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
$185,000
$109/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Somerset Township have sold for 1% more than they did a year ago.
Summary: The median home sold price in Somerset Township was $185,000 in May 2024, up 1% 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 | $95K | $106K | +11.6% |
| 3 Bedrooms | $181.5K | $190K | +4.7% |
| 4 Bedrooms | $185K | $190K | +2.7% |
| 5+ Bedrooms | $307K | $285K | -7.2% |
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 11.6%, 3 bedroom homes increased by 4.7%, 4 bedroom homes increased by 2.7%, and 5+ bedroom homes decreased by 7.2%.
Median Sold Price Compared To Nearby Cities
| Somerset Township | $183.2K | $185K | +1.0% |
| Eighty Four | $400K | $400K | 0.0% |
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 |
|---|---|---|
| 33 | 42 | +27.3% |
Summary: The Somerset Township real estate market had 42 homes for sale in May 2024, a 27.3% 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 | 7 | 7 | 0.0% |
| 3 Bedrooms | 11 | 20 | +81.8% |
| 4 Bedrooms | 11 | 9 | -18.2% |
| 5+ Bedrooms | 3 | 6 | +100.0% |
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 remained the same, 3 bedroom homes increased by 81.8%, 4 bedroom homes decreased by 18.2%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 7 | 6 | -14.3% |
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 14.3% 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 |
|---|---|---|
| 150 Days | 16 Days | -88.9% |
Summary: Homes in Somerset Township had an average of 16 days on market in May 2024, down by 88.9% compared to last year.
Breakdown of Home Sale Times
5 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 Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 6 homes were sold in Somerset Township; 83% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
