Is Somerville, 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, Somerville was a Seller's Market.
Housing Prices in Somerville, NJ
How much do homes in Somerville, NJ cost?
Median Sold Price
$510,000
$263/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Somerville was $510,000 in April 2024, up 14.3% from last year, and the median price per square foot was $263.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $406.2K | $528.8K | +30.2% |
3 Bedrooms | $445K | $469K | +5.4% |
4 Bedrooms | $450K | $567.5K | +26.1% |
5+ Bedrooms | $595K | $870K | +46.2% |
Summary: Somerville housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 30.2%, 3 bedroom homes increased by 5.4%, 4 bedroom homes increased by 26.1%, and 5+ bedroom homes increased by 46.2%.
Median Sold Price Compared To Nearby Cities
Somerville | $446K | $510K | +14.3% |
Raritan | $435K | $495K | +13.8% |
Bridgewater | $544K | $616.8K | +13.4% |
Bridgewater Township | $550.2K | $618.7K | +12.5% |
Hillsborough | $483K | $525K | +8.7% |
Housing Supply in Somerville, NJ
How many homes are available in Somerville, NJ?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
26 | 41 | +57.7% |
Summary: The Somerville real estate market had 41 homes for sale in April 2024, a 57.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 5 | 8 | +60.0% |
3 Bedrooms | 10 | 18 | +80.0% |
4 Bedrooms | 6 | 8 | +33.3% |
5+ Bedrooms | 5 | 7 | +40.0% |
Summary: The Somerville housing inventory by bedroom type for April 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 80%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 40%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
3 | 5 | +66.7% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 5 homes were sold or pending in Somerville in April 2024, up by 66.7% month-over-month. Of the 5 sold homes, 80% were sold under asking, 0% were sold at asking, and 20% were sold over asking.
Days on Market for Somerville, NJ
How long does it take to sell a home in Somerville, NJ?
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During April 2024, 5 homes were sold in Somerville; 20% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.