What's Happening?
In Somerset County, New Jersey, the median home listing price rose to $676,250 in September, marking a 2.5% increase from the previous month. This figure represents a 3.9% decrease compared to September 2024.
The median home size was 2,033 square feet, with a price of $333 per square foot. Homes in the area were listed for a median of 38 days, which is faster than the national median of 62 days. The county saw 352 new listings in September, a slight increase from the previous year. These statistics, provided by Realtor.com, reflect only single-family homes, condominiums, or townhomes, excluding new constructions and pending sales.
Why It's Important?
The rise in median home prices in Somerset County indicates a robust local real estate market, which could have implications for buyers and sellers in the region. The faster turnover rate compared to the national average suggests strong demand, potentially driven by factors such as location, amenities, and economic conditions. This trend may influence real estate strategies, prompting sellers to capitalize on the market's momentum and buyers to act quickly to secure properties. Additionally, the data provides insights into broader housing market trends in New Jersey and the surrounding metro areas.
