Somerset Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Somerset averaged
6.87%
for the week of 2023-03-16, compared to the national average of
6.6% for the same period.
The average rate for the prior week (2023-03-09) was
7.2% and
one month ago for the week of 2023-02-09, the
average rate was 6.29%.
Somerset's average rate one year ago was 4.02%.
For refis of the same type during the week of 2023-03-16, the average rate
was 6.68%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-03-16 | 6.6% |
| Somerset 30 Year Fixed Rate | 2023-03-16 | 6.87% |
| Somerset 30 Year Fixed Rate Refi | 2023-03-16 | 6.68% |
| Somerset 15 Year Fixed Rate | 2023-03-16 | 6.97% |
| Somerset 15 Year Fixed Rate Refi | 2023-03-16 | 6.38% |
| Somerset 30 Year FHA | 2023-03-16 | 6.78% |
| Somerset 30 Year FHA Refi | 2023-03-16 | 6.49% |
| Somerset 30 Year USDA | 2023-03-16 | 6.6% |
| Somerset 30 Year USDA Refi | 2023-03-16 | 6.42% |
| Somerset 30 Year VA | 2023-03-16 | 6.47% |
| Somerset 30 Year VA Refi | 2023-03-16 | 5.92% |
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 110 lenders originated 1,762
loans during 2021. The total origination value was $288,340,000, with an average loan value of
$163,644.
Somerset's average closing costs are $3,865.
The top Somerset lender as defined by loan originations is The Citizens National Bank of Somerset, with
145 loans originated. Their average total fees are
$2,684, which is $769
higher than the next largest lender,
L & N Federal Credit Union.
The lowest fee Somerset lenders (with over 10 loans originated) are
L & N Federal Credit Union ($1,915), Community Trust Bank, Inc. ($2,046), Forcht Bank ($2,075), The Monticello Banking Company ($2,127) and The Citizens National Bank of Somerset ($2,684).
The lowest rate Somerset lenders (with over 10 loans originated) are
UNITED WHOLESALE MORTGAGE, LLC (2.99%), Truist (3.09%), Community Trust Bank, Inc. (3.13%), Republic State Mortgage Co. (3.15%) and QUICKEN LOANS, LLC (3.19%).
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 | 2020 Loan Value | 2021 Loan Value | % Change | 2021 Market Share |
|---|---|---|---|---|
| The Citizens National Bank of Somerset | $66,675,000 | $43,910,000 | -34.1% | 15.2% |
| QUICKEN LOANS, LLC | $23,450,000 | $29,240,000 | 24.7% | 10.1% |
| L & N Federal Credit Union | $15,890,000 | $13,365,000 | -15.9% | 4.6% |
| Republic State Mortgage Co. | $7,935,000 | $12,060,000 | 52.0% | 4.2% |
| Community Trust Bank, Inc. | $9,110,000 | $11,260,000 | 23.6% | 3.9% |
| The Monticello Banking Company | $15,710,000 | $10,640,000 | -32.3% | 3.7% |
| FREEDOM MORTGAGE CORPORATION | $8,030,000 | $9,165,000 | 14.1% | 3.2% |
| Forcht Bank | $8,065,000 | $7,975,000 | -1.1% | 2.8% |
| Mortgage Research Center, LLC | $6,935,000 | $7,475,000 | 7.8% | 2.6% |
| First Option Mortgage, LLC | $1,125,000 | $5,690,000 | 405.8% | 2.0% |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $5,590,000 | $5,570,000 | -0.4% | 1.9% |
