Somerville, NJ Home Values & Market Trends

Real estate market trends reflect that there have been 118 transactions over the past year in Somerville. The median value for residential home transactions that occurred over the previous year is $470,444.36. The number of current listings in Somerville is 13, and the percentage of properties for sale in the city is 13.00%. Somerville, NJ currently has 30 properties in foreclosure, 0 bank owned properties, 5 properties headed for auction, and 13 properties for sale.

Somerville, NJ Real Estate Market Overview

ZipMedian Est. Value
08876

$ 547,550

$ 321/sqft

Housing Market Summary for Somerville, NJ

Mar 2023February 2024Change
Median Listing Price$485.5K$433.6K-10.69%
Median Sold Price$405.1K$433.6K7.04%
Homes For Sale109-10.00%
Homes Sold6558-10.77%
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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%.

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Browse Homes in Somerville, NJ

Somerville home values range from $195,500 to $1,557,000. The median estimated value of a home in Somerville is $470,444.36. The median list price of a home is 532,500, and the total count of properties in the city is 2,987.

Foreclosure
There is 1 zips within Somerville, NJ; within this zips, the median estimated home value for homes in foreclosure ranges from $1,118,000 in 08876 to the lowest value of $199,500 in 08876. Foreclosure homes account for 1.00% of properties in Somerville, NJ with 08876 containing 50 foreclosures, the highest number of foreclosure properties in a single zip.
  • Pre-Foreclosure
    Pre-foreclosure homes account for 0.84% of all residential properties in Somerville, NJ with 08876 containing 45 pre-foreclosures, the highest number of pre-foreclosure properties in a single zip. There is 1 zips within Somerville, NJ; of that zips, the estimated home value for pre-foreclosure homes ranges from $1,046,000 in 08876 to the lowest home value of $199,500 in 08876.
  • Bank Owned
    The median estimated home value of bank owned homes (REO properties) in Somerville, NJ ranges from the highest value of $0 in N/A to the lowest value of $0 in N/A. Bank owned homes and properties account for 0% of properties in Somerville, NJ. There is 1 zips within Somerville, NJ; N/A containing 0 REO properties, has the highest number of bank owned properties in a single zip.
  • Auctions
    08876 has 5 auction properties, the highest number of properties going to auction in a single zip in the state of Somerville, NJ. Auction homes and other auction properties account for 0.17% of all properties in Somerville, NJ. There is 1 zips within Somerville, NJ; of that zips, the median estimated home value for homes going to auction ranges from $1,118,000 in 08876 to the lowest value of $390,600 in 08876.
Homes for Sale
Homes and properties that are actively listed for sale account for 0.44% of residential properties in Somerville, NJ with 08876 containing 19 homes for sale, the highest number of listed properties in a single zip. There is 1 zips within Somerville, NJ; homes for sale in that zips, have a range of median values from $1,084,000 in 08876 to the lowest value of $272,000 in 08876.
    Sold Homes
    The median value for recently sold homes ranges from $1,346,000 in 08876 to the lowest price of $211,800 in 08876. There is 1 zips within Somerville, NJ. 08876 has 115 recently sold homes, the highest number of recently sold properties in a single zip. Recently sold homes and properties account for 1.94% of properties in Somerville, NJ.

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      Guide for Somerville, NJ

      Market Reports
      Jersey City Real Estate Thrives with Robust Demand and Strong Growth in February 2024
      Home Buying Financing
      How To Get House Mortgage With Low Credit Score
      Wholesale
      Legal Pitfalls to Avoid When Dealing with Pre-Foreclosure Sellers
      Home Buying Guides & Tips
      How Do You Buy a House if You’re Broke?
      See More Articles
      Jersey City Real Estate Thrives with Robust Demand and Strong Growth in February 2024
      Market Reports|posted 18 March 2024

      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.

      How To Get House Mortgage With Low Credit Score
      Home Buying Financing|posted 22 March 2024

      Learn how to secure a house mortgage even with a low credit score.

      Legal Pitfalls to Avoid When Dealing with Pre-Foreclosure Sellers
      Wholesale|posted 20 March 2024

      Explore the legal pitfalls to avoid when dealing with pre-foreclosure sellers. Learn how to navigate the complex process safely and protect yourself from costly mistakes and legal complications.

      How Do You Buy a House if You’re Broke?
      Home Buying Guides & Tips|posted 20 March 2024

      What can you do when you want to buy a house when you’re strapped for cash?

      Recently Listed Homes Somerville, NJ

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