Is Somerville, 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, Somerville was a Seller's Market.
Housing Prices in Somerville, NJ
How much do homes in Somerville, NJ cost?
Median Sold Price
$530,000
$261/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Somerville was $530,000 in March 2024, up 19.1% from last year, and the median price per square foot was $261.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $370K | $532.2K | +43.9% |
3 Bedrooms | $445.5K | $477K | +7.1% |
4 Bedrooms | $438K | $562.5K | +28.4% |
5+ Bedrooms | $595K | $870K | +46.2% |
Summary: Somerville housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 43.9%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 28.4%, and 5+ bedroom homes increased by 46.2%.
Median Sold Price Compared To Nearby Cities
Somerville | $445K | $530K | +19.1% |
Raritan | $432K | $500K | +15.7% |
Bridgewater | $539.8K | $615.6K | +14.0% |
Hillsborough | $473K | $538.8K | +13.9% |
Bridgewater Township | $546.7K | $615K | +12.5% |
Housing Supply in Somerville, NJ
How many homes are available in Somerville, NJ?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
24 | 32 | +33.3% |
Summary: The Somerville real estate market had 32 homes for sale in March 2024, a 33.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 5 | 8 | +60.0% |
3 Bedrooms | 9 | 11 | +22.2% |
4 Bedrooms | 8 | 7 | -12.5% |
5+ Bedrooms | 2 | 6 | +200.0% |
Summary: The Somerville 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 60%, 3 bedroom homes increased by 22.2%, 4 bedroom homes decreased by 12.5%, and 5+ bedroom homes increased by 200%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
3 | 2 | -33.3% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Summary: A total of 2 homes were sold or pending in Somerville in March 2024, down by 33.3% month-over-month. Of the 2 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market for Somerville, NJ
We’re sorry, we don't have information for this market at the moment