Is Somerset County, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Somerset County is a seller's market

Buyer's
Market

Difference Since October 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

$614,683

$310/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$64,983(+11.8%)

Key Takeaway

Homes in Somerset County have sold for 11.8% more than they did a year ago.

Summary: The median home sold price in Somerset County was $614,683 in October 2024, up 11.8% from last year, and the median price per square foot was $310.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $250K$270K
+8.0%
2 $390K$430K
+10.3%
3 $500.6K$552.5K
+10.4%
4 $765.2K$850.3K
+11.1%
5+ $1.1M$1.2M
+10.8%

Summary: Somerset County housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8%, 2 bedroom homes increased by 10.3%, 3 bedroom homes increased by 10.4%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes increased by 10.8%.

Median Sold Price Compared To Nearby Counties

Middlesex County
+13.3%
Hunterdon County
+12.1%
Somerset County
+11.8%
Morris County
+10.9%
Union County
+10.5%

Housing Supply in Somerset County, NJ

How many homes are available in Somerset County, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
1,0441,116+6.9%

Summary: The Somerset County real estate market had 1,116 homes for sale in October 2024, a 6.9% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 1623
+43.8%
2 249270
+8.4%
3 291330
+13.4%
4 309304
-1.6%
5+ 179189
+5.6%

Summary: The Somerset County housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 43.8%, 2 bedroom homes increased by 8.4%, 3 bedroom homes increased by 13.4%, 4 bedroom homes decreased by 1.6%, and 5+ bedroom homes increased by 5.6%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
282256-9.2%

Asking Price vs. Sold Price

65 Homes Were Sold
Under Asking

25 Homes Were Sold
At Asking

166 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Somerset County, you could pay more than the asking price. 64.8% of homes here sold above asking price last month.

Summary: A total of 256 homes were sold or pending in Somerset County in October 2024, down by 9.2% month-over-month. Of the 256 sold homes, 25% were sold under asking, 10% were sold at asking, and 65% 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

Oct 2023Oct 2024CHANGE
27 Days41 Days+52.1%

Summary: Homes in Somerset County had an average of 41 days on market in Oct 2024, up by 52.1% compared to last year.

Breakdown of Home Sale Times

14 Homes Were Sold
Under 30 Days

18 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Somerset County has remained consistent over time.

Summary: During October 2024, 256 homes were sold in Somerset County; 5% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 4 Days Ago

Newest Listings in Somerset County, NJ

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