Is Somerset Township, 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 Township was a Seller's Market.
Key Takeaway
Somerset Township 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 Township, PA
How much do homes in Somerset Township, PA cost?
Median Sold Price
$175,000
$108/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Somerset Township have sold for 4.5% less than they did a year ago.
Summary: The median home sold price in Somerset Township was $175,000 in May 2024, down 4.5% from last year, and the median price per square foot was $108.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $95K | $50.5K | -46.8% |
| 2 Bedrooms | $109K | $120K | +10.1% |
| 3 Bedrooms | $173K | $179.5K | +3.8% |
| 4 Bedrooms | $185K | $185K | 0.0% |
| 5+ Bedrooms | $278.5K | $337.5K | +21.2% |
Summary: Somerset Township 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 10.1%, 3 bedroom homes increased by 3.8%, 4 bedroom homes did not change, and 5+ bedroom homes increased by 21.2%.
Median Sold Price Compared To Nearby Cities
| Somerset | $178.2K | $190K | +6.6% |
| Somerset Township | $183.2K | $175K | -4.5% |
Housing Supply in Somerset Township, PA
How many homes are available in Somerset Township, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 35 | 40 | +14.3% |
Summary: The Somerset Township real estate market had 40 homes for sale in May 2024, a 14.3% 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 | 5 | -16.7% |
| 3 Bedrooms | 14 | 21 | +50.0% |
| 4 Bedrooms | 10 | 8 | -20.0% |
| 5+ Bedrooms | 4 | 6 | +50.0% |
Summary: The Somerset Township 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 decreased by 16.7%, 3 bedroom homes increased by 50%, 4 bedroom homes decreased by 20%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 8 | 6 | -25.0% |
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 Township, 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 Township in May 2024, down by 25.0% 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 Township, PA
How long does it take to sell a home in Somerset Township, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 121 Days | 38 Days | -68.2% |
Summary: Homes in Somerset Township had an average of 38 days on market in May 2024, down by 68.2% 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 Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 6 homes were sold in Somerset Township; 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.