| STOCKTON MORTGAGE CORPORATION | $10,350,000 | $5,095,000 | -50.8% | 1.8% |
| Truist Bank | $4,095,000 | $4,985,000 | 21.7% | 1.7% |
| AMERIFIRST FINANCIAL CORPORATION | $2,885,000 | $4,975,000 | 72.4% | 1.7% |
| UNITED WHOLESALE MORTGAGE, LLC | $1,085,000 | $4,775,000 | 340.1% | 1.7% |
| SOUTH CENTRAL BANK, INC. | $5,470,000 | $4,425,000 | -19.1% | 1.5% |
| U.S. Bank | $2,255,000 | $3,610,000 | 60.1% | 1.3% |
| NEW DAY FINANCIAL, LLC | $3,280,000 | $3,485,000 | 6.3% | 1.2% |
| PENNYMAC LOAN SERVICES, LLC | $1,770,000 | $3,450,000 | 94.9% | 1.2% |
| The Farmers Bank | $105,000 | $3,405,000 | 3,142.9% | 1.2% |
| AMERISAVE MORTGAGE CORPORATION | $1,760,000 | $2,860,000 | 62.5% | 1.0% |
| Wells Fargo Bank | $1,395,000 | $2,845,000 | 103.9% | 1.0% |
| Fifth Third Bank | $695,000 | $2,830,000 | 307.2% | 1.0% |
| Cumberland Valley National Bank & Trust Company | $6,020,000 | $2,660,000 | -55.8% | 0.9% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $1,400,000 | $2,535,000 | 81.1% | 0.9% |
| First Southern National Bank | $7,095,000 | $2,470,000 | -65.2% | 0.9% |
| Farm Credit Mid-America, ACA | $2,645,000 | $2,460,000 | -7.0% | 0.9% |
| LOANDEPOT.COM, LLC | $480,000 | $2,460,000 | 412.5% | 0.9% |
| NAVY FEDERAL CREDIT UNION | $550,000 | $2,295,000 | 317.3% | 0.8% |
| HOME POINT FINANCIAL CORPORATION | $545,000 | $2,255,000 | 313.8% | 0.8% |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $2,565,000 | $2,095,000 | -18.3% | 0.7% |
| USAA Federal Savings Bank | $2,920,000 | $2,085,000 | -28.6% | 0.7% |
| POLARIS HOME FUNDING CORP. | $1,670,000 | $2,065,000 | 23.7% | 0.7% |
| Bank of England | $4,680,000 | $2,005,000 | -57.2% | 0.7% |
| JPMorgan Chase Bank | $1,390,000 | $1,885,000 | 35.6% | 0.7% |
| Guardian Savings Bank, A Federal Savings Bank | $825,000 | $1,820,000 | 120.6% | 0.6% |
| 21ST MORTGAGE CORPORATION | $1,800,000 | $1,715,000 | -4.7% | 0.6% |
| Mr. Cooper ( Nationstar Mortgage ) | $920,000 | $1,705,000 | 85.3% | 0.6% |
| BROKER SOLUTIONS, INC. | $725,000 | $1,470,000 | 102.8% | 0.5% |
| PLANET HOME LENDING, LLC | $420,000 | $1,390,000 | 231.0% | 0.5% |
| MORTGAGE SUPPLIERS, INC. | $1,565,000 | $1,335,000 | -14.7% | 0.5% |
| PNC Bank | $300,000 | $1,195,000 | 298.3% | 0.4% |
| CALIBER HOME LOANS, INC. | $1,770,000 | $1,190,000 | -32.8% | 0.4% |
| Flagstar Bank, FSB | $430,000 | $1,155,000 | 168.6% | 0.4% |
| Magnolia Bank | $1,125,000 | $1,150,000 | 2.2% | 0.4% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $620,000 | $995,000 | 60.5% | 0.3% |
| NEWREZ LLC | $630,000 | $945,000 | 50.0% | 0.3% |
| COMMONWEALTH | $2,400,000 | $910,000 | -62.1% | 0.3% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $500,000 | $905,000 | 81.0% | 0.3% |
| ENVOY MORTGAGE, LTD | $865,000 | $885,000 | 2.3% | 0.3% |
| The Huntington National Bank | $1,235,000 | $825,000 | -33.2% | 0.3% |
| ROYAL UNITED MORTGAGE LLC | $1,080,000 | $800,000 | -25.9% | 0.3% |
| VILLAGE CAPITAL & INVESTMENT LLC | $620,000 | $790,000 | 27.4% | 0.3% |
