0.5%) | 0.00 | 385 |
2019-04-01 | $169,900 (0.7%) | $213,819 (0.4%) | 0.00 | 390 |
2019-05-01 | $169,900 (0.0%) | $212,784 (-0.8%) | 0.00 | 395 |
2019-06-01 | $174,500 (2.7%) | $216,373 (0.8%) | 0.00 | 413 |
2019-07-01 | $179,000 (2.3%) | $218,611 (1.6%) | 0.00 | 421 |
2019-08-01 | $180,609 (4.9%) | $221,499 (5.0%) | 0.00 | 393 |
2019-09-01 | $183,023 (4.1%) | $226,319 (4.5%) | 0.00 | 373 |
2019-10-01 | $185,842 (4.6%) | $230,838 (6.2%) | 0.00 | 359 |
2019-11-01 | $183,900 (5.0%) | $228,638 (5.0%) | 0.00 | 346 |
2019-12-01 | $179,900 (2.4%) | $229,158 (2.9%) | 0.00 | 327 |
2020-01-01 | $179,900 (5.5%) | $229,096 (5.5%) | 0.00 | 293 |
2020-02-01 | $184,900 (8.8%) | $239,817 (11.1%) | 0.00 | 304 |
2020-03-01 | $192,400 (13.2%) | $243,654 (14.4%) | 0.00 | 312 |
2020-04-01 | $199,800 (17.6%) | $245,918 (15.0%) | 0.00 | 302 |
2020-05-01 | $195,000 (14.8%) | $240,007 (12.8%) | 0.00 | 271 |
2020-06-01 | $207,450 (18.9%) | $257,377 (19.0%) | 0.00 | 238 |
2020-07-01 | $199,900 (11.7%) | $255,471 (16.9%) | 0.00 | 235 |
2020-08-01 | $207,350 (14.8%) | $263,699 (19.1%) | 0.00 | 224 |
2020-09-01 | $219,450 (19.9%) | $273,534 (20.9%) | 0.00 | 185 |
2020-10-01 | $214,450 (15.4%) | $265,444 (15.0%) | 0.00 | 188 |
2020-11-01 | $216,125 (17.5%) | $273,886 (19.8%) | 0.00 | 168 |
2020-12-01 | $219,000 (21.7%) | $270,396 (18.0%) | 0.00 | 171 |
2021-01-01 | $199,900 (11.1%) | $269,360 (17.6%) | 0.00 | 166 |
2021-02-01 | $199,225 (7.8%) | $277,473 (15.7%) | 0.00 | 146 |
2021-03-01 | $219,950 (14.3%) | $322,166 (32.2%) | 0.00 | 104 |
2021-04-01 | $247,450 (23.9%) | $341,425 (38.8%) | 0.00 | 110 |
2021-05-01 | $259,900 (33.3%) | $343,384 (43.1%) | 0.00 | 119 |
2021-06-01 | $269,475 (29.9%) | $335,492 (30.4%) | 0.00 | 132 |
2021-07-01 | $279,000 (39.6%) | $345,632 (35.3%) | 0.00 | 153 |
2021-08-01 | $283,750 (36.9%) | $351,681 (33.4%) | 0.00 | 166 |
2021-09-01 | $254,950 (16.2%) | $330,496 (20.8%) | 0.00 | 184 |
2021-10-01 | $268,500 (25.2%) | $335,147 (26.3%) | 0.00 | 177 |
2021-11-01 | $249,400 (15.4%) | $324,610 (18.5%) | 0.00 | 177 |
2021-12-01 | $245,925 (12.3%) | $331,871 (22.7%) | 0.00 | 167 |
2022-01-01 | $249,000 (24.6%) | $328,258 (21.9%) | 0.00 | 157 |
2022-02-01 | $243,950 (22.5%) | $289,794 (4.4%) | 0.00 | 132 |
2022-03-01 | $238,125 (8.3%) | $292,850 (-9.1%) | 0.00 | 119 |
2022-04-01 | $249,900 (1.0%) | $302,295 (-11.5%) | 0.00 | 124 |
2022-05-01 | $244,450 (-5.9%) | $313,606 (-8.7%) | 0.00 | 149 |
2022-06-01 | $266,725 (-1.0%) | $323,142 (-3.7%) | 0.00 | 175 |
2022-07-01 | $277,777 (-0.4%) | $334,383 (-3.3%) | 0.00 | 206 |
2022-08-01 | $290,000 (2.2%) | $341,689 (-2.8%) | 0.00 | 231 |
2022-09-01 | $274,950 (7.8%) | $337,804 (2.2%) | 0.00 | 246 |
2022-10-01 | $274,950 (2.4%) | $333,516 (-0.5%) | 0.00 | 232 |
2022-11-01 | $269,675 (8.1%) | $328,438 (1.2%) | 0.00 | 239 |
2022-12-01 | $270,000 (9.8%) | $330,726 (-0.4%) | 0.00 | 200 |
2023-01-01 | $264,900 (6.4%) | $327,542 (-0.2%) | 0.00 | 186 |
2023-02-01 | $269,925 (10.7%) | $331,199 (14.3%) | 0.00 | 173 |
2023-03-01 | $274,900 (15.4%) | $342,394 (16.9%) | 0.00 | 166 |
2023-04-01 | $283,500 (13.5%) | $356,228 (17.8%) | 0.00 | 156 |
2023-05-01 | $294,450 (20.5%) | $352,910 (12.5%) | 0.00 | 162 |
