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The Somerset housing market is highly competitive, with homes typically receiving around nine offers and selling in about 17 days. Last month, the median sale price was $525K, reflecting a 4.5% decrease from the previous year, while the median price per square foot rose 1.2% to $340.
Median Sale Price
Median Sale Price per Sq. Ft.
Total Homes Sold
Median Days on Market
In May 2025, Somerset’s housing market experienced a slight price adjustment, with the median home price falling 4.5% year-over-year to $525K. Despite this dip, market activity remains strong, as homes are selling faster than last year—averaging just 17 days on the market compared to 19 days in May 2024. Sales volume also increased slightly, with 22 homes sold this May versus 21 last year, indicating that buyer demand remains steady even with the pricing shift. The combination of quicker sales and stable transaction numbers suggests that well-priced homes continue to attract strong interest, keeping Somerset a competitive market despite the modest drop in overall median pricing.
Somerset remains a very competitive market, with homes typically going pending in about 20 days. Many properties attract multiple offers, and some buyers are waiving contingencies to strengthen their bids. On average, homes sell for roughly 6% above list price, highlighting strong demand and limited inventory. Highly desirable homes—especially those in prime locations or updated condition—can sell for up to 9% above asking and go under contract in as little as 14 days, making it crucial for buyers to act quickly and strategically.
As of June 2025, Somerset, NJ is considered a buyer’s market, meaning the number of homes available for sale exceeds current buyer demand. This shift gives buyers more negotiating power, with increased opportunities for price reductions, seller concessions, and flexible terms. Homes may spend more time on the market as sellers compete for a smaller pool of buyers, allowing purchasers to take more time evaluating options. For sellers, this means pricing competitively and ensuring properties are well-presented is essential to stand out in a more supply-heavy environment.
Whether you have questions about the market or are ready to find your perfect property in Somerset County, NJ, Jeff Smith is here to help. With unparalleled local expertise and a commitment to personalized service, Jeff will guide you every step of the way. Don’t wait—reach out now to get started on making your homeownership dreams a reality!
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