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Last month, the median home sale price in Somerset County reached $600,000, reflecting an 8.0% increase compared to the previous year. Additionally, the median sale price per square foot rose to $337, marking a 5.8% year-over-year increase.
Median Sale Price
Median Sale Price per Sq. Ft.
Total Homes Sold
Median Days on Market
In November 2024, home prices in Somerset County experienced an 8.0% year-over-year increase, with the median sale price reaching $600,000. Homes sold notably faster this year, spending an average of 21 days on the market compared to 23 days last year, indicating a slightly more competitive market. Additionally, the number of homes sold rose to 264, up from 250 in November 2023, reflecting a 5.6% increase in sales volume. This combination of rising prices, quicker sales, and increased transaction volume suggests strong demand and a robust housing market in Somerset County.
Somerset County is one of the most competitive housing markets. Homes typically sell within 20.5 days, with many receiving multiple offers, often accompanied by waived contingencies. On average, properties sell for approximately 4% above their listing price and go under contract within about 21 days. Particularly desirable "hot" homes can sell for as much as 9% above the listing price and go pending in as little as 13 days, highlighting the strong demand and fierce competition in the area.
As of December 2024, Somerset County, NJ, is a strong seller's market, meaning the demand for homes exceeds the available supply. This imbalance creates favorable conditions for sellers, as buyers face increased competition to secure a property.
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!
Discover everything Somerset County, NJ, has to offer with our comprehensive neighborhood guide. From top-rated schools to vibrant communities and local hotspots, our guide has all the insights you need to find your perfect place to call home. Start exploring now and uncover the charm of Somerset County!
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