Is Somerset County, PA 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, Somerset County was a Seller's Market.
Key Takeaway
Somerset County is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Somerset County, PA
How much do homes in Somerset County, PA cost?
Median Sold Price
$195,000
$114/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Somerset County have sold for 11.4% more than they did a year ago.
Summary: The median home sold price in Somerset County was $195,000 in March 2024, up 11.4% from last year, and the median price per square foot was $114.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $202K | $86.5K | -57.2% |
| 2 Bedrooms | $126.7K | $145K | +14.4% |
| 3 Bedrooms | $175K | $190K | +8.6% |
| 4 Bedrooms | $214.5K | $264.5K | +23.3% |
| 5+ Bedrooms | $214.5K | $675K | +214.7% |
Summary: Somerset County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 57.2%, 2 bedroom homes increased by 14.4%, 3 bedroom homes increased by 8.6%, 4 bedroom homes increased by 23.3%, and 5+ bedroom homes increased by 214.7%.
Median Sold Price Compared To Nearby Counties
| Somerset County | $175K | $195K | +11.4% |
| Westmoreland County | $192.3K | $201.8K | +5.0% |
| Fayette County | $162.4K | $160.5K | -1.2% |
Housing Supply in Somerset County, PA
How many homes are available in Somerset County, PA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 117 | 139 | +18.8% |
Summary: The Somerset County real estate market had 139 homes for sale in March 2024, a 18.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 5 | 0.0% |
| 2 Bedrooms | 26 | 29 | +11.5% |
| 3 Bedrooms | 55 | 65 | +18.2% |
| 4 Bedrooms | 23 | 32 | +39.1% |
| 5+ Bedrooms | 8 | 8 | 0.0% |
Summary: The Somerset County 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 11.5%, 3 bedroom homes increased by 18.2%, 4 bedroom homes increased by 39.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 18 | 22 | +22.2% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Somerset County, you may be able to get a good deal. 54.5% of homes here sold below asking price last month.
Summary: A total of 22 homes were sold or pending in Somerset County in March 2024, up by 22.2% month-over-month. Of the 22 sold homes, 55% were sold under asking, 23% were sold at asking, and 23% were sold over asking.
Days on Market for Somerset County, PA
How long does it take to sell a home in Somerset County, PA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 115 Days | 67 Days | -41.5% |
Summary: Homes in Somerset County had an average of 67 days on market in Mar 2024, down by 41.5% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
8 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Somerset County are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 22 homes were sold in Somerset County; 41% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 36% of homes were sold over 90 days.
