Is Somerset, KY 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 has remained a Seller's Market.
Housing Prices in Somerset, KY
How much do homes in Somerset, KY cost?
Median Sold Price
$244,983
-
Based on all homes sold in the last 12 months.
Difference Since April 2023
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $110K | $50K | -54.5% |
2 Bedrooms | $129.4K | $134K | +3.5% |
3 Bedrooms | $224.2K | $230.3K | +2.7% |
4 Bedrooms | $300K | $332.4K | +10.8% |
5+ Bedrooms | $427.5K | $450K | +5.3% |
Summary: Somerset housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 54.5%, 2 bedroom homes increased by 3.5%, 3 bedroom homes increased by 2.7%, 4 bedroom homes increased by 10.8%, and 5+ bedroom homes increased by 5.3%.
Housing Supply in Somerset, KY
How many homes are available in Somerset, KY?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
211 | 224 | +6.2% |
Summary: The Somerset real estate market had 224 homes for sale in April 2024, a 6.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 15 | 19 | +26.7% |
3 Bedrooms | 102 | 112 | +9.8% |
4 Bedrooms | 67 | 63 | -6.0% |
5+ Bedrooms | 27 | 30 | +11.1% |
Summary: The Somerset 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 increased by 26.7%, 3 bedroom homes increased by 9.8%, 4 bedroom homes decreased by 6%, and 5+ bedroom homes increased by 11.1%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
33 | 41 | +24.2% |
Asking Price vs. Sold Price
34 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 41 homes were sold or pending in Somerset in April 2024, up by 24.2% month-over-month. Of the 41 sold homes, 83% were sold under asking, 15% were sold at asking, and 2% were sold over asking.
Days on Market for Somerset, KY
How long does it take to sell a home in Somerset, KY?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
48 Days | 57 Days | +18.7% |
Summary: Homes in Somerset had an average of 57 days on market in Apr 2024, up by 18.7% compared to last year.
Breakdown of Home Sale Times
22 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
11 Homes Were Sold
Over 90 Days
Summary: During April 2024, 41 homes were sold in Somerset; 54% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 27% of homes were sold over 90 days.