Is Somerset, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Somerset has remained a Seller's Market.
Key Takeaway
Somerset is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Somerset, NY
How much do homes in Somerset, NY cost?
Median Sold Price
$206,000
$137/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Somerset have sold for 9.8% more than they did a year ago.
Summary: The median home sold price in Somerset was $206,000 in April 2024, up 9.8% from last year, and the median price per square foot was $137.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $182.5K | $187.6K | +2.8% |
| 3 Bedrooms | $178.8K | $268.5K | +50.2% |
| 4 Bedrooms | $175K | $165K | -5.7% |
| 5+ Bedrooms | $272.5K | $161.9K | -40.6% |
Summary: Somerset 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 2.8%, 3 bedroom homes increased by 50.2%, 4 bedroom homes decreased by 5.7%, and 5+ bedroom homes decreased by 40.6%.
Median Sold Price Compared To Nearby Cities
| Appleton | $210K | $450K | +114.3% |
| Gasport | $182.5K | $249.9K | +37.0% |
| Barker | $175K | $227.5K | +30.0% |
| Somerset | $187.6K | $206K | +9.8% |
Housing Supply in Somerset, NY
How many homes are available in Somerset, NY?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 8 | 9 | +12.5% |
Summary: The Somerset real estate market had 9 homes for sale in April 2024, a 12.5% 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 | 3 | 4 | +33.3% |
| 3 Bedrooms | 5 | 4 | -20.0% |
| 4 Bedrooms | 0 | 0 | 0.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Somerset 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 33.3%, 3 bedroom homes decreased by 20%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 3 | 2 | -33.3% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Somerset, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Somerset in April 2024, down by 33.3% month-over-month. Of the 2 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.
Days on Market for Somerset, NY
How long does it take to sell a home in Somerset, NY?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 28 Days | 52 Days | +85.7% |
Summary: Homes in Somerset had an average of 52 days on market in Apr 2024, up by 85.7% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Somerset are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 2 homes were sold in Somerset; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
