$4,156 Closing Credit*
$350,000
4 Beds
•1 Full Bath, 1 Partial
Listing Office: LIFESTYLE INTERNATIONAL REALTY
Is Somerset, 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, 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, NJ
How much do homes in Somerset, NJ cost?
Median Sold Price
$512,833
$304/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$52,833(+11.5%)
Key Takeaway
Homes in Somerset have sold for 11.5% more than they did a year ago.
Summary: The median home sold price in Somerset was $512,833 in October 2024, up 11.5% from last year, and the median price per square foot was $304.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $182K | $225K | +23.6% |
| 2 Bedrooms | $409K | $450K | +10.0% |
| 3 Bedrooms | $462.5K | $557.5K | +20.5% |
| 4 Bedrooms | $565K | $610K | +8.0% |
| 5+ Bedrooms | $711K | $645K | -9.3% |
Summary: Somerset housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.6%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 20.5%, 4 bedroom homes increased by 8%, and 5+ bedroom homes decreased by 9.3%.
Median Sold Price Compared To Nearby Cities
| South Bound Brook | $385K | $456.2K | +18.5% |
| Somerset | $460K | $512.8K | +11.5% |
| Franklin Township | $440.2K | $484.2K | +10.0% |
| Franklin Park | $351K | $386K | +10.0% |
Housing Supply in Somerset, NJ
How many homes are available in Somerset, NJ?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 167 | 179 | +7.2% |
Summary: The Somerset real estate market had 179 homes for sale in October 2024, a 7.2% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 75 | 80 | +6.7% |
| 3 Bedrooms | 47 | 53 | +12.8% |
| 4 Bedrooms | 34 | 38 | +11.8% |
| 5+ Bedrooms | 10 | 7 | -30.0% |
Summary: The Somerset housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 12.8%, 4 bedroom homes increased by 11.8%, and 5+ bedroom homes decreased by 30%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 50 | 38 | -24.0% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
26 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Somerset, you could pay more than the asking price. 68.4% of homes here sold above asking price last month.
Summary: A total of 38 homes were sold or pending in Somerset in October 2024, down by 24.0% month-over-month. Of the 38 sold homes, 21% were sold under asking, 11% were sold at asking, and 68% were sold over asking.
Days on Market for Somerset, NJ
How long does it take to sell a home in Somerset, NJ?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 26 Days | 48 Days | +86.2% |
Summary: Homes in Somerset had an average of 48 days on market in Oct 2024, up by 86.2% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Somerset has remained consistent over time.
Summary: During October 2024, 38 homes were sold in Somerset; 13% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 3% 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.
Information Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement. 
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. 
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.