Is Somerdale, NJ 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, 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
$298,950
$199/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Somerdale have sold for 22% more than they did a year ago.
Summary: The median home sold price in Somerdale was $298,950 in March 2024, up 22% from last year, and the median price per square foot was $199.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $90K | $128K | +42.2% |
| 2 Bedrooms | $160K | $225K | +40.6% |
| 3 Bedrooms | $245K | $287.5K | +17.3% |
| 4 Bedrooms | $305K | $355K | +16.4% |
| 5+ Bedrooms | $249.5K | $390K | +56.3% |
Summary: Somerdale housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 42.2%, 2 bedroom homes increased by 40.6%, 3 bedroom homes increased by 17.3%, 4 bedroom homes increased by 16.4%, and 5+ bedroom homes increased by 56.3%.
Median Sold Price Compared To Nearby Cities
| Somerdale | $245K | $298.9K | +22.0% |
| Stratford | $260K | $290K | +11.5% |
| Magnolia | $260K | $280K | +7.7% |
| Lawnside | $273K | $293.4K | +7.5% |
Housing Supply in Somerdale, NJ
How many homes are available in Somerdale, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 49 | 50 | +2.0% |
Summary: The Somerdale real estate market had 50 homes for sale in March 2024, a 2.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 6 | 8 | +33.3% |
| 3 Bedrooms | 24 | 25 | +4.2% |
| 4 Bedrooms | 13 | 12 | -7.7% |
| 5+ Bedrooms | 5 | 4 | -20.0% |
Summary: The Somerdale housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 4.2%, 4 bedroom homes decreased by 7.7%, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 8 | 8 | 0.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Somerdale, expect to pay close to the asking price. 37.5% of homes here sold near the asking price last month.
Summary: A total of 8 homes were sold or pending in Somerdale in March 2024, the same as the previous month. Of the 8 sold homes, 25% were sold under asking, 38% were sold at asking, and 38% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 21 Days | 16 Days | -23.3% |
Summary: Homes in Somerdale had an average of 16 days on market in Mar 2024, down by 23.3% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
1 Home Was 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 March 2024, 8 homes were sold in Somerdale; 88% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
