Somerset, NJ Housing Market
The Somerset housing market is very competitive. Homes in Somerset receive 4 offers on average and sell in around 28 days. The median sale price of a home in Somerset was $495K last month, up 11.2% since last year. The median sale price per square foot in Somerset is $312, up 18.4% since last year.
Somerset Housing Market Trends
In April 2024, Somerset home prices were up 11.2% compared to last year, selling for a median price of $495K. On average, homes in Somerset sell after 28 days on the market compared to 26 days last year. There were 23 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 5% above list price and go pending in around 24 days.
- Hot homescan sell for about 8% above list price and go pending in around 14 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 1% above list price and go pending in around 84 days.
- Hot homescan sell for about 8% above list price and go pending in around 43 days.
Somerset Migration & Relocation Trends
- Across the nation, 3% of homebuyers searched to move into Somerset from outside metros.
- Peoria homebuyers searched to move into Somerset more than any other metro followed by Walla Walla and Lincoln.
- 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 Washington.
Inbound | Net inflow | ||
---|---|---|---|
Metros | Feb '24 - Apr '24 | ||
1 | 5 | ||
2 | 5 | ||
3 | 3 | ||
4 | 1 | ||
5 | 1 | ||
6 | 1 | ||
7 | 0 | ||
8 | 0 | ||
9 | 0 | ||
10 | 0 |
Outbound | Net outflow | ||
---|---|---|---|
Metros | Feb '24 - Apr '24 | ||
1 | 6,427 | ||
2 | 4,068 | ||
3 | 3,393 | ||
4 | 3,037 | ||
5 | 2,791 | ||
6 | 2,083 | ||
7 | 1,825 | ||
8 | 1,664 | ||
9 | 1,615 | ||
10 | 1,436 |
Home offer insights for Somerset
Recent offers
- Offer Not Accepted|9 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|8 Weeks Ago~$425K OfferSold for $475K3 bd | 2.5 ba | ~1,500 sqftOver List Price0%Days on Market37Competing Offers5Down Payment<10%
- Offer Not Accepted|9 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
- $652,500 Last Sold Price5 beds3 baths—sq ft8 Larsen Rd, Franklin Twp., NJ 08873-2205List Price$649,000Sale to List1% over listDays on Market50 days8 Larsen Rd, Franklin Twp., NJ 08873-2205
- $489,000 Last Sold Price2 beds2 baths—sq ft3207 Jockey Hollow Trl, Franklin Twp., NJ 08873List Price$489,000Sale to List0% over listDays on Market55 days3207 Jockey Hollow Trl, Franklin Twp., NJ 08873
- $660,000 Last Sold Price4 beds2.5 baths—sq ft400 Hillcrest Ave, Franklin Twp., NJ 08873-3079List Price$618,000Sale to List7% over listDays on Market39 days400 Hillcrest Ave, Franklin Twp., NJ 08873-3079
- $470,000 Last Sold Price2 beds2 baths—sq ft4101 Chesterwood Way, Franklin Twp., NJ 08873-5903List Price$465,000Sale to List1% over listDays on Market61 days4101 Chesterwood Way, Franklin Twp., NJ 08873-5903
- $1,150,000 Last Sold Price4 beds3.5 baths—sq ft18 Maher Rd, Franklin Twp., NJ 08873-7154List Price$1,200,000Sale to List4% under listDays on Market69 days18 Maher Rd, Franklin Twp., NJ 08873-7154
- $425,000 Last Sold Price2 beds2 baths—sq ft7110 Minuteman Ln, Franklin Twp., NJ 08873List Price$434,900Sale to List2% under listDays on Market68 days7110 Minuteman Ln, Franklin Twp., NJ 08873
- $427,000 Last Sold Price4 beds1.5 baths1,748 sq ft18 Fordham Rd, Somerset, NJ 08873(609) 890-6858List Price$390,000Sale to List9% over listDays on Market56 days18 Fordham Rd, Somerset, NJ 08873
- $410,000 Last Sold Price2 beds2.5 baths—sq ft441 Aldeburgh Ave, Franklin Twp., NJ 08873-4843List Price$370,000Sale to List11% over listDays on Market41 days441 Aldeburgh Ave, Franklin Twp., NJ 08873-4843
See all recently sold homes in Somerset.
See listings
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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