$5,759 Closing Credit*
$485,000
1 Bed
•1 Full Bath, 1 Partial
Listing Office: KELLER WILLIAMS TOWNE SQUARE REAL
Is Somerville, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, Somerville was a Seller's Market.
Key Takeaway
Somerville is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Somerville, NJ
How much do homes in Somerville, NJ cost?
Median Sold Price
$512,500
$289/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$17,500(-3.3%)
Key Takeaway
Homes in Somerville have sold for 3.3% less than they did a year ago.
Summary: The median home sold price in Somerville was $512,500 in November 2024, down 3.3% from last year, and the median price per square foot was $289.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $490K | $440K | -10.2% |
| 3 Bedrooms | $497K | $500K | +0.6% |
| 4 Bedrooms | $562.5K | $572.5K | +1.8% |
| 5+ Bedrooms | $870K | $1.0M | +16.1% |
Summary: Somerville housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 10.2%, 3 bedroom homes increased by 0.6%, 4 bedroom homes increased by 1.8%, and 5+ bedroom homes increased by 16.1%.
Median Sold Price Compared To Nearby Cities
| Raritan | $432K | $575K | +33.1% |
| Bridgewater Township | $605K | $680K | +12.4% |
| Bridgewater | $605K | $676K | +11.7% |
| Hillsborough | $535K | $586.2K | +9.6% |
| Somerville | $530K | $512.5K | -3.3% |
Housing Supply in Somerville, NJ
How many homes are available in Somerville, NJ?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 36 | 38 | +5.6% |
Summary: The Somerville real estate market had 38 homes for sale in November 2024, a 5.6% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 6 | 6 | 0.0% |
| 3 Bedrooms | 22 | 21 | -4.5% |
| 4 Bedrooms | 5 | 6 | +20.0% |
| 5+ Bedrooms | 3 | 5 | +66.7% |
Summary: The Somerville housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 4.5%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 66.7%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 10 | 6 | -40.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Somerville, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 6 homes were sold or pending in Somerville in November 2024, down by 40.0% month-over-month. Of the 6 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% 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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