Is Somerset, OH a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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, OH
How much do homes in Somerset, OH cost?
Median Sold Price
$300,000
$153/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Somerset have sold for 26.6% more than they did a year ago.
Summary: The median home sold price in Somerset was $300,000 in May 2024, up 26.6% from last year, and the median price per square foot was $153.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $149.6K | $274.9K | +83.8% |
| 3 Bedrooms | $237K | $317K | +33.8% |
| 4 Bedrooms | $326.5K | $300K | -8.1% |
| 5+ Bedrooms | $493K | $340K | -31.0% |
Summary: Somerset housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 83.8%, 3 bedroom homes increased by 33.8%, 4 bedroom homes decreased by 8.1%, and 5+ bedroom homes decreased by 31%.
Median Sold Price Compared To Nearby Cities
| Somerset | $237K | $300K | +26.6% |
| Reading Township | $270.4K | $308.5K | +14.1% |
Housing Supply in Somerset, OH
How many homes are available in Somerset, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 15 | 21 | +40.0% |
Summary: The Somerset real estate market had 21 homes for sale in May 2024, a 40.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 11 | 14 | +27.3% |
| 4 Bedrooms | 1 | 3 | +200.0% |
| 5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The Somerset housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 27.3%, 4 bedroom homes increased by 200%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2 | 6 | +200.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Somerset, you may be able to get a good deal. 33.3% of homes here sold below asking price last month.
Summary: A total of 6 homes were sold or pending in Somerset in May 2024, up by 200.0% month-over-month. Of the 6 sold homes, 33% were sold under asking, 33% were sold at asking, and 33% were sold over asking.
Days on Market for Somerset, OH
How long does it take to sell a home in Somerset, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 2 Days | 31 Days | +1242.9% |
Summary: Homes in Somerset had an average of 31 days on market in May 2024, up by 1242.9% 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 May 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.
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