| DAS Acquisition Company, LLC | $515,000 | $755,000 | 46.6% | 0.3% |
| Warsaw Federal Savings and Loan Association | $750,000 | n/a | 0.3% | |
| Hometown Lenders, Inc. | $300,000 | $740,000 | 146.7% | 0.3% |
| GENEVA FINANCIAL, LLC | $730,000 | n/a | 0.3% | |
| Stock Yards Bank & Trust Company | $715,000 | n/a | 0.2% | |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $685,000 | n/a | 0.2% | |
| Bank of America | $755,000 | $680,000 | -9.9% | 0.2% |
| Central Bank & Trust Company | $555,000 | $675,000 | 21.6% | 0.2% |
| BETTER MORTGAGE CORPORATION | $115,000 | $670,000 | 482.6% | 0.2% |
| Barrington Bank & Trust Company, N.A. | $380,000 | $665,000 | 75.0% | 0.2% |
| ARC HOME LLC | $645,000 | n/a | 0.2% | |
| German American Bank | $205,000 | $640,000 | 212.2% | 0.2% |
| UNIVERSITY OF KENTUCKY | $340,000 | $620,000 | 82.4% | 0.2% |
| WesBanco Bank, Inc. | $610,000 | n/a | 0.2% | |
| MOVEMENT MORTGAGE, LLC | $990,000 | $585,000 | -40.9% | 0.2% |
| TOP FLITE FINANCIAL, INC. | $575,000 | n/a | 0.2% | |
| Citizens Bank | $95,000 | $570,000 | 500.0% | 0.2% |
| LAKEVIEW LOAN SERVICING, LLC | $370,000 | $565,000 | 52.7% | 0.2% |
| Union Savings Bank | $1,135,000 | $565,000 | -50.2% | 0.2% |
| AmeriHome Mortgage Company, LLC | $155,000 | $550,000 | 254.8% | 0.2% |
| CREDIT HUMAN FEDERAL CREDIT UNION | $110,000 | $540,000 | 390.9% | 0.2% |
| BNC National Bank | $535,000 | n/a | 0.2% | |
| ROSS MORTGAGE CORPORATION | $525,000 | n/a | 0.2% | |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $445,000 | $520,000 | 16.9% | 0.2% |
| Sierra Pacific Mortgage Company, Inc. | $165,000 | $520,000 | 215.2% | 0.2% |
| EVERETT FINANCIAL, INC. | $510,000 | n/a | 0.2% | |
| HOMESIDE FINANCIAL, LLC | $115,000 | $470,000 | 308.7% | 0.2% |
| First Financial Bank | $125,000 | $465,000 | 272.0% | 0.2% |
| GoPrime Mortgage, Inc. | $210,000 | $465,000 | 121.4% | 0.2% |
| Nations Lending Corporation | $465,000 | n/a | 0.2% | |
| AMERICAN FINANCIAL RESOURCES, INC. | $95,000 | $455,000 | 378.9% | 0.2% |
| RUOFF MORTGAGE COMPANY, INC. | $375,000 | $450,000 | 20.0% | 0.2% |
| First Guaranty Mortgage Corporation | $145,000 | $440,000 | 203.4% | 0.2% |
| GUARANTEED RATE, INC. | $445,000 | $440,000 | -1.1% | 0.2% |
| AMERICAN MORTGAGE SERVICE COMPANY | $715,000 | $415,000 | -42.0% | 0.1% |
| First Bank Richmond | $415,000 | n/a | 0.1% | |
| Northpointe Bank | $125,000 | $415,000 | 232.0% | 0.1% |
| Atlantic Union Bank | $405,000 | n/a | 0.1% | |
| Paramount Residential Mortgage Group, Inc. | $405,000 | n/a | 0.1% | |
| EMM LOANS LLC | $360,000 | n/a | 0.1% | |
| United Cumberland Bank | $125,000 | $350,000 | 180.0% | 0.1% |
| Capital Bank | $345,000 | n/a | 0.1% | |
| Flanagan State Bank | $345,000 | n/a | 0.1% | |
| AMERICAN FINANCING CORPORATION | $340,000 | n/a | 0.1% | |
| EVANSVILLE TEACHERS | $880,000 | $325,000 | -63.1% | 0.1% |
| FIRST COMMUNITY MORTGAGE, INC. | $165,000 | $325,000 | 97.0% | 0.1% |
