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.
Key Takeaway
Somerville is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
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
Key Takeaway
Homes in Somerville have sold for 14.3% more than they did a year ago.
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
Key Takeaway
If you're buying a home in Somerville, you may be able to get a good deal. 80% of homes here sold below asking price last month.
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
Key Takeaway
Many homes in Somerville are selling fast, if you're buying plan to act quickly.
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.
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