Somerset Housing Market Report January 2025•Somerset County, New Jersey

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Housing Prices in Somerset, NJ

How much do homes in Somerset, NJ cost?

Housing Market Conditions

Is Somerset, NJ a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

Somerset is a Neutral Market

Difference Since January 2024

At the same time last year, Somerset was a Seller's Market.

Insight

Somerset is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$518,800$308/SqFt
+$47,362
+10.0%

Based on all homes sold in the last 12 months

Insight

Homes in Somerset have sold for 10% more than they did a year ago.

Summary: The median home sold price in Somerset was $518,800 in January 2025, up 10% from last year, and the median price per square foot was $308.

Median Sold Price By Cities

Median Sold Price By Cities
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
South Bound Brook
+21.7%
Somerset
+10.0%
Franklin Township
+6.6%
Franklin Park
-1.6%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsJan 2024Jan 2025Change YoY
1$182K$230K
+26.4%
2$419.7K$455K
+8.4%
3$480K$575K
+19.8%
4$587.5K$627.5K
+6.8%
5$705K$652.5K
-7.4%

Summary: Somerset housing price by bedroom type for January 2025, compared to the previous year. The home price for 1 bedroom homes increased by +26.4%. The home price for 2 bedroom homes increased by +8.4%. The home price for 3 bedroom homes increased by +19.8%. The home price for 4 bedroom homes increased by +6.8%. The home price for 5 bedroom homes decreased by -7.4%.

Housing supply in Somerset, NJ

How many homes are available in Somerset, NJ?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
120Last MonthJan 2025
1212 months agoDec 2024
-0.8 %
Change MoMDec – Jan

Summary: The Somerset real estate market had 120 homes for sale in Jan 2025, a 0.8 % decrease compared to Dec 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
20Last MonthJan 2025
462 months agoDec 2024
-56.5 %
Change MoMDec – Jan

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsDec 2024Jan 2025Change MoM
111
0.0%
42728
+3.7%
25151
0.0%
33429
-14.7%
5811
+37.5%

Summary: Somerset housing inventory by bedroom type for January 2025, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 4 bedroom homes increased by +3.7%. The inventory for 2 bedroom homes remained the same. The inventory for 3 bedroom homes decreased by -14.7%. The inventory for 5 bedroom homes increased by +37.5%.

Asking Price vs. Sold Price

How much do homes in Somerset, NJ cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price14 Homes

At Asking Price2 Homes

Under Asking Price4 Homes

Insight

If you're buying a home in Somerset, you could pay more than the asking price. 70% of homes here sold above asking price last month.

Summary: A total of 20 homes were sold or pending in Somerset in January 2025, down by 56.5% month-over-month. Of the 20 sold homes, 20% were sold under asking, 10% were sold at asking, and and 70% were sold over asking.

Days on Market for Somerset, NJ

How long does it take to sell a home in Somerset, NJ?

Breakdown of Home Sale Times

Under 30 Days4 Homes

30 – 90 Days1 Home

Over 90 Days2 Homes

Insight

Many homes in Somerset are selling fast, if you're buying plan to act quickly.

Summary: During January 2025, 20 homes were sold in Somerset; 20% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
42 DaysThis YearJan 2025
46 Days1 year agoJan 2024
-8.7 %
Change YoYJan 2024 – Jan 2025

Summary: Homes in Somerset had an average listing age of 42 days in Jan 2025, down by 8.7% compared to the previous year.

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Newest Listings in Somerset, NJ

What homes are available in Somerset, NJ?

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Nearby markets

Popular Cities with Homes for Sale in New Jersey

MLS Disclaimers and Copyright

Based on information from Garden State MLS, ALL JERSEY MLS, BrightMLS, New Jersey MLS, and Monmouth Ocean Regional MLS for the period 02/01/2023 - 02/01/2025

Information deemed reliable but not guaranteed. Copyright © 2025 Garden State Multiple Listing Service, L.L.C. All rights reserved.

Disclaimer: The data relating to real estate for sale on this website comes in part from the IDX Program of Garden State Multiple Listing Service, L.L.C. Real estate listings held by other brokerage firms are marked as an IDX Listing. Information deemed reliable but not guaranteed.

Notice: The dissemination of listings displayed herein does not constitute the consent required by N.J.A.C. 11:5.6.1 (n) for the advertisement of listings exclusively for sale by another broker. Any such consent must be obtained in writing from the listing broker.

The information on this web site is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. We are not responsible or liable for misinformation, misprints, or typographical errors. All information provided is deemed reliable but is not guaranteed and should be independently verified through personal inspection by and/or with the appropriate professionals. Properties subject to prior sale, change, withdrawal or rental.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 3/1/2025, 9:20:47 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDX The data relating to real estate for sale on this web-site comes in part from the Internet Listing Display database of the CENTRAL JERSEY MULTIPLE LISTING SYSTEM. Real estate listings held by brokerage firms other than this site-owner are marked with the ILD logo. The CENTRAL JERSEY MULTIPLE LISTING SYSTEM does not warrant the accuracy, quality, reliability, suitability, completeness, usefulness or effectiveness of any information provided. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify properties the consumer may be interested in purchasing or renting. Copyright 2025, CENTRAL JERSEY MULTIPLE LISTING SYSTEM. All Rights Reserved. The CENTRAL JERSEY MULTIPLE LISTING SYSTEM retains all rights, title and interest in and to its trademarks, service marks and copyrighted material.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 3/1/2025, 9:20:49 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDX Information Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement.

The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have sold or are no longer being offered for sale. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. This home sale information is not to be construed as an appraisal and may not be used as such for any purpose.

BRIGHT MLS is the (or a) provider of this home sale information and has compiled content from various sources. Some properties represented may not have actually sold due to reporting errors. ©2025 BrightMLS. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 3/1/2025, 9:20:55 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDXDisclaimer: The data relating to the real estate for sale on this web site comes in part from the Internet Data Exchange Program of the NJMLS. Real estate listings held by brokerage firms other than Rocket Homes Real Estate, LLC are marked with the Internet Data Exchange logo and information about them includes the name of the listing brokers. Information provided is for consumer’s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Some properties listed with the participating brokers do not appear on this website at the request of the seller. Listings of brokers that do not participate in Internet Data Exchange do not appear on this website.

All information deemed reliable but not guaranteed. Source: New Jersey Multiple Listing Service, Inc. Copyright© 2025 New Jersey Multiple Listing Service, Inc. All rights reserved.

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Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 3/1/2025, 9:20:56 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDX The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Monmouth/Ocean MLS Monmouth County Association Board of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by other brokerage firms are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed. Copyright © 2025 Monmouth/Ocean MLS Monmouth County Association Board of Realtors. All Rights Reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 3/1/2025, 9:20:56 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.