| AMCAP MORTGAGE, LTD. | $165,000 | $320,000 | 93.9% | 0.1% |
| MORTGAGE ACCESS CORP. | $315,000 | n/a | 0.1% | |
| The Federal Savings Bank | $355,000 | $300,000 | -15.5% | 0.1% |
| CRESCENT MORTGAGE COMPANY | $295,000 | n/a | 0.1% | |
| S1L, Inc. | $295,000 | n/a | 0.1% | |
| UBS Bank USA | $295,000 | n/a | 0.1% | |
| Cornerstone National Bank & Trust Company | $285,000 | n/a | 0.1% | |
| SPRING EQ, LLC | $280,000 | n/a | 0.1% | |
| PARK COMMUNITY CREDIT UNION, INC. | $330,000 | $275,000 | -16.7% | 0.1% |
| MEMBERS HERITAGE Credit Union | $270,000 | n/a | 0.1% | |
| Arvest Bank | $175,000 | $265,000 | 51.4% | 0.1% |
| HAMILTON HOME LOANS, INC. | $265,000 | n/a | 0.1% | |
| NATIONS RELIABLE LENDING, LLC | $135,000 | $265,000 | 96.3% | 0.1% |
| Wyndham Capital Mortgage, Inc. | $275,000 | $255,000 | -7.3% | 0.1% |
| Citizens Union Bank of Shelbyville | $250,000 | n/a | 0.1% | |
| SOUTHPOINT FINANCIAL SERVICES, INC. | $520,000 | $250,000 | -51.9% | 0.1% |
| AMERICAN FINANCIAL NETWORK, INC. | $270,000 | $225,000 | -16.7% | 0.1% |
| Axos Bank | $225,000 | n/a | 0.1% | |
| GUARANTY HOME MORTGAGE CORPORATION | $140,000 | $225,000 | 60.7% | 0.1% |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $225,000 | n/a | 0.1% | |
| Peoples Exchange Bank | $75,000 | $225,000 | 200.0% | 0.1% |
| Stifel Bank and Trust | $225,000 | n/a | 0.1% | |
| Gateway First Bank | $95,000 | $215,000 | 126.3% | 0.1% |
| North American Savings Bank, F.S.B. | $215,000 | n/a | 0.1% | |
| Carrington Mortgage Services, LLC | $685,000 | $210,000 | -69.3% | 0.1% |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | $205,000 | n/a | 0.1% | |
| WRIGHT-PATT CREDIT UNION, INC. | $375,000 | $200,000 | -46.7% | 0.1% |
| FLAT BRANCH MORTGAGE, INC. | $195,000 | n/a | 0.1% | |
| BAYSHORE MORTGAGE FUNDING, LLC | $185,000 | n/a | 0.1% | |
| Citizens Commerce Bank | $185,000 | n/a | 0.1% | |
| EASTMAN | $75,000 | $185,000 | 146.7% | 0.1% |
| Strong Home Mortgage, LLC | $185,000 | n/a | 0.1% | |
| GUARANTEED RATE AFFINITY, LLC | $175,000 | n/a | 0.1% | |
| CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $970,000 | $165,000 | -83.0% | 0.1% |
| Republic Bank & Trust Company | $515,000 | $165,000 | -68.0% | 0.1% |
| ZILLOW HOME LOANS, LLC | $165,000 | n/a | 0.1% | |
| 1st National Bank | $155,000 | n/a | 0.1% | |
| GUILD MORTGAGE COMPANY | $155,000 | n/a | 0.1% | |
| Independence Bank of Kentucky | $155,000 | n/a | 0.1% | |
| Low VA Rates, LLC | $145,000 | $155,000 | 6.9% | 0.1% |
| Superior Credit Union, Inc. | $95,000 | $155,000 | 63.2% | 0.1% |
| LENDINGHOME FUNDING CORPORATION | $435,000 | $150,000 | -65.5% | 0.1% |
| CHURCHILL MORTGAGE CORPORATION | $460,000 | $145,000 | -68.5% | 0.1% |
| First Merchants Bank | $145,000 | n/a | 0.1% | |
| GERSHMAN INVESTMENT CORP. | $145,000 | n/a | 0.1% | |
| Willamette Valley Bank | $145,000 | n/a | 0.1% | |
| Peoples Bank of East Tennessee | $125,000 | n/a | 0.0% | |
| The Cecilian Bank | $125,000 | n/a | 0.0% | |
