Is Somerdale, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Somerdale was a Seller's Market.
Key Takeaway
Somerdale is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Somerdale, NJ
How much do homes in Somerdale, NJ cost?
Median Sold Price
$300,000
$200/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Somerdale have sold for 20% more than they did a year ago.
Summary: The median home sold price in Somerdale was $300,000 in April 2024, up 20% from last year, and the median price per square foot was $200.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $90K | $128K | +42.2% |
| 2 Bedrooms | $172.5K | $235K | +36.2% |
| 3 Bedrooms | $245K | $285K | +16.3% |
| 4 Bedrooms | $307.5K | $362.5K | +17.9% |
| 5+ Bedrooms | $249.5K | $390K | +56.3% |
Summary: Somerdale housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 42.2%, 2 bedroom homes increased by 36.2%, 3 bedroom homes increased by 16.3%, 4 bedroom homes increased by 17.9%, and 5+ bedroom homes increased by 56.3%.
Median Sold Price Compared To Nearby Cities
| Stratford | $247.5K | $300K | +21.2% |
| Somerdale | $250K | $300K | +20.0% |
| Magnolia | $261K | $283.2K | +8.5% |
| Lawnside | $280K | $296K | +5.7% |
Housing Supply in Somerdale, NJ
How many homes are available in Somerdale, NJ?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 25 | 26 | +4.0% |
Summary: The Somerdale real estate market had 26 homes for sale in April 2024, a 4.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 3 | 3 | 0.0% |
| 3 Bedrooms | 13 | 14 | +7.7% |
| 4 Bedrooms | 8 | 8 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Somerdale housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 7.7%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 10 | 4 | -60.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Somerdale, you could pay more than the asking price. 75% of homes here sold above asking price last month.
Summary: A total of 4 homes were sold or pending in Somerdale in April 2024, down by 60.0% month-over-month. Of the 4 sold homes, 25% were sold under asking, 0% were sold at asking, and 75% were sold over asking.
Days on Market for Somerdale, NJ
How long does it take to sell a home in Somerdale, NJ?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 21 Days | 9 Days | -55.5% |
Summary: Homes in Somerdale had an average of 9 days on market in Apr 2024, down by 55.5% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Somerdale are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 4 homes were sold in Somerdale; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
