Another Wells local here. Buzz summed it up pretty well.
Quite a bit more well-heeled than the other nearby towns (Shepton, Glasto, Street, Radstock) which is reflected in the house prices. Housing stock goes all the way from 15th century terraced cottages to modern estates. 150k-ish for a two-bed place at the moment. Good schools (if that’s an issue).
Not a place for wild nightlife but there’s some good pubs, an independent cinema, bits of live music /comedy / am dram. (Reginald D. Hunter did a live standup show last year!) Lots of choral music at the cathedral if you’re into that kind of thing. Glasto is a few miles away once a year. Bristol’s in reach for proper nights out.
No shortage of local riders – I ride mostly with the Shipham Miners Arms lot and the Bike City boys are out all the time as well.