Is Somerset, WI 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 was a Seller's Market.
Key Takeaway
Somerset 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, WI
How much do homes in Somerset, WI cost?
Median Sold Price
$375,000
$198/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
The sold price of homes in Somerset has remained the same since last year.
Summary: The median home sold price in Somerset was $375,000 in March 2024, down 0.2% from last year, and the median price per square foot was $198.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $245K | $375K | +53.1% |
| 2 Bedrooms | $253.5K | $271.5K | +7.1% |
| 3 Bedrooms | $376K | $360K | -4.3% |
| 4 Bedrooms | $450.7K | $440K | -2.4% |
| 5+ Bedrooms | $386.9K | $437K | +12.9% |
Summary: Somerset housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 53.1%, 2 bedroom homes increased by 7.1%, 3 bedroom homes decreased by 4.3%, 4 bedroom homes decreased by 2.4%, and 5+ bedroom homes increased by 12.9%.
Housing Supply in Somerset, WI
How many homes are available in Somerset, WI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 60 | 68 | +13.3% |
Summary: The Somerset real estate market had 68 homes for sale in March 2024, a 13.3% 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 | 8 | 11 | +37.5% |
| 3 Bedrooms | 22 | 28 | +27.3% |
| 4 Bedrooms | 21 | 22 | +4.8% |
| 5+ Bedrooms | 9 | 7 | -22.2% |
Summary: The Somerset 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 37.5%, 3 bedroom homes increased by 27.3%, 4 bedroom homes increased by 4.8%, and 5+ bedroom homes decreased by 22.2%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 6 | 11 | +83.3% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Somerset, you may be able to get a good deal. 36.4% of homes here sold below asking price last month.
Summary: A total of 11 homes were sold or pending in Somerset in March 2024, up by 83.3% month-over-month. Of the 11 sold homes, 36% were sold under asking, 36% were sold at asking, and 27% were sold over asking.
Days on Market for Somerset, WI
How long does it take to sell a home in Somerset, WI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 60 Days | 63 Days | +4.4% |
Summary: Homes in Somerset had an average of 63 days on market in Mar 2024, up by 4.4% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Somerset has remained consistent over time.
Summary: During March 2024, 11 homes were sold in Somerset; 18% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
