Is Somers Point, 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, Somers Point was a Seller's Market.
Key Takeaway
Somers Point 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 Somers Point, NJ
How much do homes in Somers Point, NJ cost?
Median Sold Price
$385,000
$275/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Somers Point have sold for 10.2% more than they did a year ago.
Summary: The median home sold price in Somers Point was $385,000 in April 2024, up 10.2% from last year, and the median price per square foot was $275.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $188.4K | $245K | +30.0% |
| 2 Bedrooms | $292.5K | $380K | +29.9% |
| 3 Bedrooms | $349.9K | $383.5K | +9.6% |
| 4 Bedrooms | $415K | $405K | -2.4% |
| 5+ Bedrooms | $559K | $374.5K | -33.0% |
Summary: Somers Point housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 30%, 2 bedroom homes increased by 29.9%, 3 bedroom homes increased by 9.6%, 4 bedroom homes decreased by 2.4%, and 5+ bedroom homes decreased by 33%.
Median Sold Price Compared To Nearby Cities
| Linwood | $378.5K | $449.5K | +18.8% |
| Somers Point | $349.2K | $385K | +10.2% |
| Egg Harbor Township | $344.5K | $375K | +8.9% |
| Ocean City | $949.9K | $979K | +3.1% |
| Marmora | $407.4K | $413.5K | +1.5% |
Housing Supply in Somers Point, NJ
How many homes are available in Somers Point, NJ?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 50 | 57 | +14.0% |
Summary: The Somers Point real estate market had 57 homes for sale in April 2024, a 14.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 8 | 10 | +25.0% |
| 3 Bedrooms | 26 | 26 | 0.0% |
| 4 Bedrooms | 12 | 15 | +25.0% |
| 5+ Bedrooms | 4 | 5 | +25.0% |
Summary: The Somers Point housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 25%, 3 bedroom homes remained the same, 4 bedroom homes increased by 25%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 19 | 9 | -52.6% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Somers Point, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in Somers Point in April 2024, down by 52.6% month-over-month. Of the 6 sold homes, 50% were sold under asking, 17% were sold at asking, and 33% were sold over asking.
Days on Market for Somers Point, NJ
How long does it take to sell a home in Somers Point, NJ?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 36 Days | 38 Days | +5.4% |
Summary: Homes in Somers Point had an average of 38 days on market in Apr 2024, up by 5.4% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Somers Point are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 9 homes were sold in Somers Point; 56% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.
Disclaimer: The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the South Jersey Shore Regional (SJSR) MLS. Real estate listings held by brokerage firms are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. © 2024 SJSR MLS. All rights reserved. 
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Monmouth/Ocean MLS Monmouth County Association Board of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by other brokerage firms are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed. Copyright © 2024 Monmouth/Ocean MLS Monmouth County Association Board of Realtors. All Rights Reserved.