Is Somerset County, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Somerset County has remained a Seller's Market.
Housing Prices in Somerset County, NJ
How much do homes in Somerset County, NJ cost?
Median Sold Price
$577,275
$293/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Somerset County was $577,275 in April 2024, up 13.3% from last year, and the median price per square foot was $293.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $212.5K | $260K | +22.4% |
2 Bedrooms | $356.6K | $410K | +14.9% |
3 Bedrooms | $470.8K | $530K | +12.6% |
4 Bedrooms | $724.6K | $800.1K | +10.4% |
5+ Bedrooms | $1.0M | $1.1M | +5.2% |
Summary: Somerset County housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 22.4%, 2 bedroom homes increased by 14.9%, 3 bedroom homes increased by 12.6%, 4 bedroom homes increased by 10.4%, and 5+ bedroom homes increased by 5.2%.
Median Sold Price Compared To Nearby Counties
Somerset County | $509.5K | $577.2K | +13.3% |
Union County | $500.6K | $554.8K | +10.8% |
Middlesex County | $440K | $485.4K | +10.3% |
Morris County | $574.9K | $628.7K | +9.4% |
Hunterdon County | $505.7K | $529K | +4.6% |
Housing Supply in Somerset County, NJ
How many homes are available in Somerset County, NJ?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
819 | 1,048 | +28.0% |
Summary: The Somerset County real estate market had 1,048 homes for sale in April 2024, a 28.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 15 | 21 | +40.0% |
2 Bedrooms | 194 | 228 | +17.5% |
3 Bedrooms | 234 | 288 | +23.1% |
4 Bedrooms | 234 | 312 | +33.3% |
5+ Bedrooms | 142 | 199 | +40.1% |
Summary: The Somerset County housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 40%, 2 bedroom homes increased by 17.5%, 3 bedroom homes increased by 23.1%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 40.1%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
154 | 216 | +40.3% |
Asking Price vs. Sold Price
43 Homes Were Sold
Under Asking
14 Homes Were Sold
At Asking
159 Homes Were Sold
Over Asking
Summary: A total of 216 homes were sold or pending in Somerset County in April 2024, up by 40.3% month-over-month. Of the 216 sold homes, 20% were sold under asking, 6% were sold at asking, and 74% were sold over asking.
Days on Market for Somerset County, NJ
How long does it take to sell a home in Somerset County, NJ?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
38 Days | 22 Days | -42.1% |
Summary: Homes in Somerset County had an average of 22 days on market in Apr 2024, down by 42.1% compared to last year.
Breakdown of Home Sale Times
25 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During April 2024, 216 homes were sold in Somerset County; 12% of homes were sold within 30 days, 2% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.