Somerset, NJ Housing Market
The Somerset housing market is very competitive. Homes in Somerset receive 5 offers on average and sell in around 31 days. The median sale price of a home in Somerset was $488K last month, up 9.6% since last year. The median sale price per square foot in Somerset is $301, up 13.4% since last year.
Somerset Housing Market Trends
In April 2024, Somerset home prices were up 9.6% compared to last year, selling for a median price of $488K. On average, homes in Somerset sell after 31 days on the market compared to 26 days last year. There were 22 homes sold in April this year, up from 14 last year.
How much is your home worth? Track your home’s value and compare it to nearby sales.
How hot is the Somerset housing market?
The Redfin Compete Score rates how competitive an area is on a scale of 0 to 100, where 100 is the most competitive.
Calculated over the last 3 months
- Many homes get multiple offers, some with waived contingencies.
- The average homes sell for about 6% above list price and go pending in around 21 days.
- Hot homescan sell for about 12% above list price and go pending in around 13 days.
The Redfin Compete Score rates how competitive an area is on a scale of 0 to 100, where 100 is the most competitive.
Calculated over the last 3 months
- Some homes get multiple offers.
- The average homes sell for about 2% above list price and go pending in around 84 days.
- Hot homescan sell for about 8% above list price and go pending in around 51 days.
Somerset Migration & Relocation Trends
- Across the nation, 3% of homebuyers searched to move into Somerset from outside metros.
- Walla Walla homebuyers searched to move into Somerset more than any other metro followed by Peoria and Mountain Home.
- 69% of Somerset homebuyers searched to stay within the Somerset metropolitan area.
- Miami was the most popular destination among Somerset homebuyers followed by Philadelphia and Boston.
Inbound | Net inflow | ||
---|---|---|---|
Metros | Mar '24 - May '24 | ||
1 | 5 | ||
2 | 4 | ||
3 | 1 | ||
4 | 1 | ||
5 | 0 | ||
6 | 0 | ||
7 | 0 | ||
8 | 0 | ||
9 | 0 | ||
10 | 0 |
Outbound | Net outflow | ||
---|---|---|---|
Metros | Mar '24 - May '24 | ||
1 | 6,233 | ||
2 | 4,114 | ||
3 | 3,455 | ||
4 | 3,424 | ||
5 | 2,767 | ||
6 | 2,018 | ||
7 | 1,836 | ||
8 | 1,791 | ||
9 | 1,510 | ||
10 | 1,508 |
Home offer insights for Somerset
Recent offers
- Offer Not Accepted|11 Weeks Ago~$500K OfferSold for $550K3 bd | 2.5 ba | ~1,750 sqftOver List Price9%Days on Market29Competing Offers>25Down Payment~20%
- Offer Not Accepted|9 Weeks Ago~$650K OfferSold for $700K4 bd | 2.5 ba | — sqftOver List Price1%Days on Market16Competing Offers10Down Payment~20%
- Offer Not Accepted|10 Weeks Ago~$425K OfferSold for $475K3 bd | 2.5 ba | ~1,500 sqftOver List Price0%Days on Market37Competing Offers5Down Payment<10%
- Offer Not Accepted|11 Weeks Ago~$475K OfferSold for $550K3 bd | 2.5 ba | ~1,750 sqftOver List Price2%Days on Market29Competing Offers3Down Payment~20%
View houses in Somerset that sold recently
Recently sold homes
- $606,000 Last Sold Price3 beds2 baths—sq ft149 Emerson Rd, Franklin Twp., NJ 08873-1616List Price$550,000Sale to List10% over listDays on Market65 days149 Emerson Rd, Franklin Twp., NJ 08873-1616
- $495,000 Last Sold Price4 beds2.5 baths—sq ft544 Madison Ave, Franklin Twp., NJ 08873-7013List Price$525,000Sale to List6% under listDays on Market66 days544 Madison Ave, Franklin Twp., NJ 08873-7013
- $685,000 Last Sold Price4 beds2.5 baths1,980 sq ft20 Concord Dr, Franklin, NJ 08873List Price$640,000Sale to List7% over listDays on Market49 days20 Concord Dr, Franklin, NJ 08873
- $905,000 Last Sold Price4 beds2.5 baths—sq ft13 Boudinot Ln, Franklin Twp., NJ 08873-7461List Price$799,999Sale to List13% over listDays on Market53 days13 Boudinot Ln, Franklin Twp., NJ 08873-7461
- $465,000 Last Sold Price2 beds2.5 baths—sq ft139 Coburn Ln, Franklin Twp., NJ 08873-4769List Price$415,000Sale to List12% over listDays on Market45 days139 Coburn Ln, Franklin Twp., NJ 08873-4769
- $485,000 Last Sold Price2 beds2.5 baths—sq ft21 Kingsberry Dr #21, Franklin Twp., NJ 08873List Price$465,000Sale to List4% over listDays on Market99 days21 Kingsberry Dr #21, Franklin Twp., NJ 08873
- $675,000 Last Sold Price4 beds2.5 baths—sq ft81 Wilson Rd, Franklin Twp., NJ 08873List Price$649,900Sale to List4% over listDays on Market60 days81 Wilson Rd, Franklin Twp., NJ 08873
- $710,000 Last Sold Price4 beds2.5 baths—sq ft508 New Brunswick Rd, Franklin Twp., NJ 08873-1658List Price$650,000Sale to List9% over listDays on Market63 days508 New Brunswick Rd, Franklin Twp., NJ 08873-1658
See all recently sold homes in Somerset.
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Schools in Somerset
- Elementary
- Middle
- High
GreatSchools Rating
7/10 Martin Luther King Elementary School Public • 4-5 | 473 Students | 9 reviews |
6/10 MacAfee Elementary School Public • PreK-5 | 360 Students | 7 reviews |
4/10 Conerly Road Elementary School Public • PreK-5 | 353 Students | 9 reviews |
4/10 Pine Grove Manor Elementary School Public • PreK-5 | 361 Students | 1 reviews |
3/10 Hillcrest Elementary School Public • PreK-5 | 444 Students | 2 reviews |
Climate's impact on Somerset housing
Learn about natural hazards and environmental risks, such as floods, fires, wind, and heat that could impact homes in Somerset.
Flood Factor - Moderate
Flood Factor
Fire Factor - Moderate
Fire Factor
Wind Factor - Major
Wind Factor
Wind likelihood over time
Heat Factor - Severe
Heat Factor
Transportation in Somerset
Walk Score®
Bike Score®
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