Somerset, NJ Home Values & Market Trends
Real estate market trends reflect that there have been 545 transactions over the past year in Somerset. The median value for residential home transactions that occurred over the previous year is $510,405.05. The number of current listings in Somerset is 56, and the percentage of properties for sale in the city is 56.00%. Somerset, NJ currently has 185 properties in foreclosure, 2 bank owned properties, 6 properties headed for auction, and 56 properties for sale.
Somerset, NJ Real Estate Market Overview
| Zip | Median Est. Value |
|---|---|
| 08873 | $ 494,550 $ 274/sqft |
Housing Market Summary for Somerset, NJ
| Apr 2023 | March 2024 | Change | |
|---|---|---|---|
| Median Listing Price | $399.9K | $500.1K | 25.04% |
| Median Sold Price | $450K | $500.1K | 11.13% |
| Homes For Sale | 54 | 57 | 5.56% |
| Homes Sold | 337 | 302 | -10.39% |
Price Per Square Foot
On an average, Single Family homes cost $33 more per sqft than Condos. In comparison with sales price/sqft last week, list price/sqft of Single Family homes increased by 1.93% whereas, list price/sqft of Condos increased by 9.38%.
Recently Sold Homes
Explore recent offers and recently sold homes in Somerset, NJ
Browse Homes in Somerset, NJ
Somerset home values range from $194,200 to $1,570,000. The median estimated value of a home in Somerset is $510,405.05. The median list price of a home is 499,999.5, and the total count of properties in the city is 15,829.
- Pre-ForeclosurePre-foreclosure homes account for 1.12% of all residential properties in Somerset, NJ with 08873 containing 177 pre-foreclosures, the highest number of pre-foreclosure properties in a single zip. There is 1 zips within Somerset, NJ; of that zips, the estimated home value for pre-foreclosure homes ranges from $1,271,000 in 08873 to the lowest home value of $225,500 in 08873.
- Bank OwnedThe median estimated home value of bank owned homes (REO properties) in Somerset, NJ ranges from the highest value of $521,800 in 08873 to the lowest value of $406,300 in 08873. Bank owned homes and properties account for 0.01% of properties in Somerset, NJ. There is 1 zips within Somerset, NJ; 08873 containing 2 REO properties, has the highest number of bank owned properties in a single zip.
- Auctions08873 has 6 auction properties, the highest number of properties going to auction in a single zip in the state of Somerset, NJ. Auction homes and other auction properties account for 0.04% of all properties in Somerset, NJ. There is 1 zips within Somerset, NJ; of that zips, the median estimated home value for homes going to auction ranges from $656,300 in 08873 to the lowest value of $377,600 in 08873.
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More Real Estate Resources for Somerset, NJ
Guide for Somerset, NJ
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