$5,938 Closing Credit*
$500,000
3 Beds
•2 Full Baths
Listing Office: WEICHERT REALTORS
Is Somerville, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, Somerville was a Neutral Market.
Key Takeaway
Somerville is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Somerville, NJ
How much do homes in Somerville, NJ cost?
Median Sold Price
$517,500
$289/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$16,500(+3.3%)
Key Takeaway
Homes in Somerville have sold for 3.3% more than they did a year ago.
Summary: The median home sold price in Somerville was $517,500 in October 2024, up 3.3% from last year, and the median price per square foot was $289.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $477.5K | $462.5K | -3.1% |
| 3 Bedrooms | $482.5K | $492.5K | +2.1% |
| 4 Bedrooms | $539K | $572.5K | +6.2% |
| 5+ Bedrooms | $845K | $870K | +3.0% |
Summary: Somerville housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 3.1%, 3 bedroom homes increased by 2.1%, 4 bedroom homes increased by 6.2%, and 5+ bedroom homes increased by 3%.
Median Sold Price Compared To Nearby Cities
| Raritan | $431K | $555K | +28.8% |
| Bridgewater Township | $592K | $675K | +14.0% |
| Bridgewater | $598.2K | $666.5K | +11.4% |
| Hillsborough | $517.5K | $573.6K | +10.9% |
| Somerville | $501K | $517.5K | +3.3% |
Housing Supply in Somerville, NJ
How many homes are available in Somerville, NJ?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 39 | 39 | 0.0% |
Summary: The Somerville real estate market had 39 homes for sale in October 2024, the same as September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 6 | 7 | +16.7% |
| 3 Bedrooms | 24 | 23 | -4.2% |
| 4 Bedrooms | 6 | 6 | 0.0% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Somerville 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 16.7%, 3 bedroom homes decreased by 4.2%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 12 | 10 | -16.7% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Somerville, you could pay more than the asking price. 60% of homes here sold above asking price last month.
Summary: A total of 10 homes were sold or pending in Somerville in October 2024, down by 16.7% month-over-month. Of the 10 sold homes, 20% were sold under asking, 20% were sold at asking, and 60% were sold over asking.
Days on Market for Somerville, NJ
We’re sorry, we don't have information for this market at the moment
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