$4,453 Closing Credit*
$375,000
836 SqFt
2 Beds
•1 Full Bath
Listing Office: WEICHERT CO REALTORS
Is Somerset County, 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 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
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $250K | $270K | +8.0% |
| 2 Bedrooms | $390K | $430K | +10.3% |
| 3 Bedrooms | $500.6K | $552.5K | +10.4% |
| 4 Bedrooms | $765.2K | $850.3K | +11.1% |
| 5+ Bedrooms | $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 | $457.2K | $518.1K | +13.3% |
| Hunterdon County | $508.7K | $570.4K | +12.1% |
| Somerset County | $549.7K | $614.6K | +11.8% |
| Morris County | $598.2K | $663.1K | +10.9% |
| Union County | $529.2K | $585K | +10.5% |
Housing Supply in Somerset County, NJ
How many homes are available in Somerset County, NJ?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 1,044 | 1,116 | +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
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 16 | 23 | +43.8% |
| 2 Bedrooms | 249 | 270 | +8.4% |
| 3 Bedrooms | 291 | 330 | +13.4% |
| 4 Bedrooms | 309 | 304 | -1.6% |
| 5+ Bedrooms | 179 | 189 | +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 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 282 | 256 | -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
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 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 27 Days | 41 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
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.
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.
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.