2023-06-01 | $283,375 (6.2%) | $345,352 (6.9%) | 0.00 | 175 |
2023-07-01 | $285,000 (2.6%) | $336,513 (0.6%) | 0.00 | 190 |
2023-08-01 | $299,900 (3.4%) | $342,241 (0.2%) | 0.00 | 207 |
2023-09-01 | $299,000 (8.8%) | $353,106 (4.5%) | 0.00 | 219 |
2023-10-01 | $294,900 (7.3%) | $358,832 (7.6%) | 0.00 | 221 |
2023-11-01 | $295,950 (9.7%) | $359,519 (9.5%) | 0.00 | 225 |
2023-12-01 | $309,450 (14.6%) | $368,990 (11.6%) | 0.00 | 217 |
2024-01-01 | $309,900 (17.0%) | $372,292 (13.7%) | 0.00 | 225 |
2024-02-01 | $318,225 (17.9%) | $373,241 (12.7%) | 0.00 | 219 |
2024-03-01 | $315,000 (14.6%) | $363,977 (6.3%) | 0.00 | 228 |
2024-04-01 | $313,725 (10.7%) | $354,716 (-0.4%) | 0.00 | 263 |
2024-05-01 | $317,000 (7.7%) | $370,749 (5.1%) | 0.00 | 267 |
2024-06-01 | $315,000 (11.2%) | $370,575 (7.3%) | 0.00 | 265 |
2024-07-01 | $307,450 (7.9%) | $367,810 (9.3%) | 0.00 | 272 |
2024-08-01 | $309,000 (3.0%) | $360,300 (5.3%) | 0.00 | 307 |
2024-09-01 | $303,950 (1.7%) | $354,243 (0.3%) | 0.00 | 315 |
Somerset's median listing price comes in at 0% of the national average.
Somerset's average listing price for 2024-09-01 was $354,243, a difference of $1,137 (0.3%) versus the prior year and $-6,057 versus the prior month.
For the 2024-09-01 period, Somerset had 315 MLS listings, a difference of 8 listings (3%) versus the prior month and 96 listings (44%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Somerset (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 1,862 sqft |
2018-02-01 | 0 days | 1,928 sqft |
2018-03-01 | 0 days | 1,948 sqft |
2018-04-01 | 0 days | 1,843 sqft |
2018-05-01 | 0 days | 1,841 sqft |
2018-06-01 | 0 days | 1,800 sqft |
2018-07-01 | 0 days | 1,817 sqft |
2018-08-01 | 0 days | 1,847 sqft |
2018-09-01 | 0 days | 1,873 sqft |
2018-10-01 | 0 days | 1,881 sqft |
2018-11-01 | 0 days | 1,941 sqft |
2018-12-01 | 0 days | 1,910 sqft |
2019-01-01 | 0 days | 1,827 sqft |
2019-02-01 | 0 days | 1,785 sqft |
2019-03-01 | 0 days | 1,750 sqft |
2019-04-01 | 0 days | 1,763 sqft |
2019-05-01 | 0 days | 1,884 sqft |
2019-06-01 | 0 days | 1,900 sqft |
2019-07-01 | 0 days | 1,987 sqft |
2019-08-01 | 0 days | 2,000 sqft |
2019-09-01 | 0 days | 2,000 sqft |
2019-10-01 | 0 days | 2,007 sqft |
2019-11-01 | 0 days | 2,006 sqft |
2019-12-01 | 0 days | 1,981 sqft |
2020-01-01 | 0 days | 1,934 sqft |
2020-02-01 | 0 days | 2,000 sqft |
2020-03-01 | 0 days | 1,983 sqft |
2020-04-01 | 0 days | 2,020 sqft |
2020-05-01 | 0 days | 1,944 sqft |
2020-06-01 | 0 days | 2,063 sqft |
2020-07-01 | 0 days | 2,064 sqft |
2020-08-01 | 0 days | 2,100 sqft |
2020-09-01 | 0 days | 2,119 sqft |
2020-10-01 | 0 days | 2,079 sqft |
2020-11-01 | 0 days | 2,106 sqft |
2020-12-01 | 0 days | 2,095 sqft |
2021-01-01 | 0 days | 2,072 sqft |
2021-02-01 | 0 days | 2,002 sqft |
2021-03-01 | 0 days | 2,057 sqft |
2021-04-01 | 0 days | 2,218 sqft |
2021-05-01 | 0 days | 2,081 sqft |
2021-06-01 | 0 days | 2,131 sqft |
2021-07-01 | 0 days | 2,079 sqft |
2021-08-01 | 0 days | 2,129 sqft |
2021-09-01 | 0 days | 2,000 sqft |
2021-10-01 | 0 days | 1,980 sqft |
2021-11-01 | 0 days | 1,902 sqft |
2021-12-01 | 0 days | 1,863 sqft |
