Somerville, NJ Home Values & Market Trends
Real estate market trends reflect that there have been 110 transactions over the past year in Somerville. The median value for residential home transactions that occurred over the previous year is $482,107.2. The number of current listings in Somerville is 15, and the percentage of properties for sale in the city is 15.00%. Somerville, NJ currently has 26 properties in foreclosure, 0 bank owned properties, 5 properties headed for auction, and 15 properties for sale.
Somerville, NJ Real Estate Market Overview
| Zip | Median Est. Value |
|---|---|
| 08876 | $ 525,100 $ 318/sqft |
Housing Market Summary for Somerville, NJ
| Apr 2023 | March 2024 | Change | |
|---|---|---|---|
| Median Listing Price | $469.5K | $450.9K | -3.96% |
| Median Sold Price | $403.2K | $450.9K | 11.83% |
| Homes For Sale | 14 | 12 | -14.29% |
| Homes Sold | 72 | 57 | -20.83% |
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 Somerville, NJ
Browse Homes in Somerville, NJ
Somerville home values range from $213,800 to $1,575,000. The median estimated value of a home in Somerville is $482,107.2. The median list price of a home is 479,000, and the total count of properties in the city is 3,076.
- Pre-ForeclosurePre-foreclosure homes account for 0.68% of all residential properties in Somerville, NJ with 08876 containing 40 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 $1,091,000 in 08876 to the lowest home value of $217,000 in 08876.
- Bank OwnedThe 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.
- Auctions08876 has 6 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 0.16% 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 $1,052,000 in 08876 to the lowest value of $388,500 in 08876.
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Guide for Somerville, 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.