Somerset County, NJ Home Values & Market Trends
The median home price in Somerset County, NJ is $575,307.49. There were 3,794 home sales in Somerset County, NJ over the past 12 months. The median residential Somerset County, NJ home value for transactions over the previous year is $523,804.363. The number of current listings in Somerset County, NJ is 353, and the percentage of properties for sale is 353.00%. The county has 731 foreclosures, 12 bank owned properties, 49 headed for auction, and 353 properties for sale.
Somerset County, NJ Real Estate Market Overview
| City | Median Est. Value | City | Median Est. Value |
|---|---|---|---|
| Somerset | $ 540,750 $ 273/sqft | Watchung | $ 743,100 $ 332/sqft |
| Hillsborough | $ 508,550 $ 311/sqft | Bound Brook | $ 438,100 $ 333/sqft |
| Bridgewater | $ 671,900 $ 301/sqft | Far Hills | $ 962,700 $ 334/sqft |
| Basking Ridge | $ 796,350 $ 350/sqft | South Bound Brook | $ 472,200 $ 225/sqft |
| Warren | $ 974,200 $ 331/sqft | Martinsville | $ 812,200 $ 339/sqft |
| Manville | $ 383,950 $ 319/sqft | Raritan | $ 541,500 $ 345/sqft |
| Somerville | $ 521,200 $ 329/sqft | Flagtown | $ 338,800 $ 499/sqft |
| Franklin Park | $ 377,600 $ 261/sqft | Neshanic Station | $ 595,200 $ 242/sqft |
| Bernardsville | $ 878,900 $ 396/sqft | Gladstone | $ 1,133,000 $ 366/sqft |
| Belle Mead | $ 1,122,000 $ 346/sqft | Kingston | $ -- $ -- |
| Bedminster | $ 497,400 $ 366/sqft | Rocky Hill | $ -- $ -- |
| Skillman | $ 1,014,000 $ 335/sqft |
Housing Market Summary for Somerset County, NJ
| Apr 2023 | March 2024 | Change | |
|---|---|---|---|
| Median Listing Price | $549.9K | $521.9K | -5.09% |
| Median Sold Price | $460.4K | $521.9K | 13.35% |
| Homes For Sale | 367 | 312 | -14.99% |
| Homes Sold | 2,150 | 1,900 | -11.63% |
Price Per Square Foot
On an average, Single Family homes cost $33 more per sqft than Condos. In comparison with sales price/sqft last week, list price/sqft of Single Family homes increased by 1.93% whereas, list price/sqft of Condos increased by 9.38%.
Recently Sold Homes
Explore recent offers and recently sold homes in Somerset County, NJ
Browse Homes in Somerset County, NJ
Somerset County, NJ home values range from $194,100 to $1,576,000. Gladstone is the priciest city with a median listing home price of $1,295,000, and Flagtown is most affordable with average house prices of around $329,000.
- Pre-ForeclosurePre-foreclosure homes account for 0.64% of all residential properties in Somerset County, NJ with Somerset containing 174 pre-foreclosures, the highest number of pre-foreclosure properties in a single city. There are 23 cities within Somerset County, NJ; of those cities, the estimated home value for pre-foreclosure homes ranges from $1,271,000 in Far Hills to the lowest home value of $195,700 in Basking Ridge.
- Bank OwnedThe median estimated home value of bank owned homes (REO properties) in Somerset County, NJ ranges from the highest value of $1,506,000 in Basking Ridge to the lowest value of $263,100 in Bridgewater. Bank owned homes and properties account for 0.01% of properties in Somerset County, NJ. There are 23 cities within Somerset County, NJ; Warren containing 3 REO properties, has the highest number of bank owned properties in a single city.
- AuctionsSomerset has 9 auction properties, the highest number of properties going to auction in a single city in the state of Somerset County, NJ. Auction homes and other auction properties account for 0.05% of all properties in Somerset County, NJ. There are 23 cities within Somerset County, NJ; of those cities, the median estimated home value for homes going to auction ranges from $769,800 in Martinsville to the lowest value of $194,200 in Martinsville.
Compare Nearby Cities
More Real Estate Resources for Somerset County, NJ
Guide for Somerset County, NJ
The Newark real estate market from 2023 to 2024 exhibited a strong upward growth pattern, with slight fluctuations in property values and sale price per square foot.
The Jersey City real estate market continues to show robust growth with prices rising to an average of $595,000 per property and $394 per square foot in February 2024.
Learn how a short sale can stop the foreclosure process.
Learn effective strategies to safeguard your credit score after experiencing a foreclosure.