| THE EQUITABLE MORTGAGE CORPORATION | $125,000 | n/a | 0.0% | |
| The Park National Bank | $125,000 | n/a | 0.0% | |
| Evolve Bank & Trust | $115,000 | n/a | 0.0% | |
| Commonwealth Bank and Trust Company | $175,000 | $105,000 | -40.0% | 0.0% |
| DRAPER AND KRAMER MORTGAGE CORP. | $105,000 | n/a | 0.0% | |
| KELLER MORTGAGE, LLC | $175,000 | $105,000 | -40.0% | 0.0% |
| Regions Bank | $525,000 | $105,000 | -80.0% | 0.0% |
| Ally Bank | $115,000 | $95,000 | -17.4% | 0.0% |
| FINANCE OF AMERICA MORTGAGE LLC | $705,000 | $95,000 | -86.5% | 0.0% |
| HOMESTAR FINANCIAL CORPORATION | $95,000 | n/a | 0.0% | |
| Kentucky Bank | $210,000 | $95,000 | -54.8% | 0.0% |
| LENOX FINANCIAL MORTGAGE CORPORATION | $95,000 | n/a | 0.0% | |
| First Savings Bank | $360,000 | $85,000 | -76.4% | 0.0% |
| MICHIGAN MUTUAL, INC. | $85,000 | n/a | 0.0% | |
| Commercial Bank | $75,000 | n/a | 0.0% | |
| Liberty National Bank | $75,000 | n/a | 0.0% | |
| Mountain Commerce Bank | $55,000 | $75,000 | 36.4% | 0.0% |
| PARTNERS 1ST Federal Credit Union | $75,000 | n/a | 0.0% | |
| RELIANCE FIRST CAPITAL, LLC | $415,000 | $75,000 | -81.9% | 0.0% |
| Whitaker Bank | $75,000 | n/a | 0.0% | |
| ASHLAND Credit Union | $65,000 | n/a | 0.0% | |
| Cincinnati Federal | $55,000 | n/a | 0.0% | |
| Citibank | $55,000 | n/a | 0.0% | |
| NUMARK CREDIT UNION | $35,000 | $55,000 | 57.1% | 0.0% |
| SWBC MORTGAGE CORPORATION | $55,000 | n/a | 0.0% | |
| UNION HOME MORTGAGE CORP. | $390,000 | $45,000 | -88.5% | 0.0% |
| Abound Federal Credit Union | $510,000 | $35,000 | -93.1% | 0.0% |
| Centier Bank | $45,000 | $35,000 | -22.2% | 0.0% |
| TRIAD FINANCIAL SERVICES, INC. | $35,000 | n/a | 0.0% | |
| MIAMI UNIVERSITY COMMUNITY | $15,000 | n/a | 0.0% |
Somerset's top lender by overall market share is The Citizens National Bank of Somerset, with 15.2% market share. In second place, with 10.1%, is QUICKEN LOANS, LLC, having originated $29,240,000 in loans. In third place, with 4.6%, is L & N Federal Credit Union, having originated $13,365,000 in loans. In fourth place, with 4.2%, is Republic State Mortgage Co., having originated $12,060,000 in loans. In fifth place, with 3.9%, is Community Trust Bank, Inc., having originated $11,260,000 in loans.
Somerset Housing Market Trends (Median, Average Prices & Listing Count)
Realtor.com - Somerset (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | 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 (5.9%) | 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 | 386 |
| 2019-04-01 | $169,900 (0.7%) | $213,819 (0.4%) | 0.00 | 391 |
| 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%) | $329,622 (20.5%) | 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 (2.5%) | 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 |
Somerset's median listing price comes in at 0% of the national average.
Somerset's average listing price for 2023-02-01 was $331,199, a difference of $41,405 (14.3%) versus the prior year and $3,657 versus the prior month.
