Is Somerset, KY 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, KY
How much do homes in Somerset, KY cost?
Median Sold Price
$246,580
-
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Somerset have sold for 6% more than they did a year ago.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $110K | $55K | -50.0% |
| 2 Bedrooms | $129.9K | $140.2K | +7.9% |
| 3 Bedrooms | $222K | $232.5K | +4.7% |
| 4 Bedrooms | $320K | $325K | +1.6% |
| 5+ Bedrooms | $437.5K | $475K | +8.6% |
Summary: Somerset housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 7.9%, 3 bedroom homes increased by 4.7%, 4 bedroom homes increased by 1.6%, and 5+ bedroom homes increased by 8.6%.
Housing Supply in Somerset, KY
How many homes are available in Somerset, KY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 218 | 227 | +4.1% |
Summary: The Somerset real estate market had 227 homes for sale in May 2024, a 4.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 19 | 23 | +21.1% |
| 3 Bedrooms | 107 | 105 | -1.9% |
| 4 Bedrooms | 65 | 70 | +7.7% |
| 5+ Bedrooms | 26 | 28 | +7.7% |
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 increased by 21.1%, 3 bedroom homes decreased by 1.9%, 4 bedroom homes increased by 7.7%, and 5+ bedroom homes increased by 7.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 43 | 40 | -7.0% |
Asking Price vs. Sold Price
24 Homes Were Sold
Under Asking
14 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. 60% of homes here sold below asking price last month.
Summary: A total of 40 homes were sold or pending in Somerset in May 2024, down by 7.0% month-over-month. Of the 40 sold homes, 60% were sold under asking, 35% were sold at asking, and 5% were sold over asking.
Days on Market for Somerset, KY
How long does it take to sell a home in Somerset, KY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 58 Days | 61 Days | +5.2% |
Summary: Homes in Somerset had an average of 61 days on market in May 2024, up by 5.2% compared to last year.
Breakdown of Home Sale Times
23 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
12 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, 40 homes were sold in Somerset; 57% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 30% of homes were sold over 90 days.
The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of the Lexington-Bluegrass Association of Realtors Multiple Listing Service. Real estate listings held by IDX Brokerage firms other than this broker, are marked with the IDX logo or the IDX thumbnail logo and detailed information about them includes the name of the listing IDX Brokers. Information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Listing(s) information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. © 2024 LBAR Multiple Listing Service. All rights reserved.
The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of Metro Search Multiple Listing Service. Real estate listings held by other Brokerage firms are marked with the Internet Data Exchange logo or the Internet Data Exchange thumbnail logo and detailed information about them includes the name of the listing IDX Brokers. The Broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed. Copyright © 2024 Greater Louisville Association of Realtors. All Rights Reserved.