Somerset Mortgage Rates & Closing Costs

30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

30 Year Fixed Rate mortgages in Somerset averaged 7.26% for the week of 2024-05-16, compared to the national average of 7.02% for the same period.

The average rate for the prior week (2024-05-09) was 7.43% and one month ago for the week of 2024-04-11, the average rate was 7.12%.

Somerset's average rate one year ago was 6.79%.

For refis of the same type during the week of 2024-05-16, the average rate was 7.52%.

Loan Type Date Rate
US 30 Year Fixed Rate 2024-05-16 7.02%
Somerset 30 Year Fixed Rate 2024-05-16 7.26%
Somerset 30 Year Fixed Rate Refi 2024-05-16 7.52%
Somerset 15 Year Fixed Rate 2024-05-16 6.38%
Somerset 15 Year Fixed Rate Refi 2024-05-16 6.68%
Somerset 30 Year FHA 2024-05-16 6.41%
Somerset 30 Year FHA Refi 2024-05-16 6.54%
Somerset 30 Year USDA 2024-05-16 6.65%
Somerset 30 Year USDA Refi 2024-05-16 6.95%
Somerset 30 Year VA 2024-05-16 6.62%
Somerset 30 Year VA Refi 2024-05-16 6.4%
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Somerset, KY.

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.).

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
The Citizens National Bank of Somerset 32 7.24% $2,100
QUICKEN LOANS, LLC 24 6.95% $5,779
L & N Federal Credit Union 20 6.99% $2,211
Community Trust Bank, Inc. 14 6.19% $2,018
HOMESIDE FINANCIAL, LLC 9 6.60% $8,517
UNITED WHOLESALE MORTGAGE, LLC 8 6.85% $5,352
Forcht Bank 7 7.16% $2,784
STOCKTON MORTGAGE CORPORATION 6 6.81% $5,321
Truist 6 6.88% $4,570
VANDERBILT MORTGAGE AND FINANCE, INC. 6 8.08% $5,118
Northpointe Bank 5 6.75% $6,282
JPMorgan Chase Bank 4 6.66% $4,583
Fifth Third Bank 4 7.31% $5,154
BROKER SOLUTIONS, INC. 4 7.72% $8,121
U.S. Bank 3 7.08% $3,989
Guardian Savings Bank, A Federal Savings Bank 3 5.96% $815
Farm Credit Mid-America, ACA 3 7.42% $5,246
LOANDEPOT.COM, LLC 3 6.92% $3,933
ZILLOW HOME LOANS, LLC 2 7.00% $8,175
GUARANTEED RATE, INC. 2 6.86% $5,516
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.81% $4,621
PNC Bank 2 6.94% $3,831
POLARIS HOME FUNDING CORP. 2 6.25% $6,166
Bank of England 2 6.94% $6,339
RUOFF MORTGAGE COMPANY, INC. 2 6.94% $4,449
First Financial Bank 2 6.69% $3,767
Flagstar Bank, FSB 2 6.99% $4,549
AMERICAN HERITAGE LENDING, INC. 2 8.31% $6,325
NAVY FEDERAL CREDIT UNION 2 7.06% $6,522
Union Savings Bank 2 6.56% $1,370
Wells Fargo Bank 2 6.69% $5,656
Ally Bank 2 5.88% $8,589
WRIGHT-PATT CREDIT UNION, INC. 2 7.25% $3,346
PROVIDENT FUNDING ASSOCIATES, L.P. 1 6.38% $6,690
Regions Bank 1 8.00% $3,067
Renasant Bank 1 7.63% $4,261
Republic State Mortgage Co. 1 6.63% $4,318
SouthPoint Bank 1 6.63% $635
SOUTHPOINT FINANCIAL SERVICES, INC. 1 5.88% $5,410
THE EQUITABLE MORTGAGE CORPORATION 1 6.25% $2,920
Third Federal Savings and Loan Association of Cleveland 1 5.99% $2,702
TOP FLITE FINANCIAL, INC. 1 7.13% $13,317
Abound Federal Credit Union 1 6.75% $2,762
Western Ohio Mortgage Corporation 1 7.13% $3,765
Traditional Bank, Inc. 1 5.13% $2,793
A&D Mortgage LLC 1 9.25% $20,272
AMERISAVE MORTGAGE CORPORATION 1 5.50% $3,542
BAY EQUITY LLC 1 7.38% $4,220
BLACK HILLS FEDERAL CREDIT UNION 1 6.13% $7,447
Carrington Mortgage Services, LLC 1 5.88% $4,519
COMMONWEALTH 1 6.13% $2,216
CPM Federal Credit Union 1 7.50% $3,779
Eagle Savings Bank 1 6.38% $0
EASTMAN 1 5.25% $5,141
EVANSVILLE TEACHERS 1 7.50% $4,068
FCN Bank 1 6.50% $3,958
First Horizon Bank 1 7.63% $4,139
Gateway First Bank 1 7.38% $4,843
GENEVA FINANCIAL, LLC 1 6.50% $3,197
GREENSTATE CREDIT UNION 1 7.63% $4,469
Heartland Bank 1 7.50% $4,658
LENDSURE MORTGAGE CORP. 1 9.88% $8,677
Morgan Stanley Private Bank 1 6.75% $3,510
MORTGAGE INVESTORS GROUP, INC. 1 6.88% $2,978
Mortgage Research Center, LLC 1 6.50% $4,723
MOVEMENT MORTGAGE, LLC 1 7.44% $3,696
Mr. Cooper ( Nationstar Mortgage ) 1 7.49% $4,636
M&T Bank 1 6.75% $7,772
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.63% $6,602
NBKC BANK 1 8.13% $8,886
NEWREZ LLC 1 6.99% $3,553
NFM, INC. 1 7.00% $5,084
Paramount Residential Mortgage Group, Inc. 1 8.63% $6,914
PENNYMAC LOAN SERVICES, LLC 1 6.88% $3,208
Plains Commerce Bank 1 6.88% $2,949
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.13% $9,801
Prosperity Home Mortgage, LLC 1 6.63% $3,388

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. 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 (5.7%) 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
Somerset's median listing price for 2024-04-01 was $313,725, a difference of $30,225 (10.7%) versus the prior year and $-1,275 versus the prior month.

Somerset's median listing price comes in at 0% of the national average.

Somerset's average listing price for 2024-04-01 was $354,716, a difference of $-1,512 (-0.4%) versus the prior year and $-9,261 versus the prior month.

For the 2024-04-01 period, Somerset had 263 MLS listings, a difference of 35 listings (15%) versus the prior month and 107 listings (69%) 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 1,928 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
Somerset's median listing age (time on market) for 2024-04-01 was 0 days.

Somerset's median square footage for active listings during the 2024-04-01 period was 1,875 sqft. One year prior, the average listing was 1,820 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.