Is Somerset, PA 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, PA
How much do homes in Somerset, PA cost?
Median Sold Price
$190,000
$107/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Somerset have sold for 15.2% more than they did a year ago.
Summary: The median home sold price in Somerset was $190,000 in April 2024, up 15.2% from last year, and the median price per square foot was $107.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $72.7K | N/A |
| 2 Bedrooms | $126.5K | $127.5K | +0.8% |
| 3 Bedrooms | $166K | $190K | +14.5% |
| 4 Bedrooms | $165K | $233.5K | +41.5% |
| 5+ Bedrooms | - | $427.5K | N/A |
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 0.8%, 3 bedroom homes increased by 14.5%, 4 bedroom homes increased by 41.5%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Somerset | $165K | $190K | +15.2% |
| Somerset Township | $189K | $179.5K | -5.0% |
Housing Supply in Somerset, PA
How many homes are available in Somerset, PA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 32 | 32 | 0.0% |
Summary: The Somerset real estate market had 32 homes for sale in April 2024, the same as March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 8 | 7 | -12.5% |
| 3 Bedrooms | 11 | 8 | -27.3% |
| 4 Bedrooms | 10 | 11 | +10.0% |
| 5+ Bedrooms | 2 | 4 | +100.0% |
Summary: The Somerset 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 decreased by 12.5%, 3 bedroom homes decreased by 27.3%, 4 bedroom homes increased by 10%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 7 | 6 | -14.3% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
0 Homes Were 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 6 homes were sold or pending in Somerset in April 2024, down by 14.3% month-over-month. Of the 6 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% were sold over asking.
Days on Market for Somerset, PA
How long does it take to sell a home in Somerset, PA?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 35 Days | 49 Days | +39.0% |
Summary: Homes in Somerset had an average of 49 days on market in Apr 2024, up by 39% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
1 Home Was 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, 6 homes were sold in Somerset; 67% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