For the 2023-02-01 period, Somerset had 173 MLS listings, a difference of -13 listings (-7%) versus the prior month and 41 listings (31%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Somerset (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 0 days | 1,862 sqft |
| 2018-02-01 | 0 days | 1,905 sqft |
| 2018-03-01 | 0 days | 1,950 sqft |
| 2018-04-01 | 0 days | 1,837 sqft |
| 2018-05-01 | 0 days | 1,822 sqft |
| 2018-06-01 | 0 days | 1,792 sqft |
| 2018-07-01 | 0 days | 1,803 sqft |
| 2018-08-01 | 0 days | 1,828 sqft |
| 2018-09-01 | 0 days | 1,862 sqft |
| 2018-10-01 | 0 days | 1,889 sqft |
| 2018-11-01 | 0 days | 1,942 sqft |
| 2018-12-01 | 0 days | 1,910 sqft |
| 2019-01-01 | 0 days | 1,824 sqft |
| 2019-02-01 | 0 days | 1,789 sqft |
| 2019-03-01 | 0 days | 1,745 sqft |
| 2019-04-01 | 0 days | 1,763 sqft |
| 2019-05-01 | 0 days | 1,877 sqft |
| 2019-06-01 | 0 days | 1,899 sqft |
| 2019-07-01 | 0 days | 1,984 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 | 2,207 sqft |
| 2021-05-01 | 0 days | 2,061 sqft |
| 2021-06-01 | 0 days | 2,116 sqft |
| 2021-07-01 | 0 days | 2,058 sqft |
| 2021-08-01 | 0 days | 2,115 sqft |
| 2021-09-01 | 0 days | 2,000 sqft |
| 2021-10-01 | 0 days | 1,980 sqft |
| 2021-11-01 | 0 days | 1,901 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 | 1,952 sqft |
| 2022-07-01 | 0 days | 2,068 sqft |
| 2022-08-01 | 0 days | 2,072 sqft |
| 2022-09-01 | 0 days | 2,063 sqft |
| 2022-10-01 | 0 days | 2,038 sqft |
| 2022-11-01 | 0 days | 1,980 sqft |
| 2022-12-01 | 0 days | 1,907 sqft |
| 2023-01-01 | 0 days | 1,872 sqft |
| 2023-02-01 | 0 days | 1,796 sqft |
Somerset's median square footage for active listings during the 2023-02-01 period was 1,796 sqft. One year prior, the average listing was 1,838 sqft.
Somerset, KY Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 859 | $155,165,000 | $180,634 |
| Refi | 556 | $84,890,000 | $152,680 |
| Cash Out Refi | 259 | $40,475,000 | $156,274 |
| Other | 45 | $4,725,000 | $105,000 |
| Home Improvement | 43 | $3,085,000 | $71,744 |
Somerset's most frequently cited loan purpose was Home Purchase, with 859 originations. The 2nd most popular reason was Refi, with 556 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 657 | $111,705,000 | $170,023 |
| 2.5-3% | 554 | $98,480,000 | $177,762 |
| <2.5% | 256 | $41,340,000 | $161,484 |
| 4-5% | 171 | $21,785,000 | $127,398 |
| 5-6% | 47 | $3,975,000 | $84,574 |
| Over 8% | 21 | $1,615,000 | $76,905 |
| 6-7% | 16 | $1,530,000 | $95,625 |
| 7-8% | 14 | $1,110,000 | $79,286 |
During 2021, Somerset's most frequently originated rate bucket was 3-4%, with 657 originations.
Loan Sizing (Somerset, KY MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 859 | $125,435,000 | $146,024 |
| $100,000 or less | 456 | $30,730,000 | $67,390 |
| $200k-400k | 398 | $104,460,000 | $262,462 |
| $400k-600k | 41 | $19,535,000 | $476,463 |
| $600k-1000k | 7 | $4,775,000 | $682,143 |
| $Over $1MM | 1 | $3,405,000 | $3,405,000 |
Somerset's loan sizing saw the bucket of loans from $100k-200k with 859 originations, totaling $125,435,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 712 | $130,040,000 | $182,640 |
| 60-80% | 536 | $92,810,000 | $173,153 |
| 40-60% | 221 | $28,075,000 | $127,036 |
| 20-40% | 113 | $10,375,000 | $91,814 |
| Under 20% | 59 | $2,265,000 | $38,390 |
| Over 100% | 26 | $6,140,000 | $236,154 |
Somerset's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 712 originations, totaling $130,040,000 in origination value.