Is Somerset County, NJ 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 County has remained a Seller's Market.
Key Takeaway
Somerset County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Somerset County, NJ
How much do homes in Somerset County, NJ cost?
Median Sold Price
$578,850
$294/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Somerset County have sold for 12.9% more than they did a year ago.
Summary: The median home sold price in Somerset County was $578,850 in May 2024, up 12.9% from last year, and the median price per square foot was $294.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $218.2K | $260K | +19.1% |
| 2 Bedrooms | $360.1K | $414.1K | +15.0% |
| 3 Bedrooms | $475K | $528.1K | +11.2% |
| 4 Bedrooms | $722.8K | $813.5K | +12.5% |
| 5+ Bedrooms | $1.0M | $1.1M | +8.8% |
Summary: Somerset County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.1%, 2 bedroom homes increased by 15%, 3 bedroom homes increased by 11.2%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes increased by 8.8%.
Median Sold Price Compared To Nearby Counties
| Somerset County | $512.8K | $578.8K | +12.9% |
| Morris County | $570.5K | $636.7K | +11.6% |
| Middlesex County | $441.2K | $490.1K | +11.1% |
| Union County | $505.8K | $559.9K | +10.7% |
| Hunterdon County | $505.5K | $540K | +6.8% |
Housing Supply in Somerset County, NJ
How many homes are available in Somerset County, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1,027 | 1,189 | +15.8% |
Summary: The Somerset County real estate market had 1,189 homes for sale in May 2024, a 15.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 21 | 22 | +4.8% |
| 2 Bedrooms | 228 | 244 | +7.0% |
| 3 Bedrooms | 286 | 310 | +8.4% |
| 4 Bedrooms | 310 | 372 | +20.0% |
| 5+ Bedrooms | 182 | 241 | +32.4% |
Summary: The Somerset County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 4.8%, 2 bedroom homes increased by 7%, 3 bedroom homes increased by 8.4%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 32.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 231 | 233 | +0.9% |
Asking Price vs. Sold Price
39 Homes Were Sold
Under Asking
14 Homes Were Sold
At Asking
180 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Somerset County, you could pay more than the asking price. 77.3% of homes here sold above asking price last month.
Summary: A total of 233 homes were sold or pending in Somerset County in May 2024, up by 0.9% month-over-month. Of the 233 sold homes, 17% were sold under asking, 6% were sold at asking, and 77% were sold over asking.
Days on Market for Somerset County, NJ
How long does it take to sell a home in Somerset County, NJ?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 28 Days | 20 Days | -29.1% |
Summary: Homes in Somerset County had an average of 20 days on market in May 2024, down by 29.1% compared to last year.
Breakdown of Home Sale Times
25 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Somerset County are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 233 homes were sold in Somerset County; 11% of homes were sold within 30 days, 1% of homes were sold within 30 to 90 days, and 0% 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 Listing Display database of the CENTRAL JERSEY MULTIPLE LISTING SYSTEM. Real estate listings held by brokerage firms other than this site-owner are marked with the ILD logo. The CENTRAL JERSEY MULTIPLE LISTING SYSTEM does not warrant the accuracy, quality, reliability, suitability, completeness, usefulness or effectiveness of any information provided. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify properties the consumer may be interested in purchasing or renting. Copyright 2024, CENTRAL JERSEY MULTIPLE LISTING SYSTEM. All Rights Reserved. The CENTRAL JERSEY MULTIPLE LISTING SYSTEM retains all rights, title and interest in and to its trademarks, service marks and copyrighted material.
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Monmouth/Ocean MLS Monmouth County Association Board of Realtors. 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. Real estate listings held by other brokerage firms are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed. Copyright © 2024 Monmouth/Ocean MLS Monmouth County Association Board of Realtors. All Rights Reserved.
Disclaimer: The data relating to the real estate for sale on this web site comes in part from the Internet Data Exchange Program of the NJMLS. Real estate listings held by brokerage firms other than Rocket Homes Real Estate, LLC are marked with the Internet Data Exchange logo and information about them includes the name of the listing brokers. Some properties listed with the participating brokers do not appear on this website at the request of the seller. Listings of brokers that do not participate in Internet Data Exchange do not appear on this website.