Is Somerville, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Somerville has remained a Seller's 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
$510,000
$264/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Somerville have sold for 13.3% more than they did a year ago.
Summary: The median home sold price in Somerville was $510,000 in May 2024, up 13.3% from last year, and the median price per square foot was $264.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $442.4K | $520K | +17.5% |
| 3 Bedrooms | $442K | $485K | +9.7% |
| 4 Bedrooms | $450K | $580K | +28.9% |
| 5+ Bedrooms | $697.5K | $1.0M | +48.3% |
Summary: Somerville housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 17.5%, 3 bedroom homes increased by 9.7%, 4 bedroom homes increased by 28.9%, and 5+ bedroom homes increased by 48.3%.
Median Sold Price Compared To Nearby Cities
| Raritan | $431K | $500K | +16.0% |
| Somerville | $450K | $510K | +13.3% |
| Bridgewater | $547.9K | $620K | +13.1% |
| Bridgewater Township | $550.7K | $620K | +12.6% |
| Hillsborough | $490K | $528.7K | +7.9% |
Housing Supply in Somerville, NJ
How many homes are available in Somerville, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 38 | 37 | -2.6% |
Summary: The Somerville real estate market had 37 homes for sale in May 2024, a 2.6% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 8 | 8 | 0.0% |
| 3 Bedrooms | 18 | 17 | -5.6% |
| 4 Bedrooms | 8 | 7 | -12.5% |
| 5+ Bedrooms | 4 | 5 | +25.0% |
Summary: The Somerville housing inventory by bedroom type for May 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 5.6%, 4 bedroom homes decreased by 12.5%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 6 | 12 | +100.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Somerville, you could pay more than the asking price. 100% of homes here sold above asking price last month.
Summary: A total of 12 homes were sold or pending in Somerville in May 2024, up by 100.0% month-over-month. Of the 12 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market for Somerville, NJ
How long does it take to sell a home in Somerville, NJ?
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Somerville are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 12 homes were sold in Somerville; 17% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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