Is Somerset, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Somerset was a Seller's Market.
Key Takeaway
Somerset is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Somerset, PA
How much do homes in Somerset, PA cost?
Median Sold Price
$190,000
$109/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Somerset have sold for 6.6% more than they did a year ago.
Summary: The median home sold price in Somerset was $190,000 in May 2024, up 6.6% from last year, and the median price per square foot was $109.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $95K | $50.5K | -46.8% |
| 2 Bedrooms | $115K | $123K | +7.0% |
| 3 Bedrooms | $173K | $187.5K | +8.4% |
| 4 Bedrooms | $185K | $276K | +49.2% |
| 5+ Bedrooms | $290.9K | $465K | +59.8% |
Summary: Somerset housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 46.8%, 2 bedroom homes increased by 7%, 3 bedroom homes increased by 8.4%, 4 bedroom homes increased by 49.2%, and 5+ bedroom homes increased by 59.8%.
Median Sold Price Compared To Nearby Cities
| Somerset | $178.2K | $190K | +6.6% |
| Somerset Township | $183.2K | $175K | -4.5% |
Housing Supply in Somerset, PA
How many homes are available in Somerset, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 29 | 36 | +24.1% |
Summary: The Somerset real estate market had 36 homes for sale in May 2024, a 24.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 6 | 6 | 0.0% |
| 3 Bedrooms | 9 | 17 | +88.9% |
| 4 Bedrooms | 10 | 8 | -20.0% |
| 5+ Bedrooms | 3 | 5 | +66.7% |
Summary: The Somerset housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 88.9%, 4 bedroom homes decreased by 20%, and 5+ bedroom homes increased by 66.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 6 | 5 | -16.7% |
Asking Price vs. Sold Price
1 Home Was 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, expect to pay close to the asking price. 40% of homes here sold near the asking price last month.
Summary: A total of 5 homes were sold or pending in Somerset in May 2024, down by 16.7% month-over-month. Of the 5 sold homes, 20% were sold under asking, 40% were sold at asking, and 40% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 121 Days | 17 Days | -86.0% |
Summary: Homes in Somerset had an average of 17 days on market in May 2024, down by 86% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were 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, 5 homes were sold in Somerset; 80% 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.