2022-01-01 | 0 days | 1,870 sqft |
2022-02-01 | 0 days | 1,838 sqft |
2022-03-01 | 0 days | 1,788 sqft |
2022-04-01 | 0 days | 1,988 sqft |
2022-05-01 | 0 days | 1,833 sqft |
2022-06-01 | 0 days | 1,951 sqft |
2022-07-01 | 0 days | 2,068 sqft |
2022-08-01 | 0 days | 2,082 sqft |
2022-09-01 | 0 days | 2,064 sqft |
2022-10-01 | 0 days | 2,039 sqft |
2022-11-01 | 0 days | 1,990 sqft |
2022-12-01 | 0 days | 1,914 sqft |
2023-01-01 | 0 days | 1,882 sqft |
2023-02-01 | 0 days | 1,794 sqft |
2023-03-01 | 0 days | 1,805 sqft |
2023-04-01 | 0 days | 1,820 sqft |
2023-05-01 | 0 days | 1,994 sqft |
2023-06-01 | 0 days | 1,938 sqft |
2023-07-01 | 0 days | 1,840 sqft |
2023-08-01 | 0 days | 1,864 sqft |
2023-09-01 | 0 days | 1,853 sqft |
2023-10-01 | 0 days | 1,900 sqft |
2023-11-01 | 0 days | 1,877 sqft |
2023-12-01 | 0 days | 1,963 sqft |
2024-01-01 | 0 days | 1,962 sqft |
2024-02-01 | 0 days | 1,966 sqft |
2024-03-01 | 0 days | 1,953 sqft |
2024-04-01 | 0 days | 1,875 sqft |
2024-05-01 | 0 days | 1,978 sqft |
2024-06-01 | 0 days | 1,964 sqft |
2024-07-01 | 0 days | 1,976 sqft |
2024-08-01 | 0 days | 1,964 sqft |
2024-09-01 | 0 days | 1,850 sqft |
Somerset's median square footage for active listings during the 2024-09-01 period was 1,850 sqft. One year prior, the average listing was 1,853 sqft.
Somerset, KY Market Loan Reason
Loan Purpose | Originations | Total Value | Average Loan |
---|---|---|---|
Home Purchase | 552 | $112,940,000 | $204,601 |
Cash Out Refi | 127 | $21,735,000 | $171,142 |
Refi | 119 | $13,895,000 | $116,765 |
Other | 65 | $5,385,000 | $82,846 |
Home Improvement | 63 | $5,015,000 | $79,603 |
Somerset's most frequently cited loan purpose was Home Purchase, with 552 originations. The 2nd most popular reason was Cash Out Refi, with 127 originations.
Interest Rate Frequencies
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
6-7% | 293 | $58,675,000 | $200,256 |
7-8% | 204 | $36,570,000 | $179,265 |
Over 8% | 200 | $18,110,000 | $90,550 |
5-6% | 132 | $27,170,000 | $205,833 |
3-4% | 10 | $140,000 | $14,000 |
4-5% | 6 | $1,620,000 | $270,000 |
<2.5% | 1 | $5,000 | $5,000 |
During 2023, Somerset's most frequently originated rate bucket was 6-7%, with 293 originations.
Loan Sizing (Somerset, KY MSA)
Loan Size | Originations | Total Value | Average Loan |
---|---|---|---|
$100k-200k | 311 | $45,805,000 | $147,283 |
$100,000 or less | 306 | $17,230,000 | $56,307 |
$200k-400k | 269 | $72,015,000 | $267,714 |
$400k-600k | 26 | $12,260,000 | $471,538 |
$600k-1000k | 11 | $7,365,000 | $669,545 |
$Over $1MM | 3 | $4,295,000 | $1,431,667 |
Somerset's loan sizing saw the bucket of loans from $100k-200k with 311 originations, totaling $45,805,000 in origination value.
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan |
---|---|---|---|
80-100% | 376 | $77,190,000 | $205,293 |
60-80% | 146 | $33,260,000 | $227,808 |
Under 20% | 108 | $4,150,000 | $38,426 |
40-60% | 105 | $15,895,000 | $151,381 |
20-40% | 89 | $7,285,000 | $81,854 |
Over 100% | 22 | $4,510,000 | $205,000 |
Somerset's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 376 originations, totaling $77,190,000 in origination value.