Is Somerset, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Somerset has remained a Seller's Market.
Housing Prices in Somerset, NJ
How much do homes in Somerset, NJ cost?
Median Sold Price
$481,800
$286/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Somerset was $481,800 in March 2024, up 8.3% from last year, and the median price per square foot was $286.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $182.5K | $182K | -0.3% |
2 Bedrooms | $382K | $419.8K | +9.9% |
3 Bedrooms | $455K | $500K | +9.9% |
4 Bedrooms | $540K | $585K | +8.3% |
5+ Bedrooms | $711K | $619K | -12.9% |
Summary: Somerset housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.3%, 2 bedroom homes increased by 9.9%, 3 bedroom homes increased by 9.9%, 4 bedroom homes increased by 8.3%, and 5+ bedroom homes decreased by 12.9%.
Median Sold Price Compared To Nearby Cities
Franklin Park | $317K | $375K | +18.3% |
Franklin Township | $420K | $465K | +10.7% |
Somerset | $445K | $481.8K | +8.3% |
South Bound Brook | $375K | $390K | +4.0% |
Housing Supply in Somerset, NJ
How many homes are available in Somerset, NJ?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
123 | 141 | +14.6% |
Summary: The Somerset real estate market had 141 homes for sale in March 2024, a 14.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 2 | 0.0% |
2 Bedrooms | 44 | 53 | +20.5% |
3 Bedrooms | 30 | 37 | +23.3% |
4 Bedrooms | 31 | 34 | +9.7% |
5+ Bedrooms | 16 | 15 | -6.3% |
Summary: The Somerset 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 20.5%, 3 bedroom homes increased by 23.3%, 4 bedroom homes increased by 9.7%, and 5+ bedroom homes decreased by 6.3%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
23 | 32 | +39.1% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
25 Homes Were Sold
Over Asking
Summary: A total of 32 homes were sold or pending in Somerset in March 2024, up by 39.1% month-over-month. Of the 32 sold homes, 13% were sold under asking, 9% were sold at asking, and 78% were sold over asking.
Days on Market for Somerset, NJ
How long does it take to sell a home in Somerset, NJ?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
41 Days | 34 Days | -17.3% |
Summary: Homes in Somerset had an average of 34 days on market in Mar 2024, down by 17.3% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During March 2024, 32 homes were sold in Somerset; 16% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.