$4,738 Closing Credit*
$399,000
1,388 SqFt
3 Beds
•1 Full Bath, 1 Partial
Listing Office: FOX REAL ESTATE-Asbury
Is Somers Point, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Somers Point has remained a Seller's Market.
Key Takeaway
Somers Point is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Somers Point, NJ
How much do homes in Somers Point, NJ cost?
Median Sold Price
$417,000
$297/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$10,450(-2.4%)
Key Takeaway
Homes in Somers Point have sold for 2.4% less than they did a year ago.
Summary: The median home sold price in Somers Point was $417,000 in October 2024, down 2.4% from last year, and the median price per square foot was $297.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $221K | $220K | -0.5% |
| 2 Bedrooms | $395K | $411K | +4.1% |
| 3 Bedrooms | $450K | $425K | -5.6% |
| 4 Bedrooms | $429.9K | $435K | +1.2% |
| 5+ Bedrooms | $1.7M | - | N/A |
Summary: Somers Point housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.5%, 2 bedroom homes increased by 4.1%, 3 bedroom homes decreased by 5.6%, 4 bedroom homes increased by 1.2%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Linwood | $349.9K | $429.9K | +22.9% |
| Egg Harbor Township | $315.9K | $345K | +9.2% |
| Ocean City | $864.5K | $888.1K | +2.7% |
| Somers Point | $427.4K | $417K | -2.4% |
Housing Supply in Somers Point, NJ
How many homes are available in Somers Point, NJ?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 48 | 50 | +4.2% |
Summary: The Somers Point real estate market had 50 homes for sale in October 2024, a 4.2% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 2 | +100.0% |
| 2 Bedrooms | 12 | 13 | +8.3% |
| 3 Bedrooms | 27 | 21 | -22.2% |
| 4 Bedrooms | 8 | 8 | 0.0% |
| 5+ Bedrooms | 1 | 6 | +500.0% |
Summary: The Somers Point housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 8.3%, 3 bedroom homes decreased by 22.2%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 500%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 12 | 11 | -8.3% |
Asking Price vs. Sold Price
5 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 Somers Point, you may be able to get a good deal. 55.6% of homes here sold below asking price last month.
Summary: A total of 11 homes were sold or pending in Somers Point in October 2024, down by 8.3% month-over-month. Of the 9 sold homes, 56% were sold under asking, 22% were sold at asking, and 22% were sold over asking.
Days on Market for Somers Point, NJ
How long does it take to sell a home in Somers Point, NJ?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 21 Days | 63 Days | +200.9% |
Summary: Homes in Somers Point had an average of 63 days on market in Oct 2024, up by 200.9% compared to last year.
Breakdown of Home Sale Times
7 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 Somers Point are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 11 homes were sold in Somers Point; 64% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
Disclaimer: The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the South Jersey Shore Regional (SJSR) MLS. Real estate listings held by brokerage firms are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. © 2024 SJSR MLS. All rights reserved.