$7,872 Closing Credit*
$662,900
3 Beds
•2 Full Baths
Listing Office: U R HOME REALTY
Is Somerset, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since December 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
$520,000
$306/sqft
Based on all homes sold in the last 12 months.
Difference Since December 2023
+$55,000(+11.8%)
Key Takeaway
Homes in Somerset have sold for 11.8% more than they did a year ago.
Summary: The median home sold price in Somerset was $520,000 in December 2024, up 11.8% from last year, and the median price per square foot was $306.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Dec 2023 | Dec 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $182K | $230K | +26.4% |
| 2 Bedrooms | $415K | $451.2K | +8.7% |
| 3 Bedrooms | $475K | $565K | +18.9% |
| 4 Bedrooms | $584.5K | $622.5K | +6.5% |
| 5+ Bedrooms | $730K | $651.2K | -10.8% |
Summary: Somerset housing prices by bedroom type for December 2024 compared to the previous year: The home price of 1 bedroom homes increased by 26.4%, 2 bedroom homes increased by 8.7%, 3 bedroom homes increased by 18.9%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes decreased by 10.8%.
Median Sold Price Compared To Nearby Cities
| South Bound Brook | $385K | $470K | +22.1% |
| Somerset | $465K | $520K | +11.8% |
| Franklin Township | $450K | $488.7K | +8.6% |
| Franklin Park | $372.5K | $380K | +2.0% |
Housing Supply in Somerset, NJ
How many homes are available in Somerset, NJ?
Number of Homes For Sale
| Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|
| 153 | 125 | -18.3% |
Summary: The Somerset real estate market had 125 homes for sale in December 2024, a 18.3% decrease compared to November 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 66 | 52 | -21.2% |
| 3 Bedrooms | 43 | 34 | -20.9% |
| 4 Bedrooms | 37 | 29 | -21.6% |
| 5+ Bedrooms | 6 | 9 | +50.0% |
Summary: The Somerset housing inventory by bedroom type for December 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 21.2%, 3 bedroom homes decreased by 20.9%, 4 bedroom homes decreased by 21.6%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|
| 47 | 43 | -8.5% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
28 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Somerset, you could pay more than the asking price. 65.1% of homes here sold above asking price last month.
Summary: A total of 43 homes were sold or pending in Somerset in December 2024, down by 8.5% month-over-month. Of the 43 sold homes, 23% were sold under asking, 12% were sold at asking, and 65% 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
| Dec 2023 | Dec 2024 | CHANGE |
|---|---|---|
| 40 Days | 16 Days | -59.3% |
Summary: Homes in Somerset had an average of 16 days on market in Dec 2024, down by 59.3% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 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 December 2024, 43 homes were sold in Somerset; 23% of homes were sold within 30 days, 0% 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 2025, 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.