Is Somerset, KY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Somerset was a Seller's Market.
Housing Prices in Somerset, KY
How much do homes in Somerset, KY cost?
Median Sold Price
$245,000
-
Based on all homes sold in the last 12 months.
Difference Since March 2023
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $125K | $70K | -44.0% |
2 Bedrooms | $129.4K | $135K | +4.3% |
3 Bedrooms | $225K | $230.3K | +2.4% |
4 Bedrooms | $278.7K | $342.9K | +23.0% |
5+ Bedrooms | $419.9K | $450K | +7.2% |
Summary: Somerset housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 44%, 2 bedroom homes increased by 4.3%, 3 bedroom homes increased by 2.4%, 4 bedroom homes increased by 23%, and 5+ bedroom homes increased by 7.2%.
Median Sold Price Compared To Nearby Cities
Ferguson | $135K | $147K | +8.9% |
Somerset | $232K | $245K | +5.6% |
Housing Supply in Somerset, KY
How many homes are available in Somerset, KY?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
183 | 224 | +22.4% |
Summary: The Somerset real estate market had 224 homes for sale in March 2024, a 22.4% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 1 | -50.0% |
2 Bedrooms | 14 | 17 | +21.4% |
3 Bedrooms | 91 | 105 | +15.4% |
4 Bedrooms | 51 | 70 | +37.3% |
5+ Bedrooms | 25 | 31 | +24.0% |
Summary: The Somerset housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 21.4%, 3 bedroom homes increased by 15.4%, 4 bedroom homes increased by 37.3%, and 5+ bedroom homes increased by 24%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
23 | 33 | +43.5% |
Asking Price vs. Sold Price
22 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 33 homes were sold or pending in Somerset in March 2024, up by 43.5% month-over-month. Of the 33 sold homes, 67% were sold under asking, 21% were sold at asking, and 12% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
61 Days | 62 Days | +1.5% |
Summary: Homes in Somerset had an average of 62 days on market in Mar 2024, up by 1.5% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Summary: During March 2024, 33 homes were sold in Somerset; 45% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.