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Somerset County – December 2024
Somerset County, NJ, is a fantastic place to call home, offering a perfect blend of suburban tranquility and urban convenience. Somerset is a great place to live, offering excellent schools, beautiful parks, and a vibrant community. Its rich history, cultural attractions, and proximity to New York and Philadelphia make it a popular choice for homebuyers. Staying updated on real estate market trends is essential for residents and prospective buyers to make informed decisions, whether buying, selling, or investing. Understanding these trends helps you navigate the market, seize opportunities, and align your real estate choices with your goals.
Price Trends
- Average Sales Price: The average sales price in December 2024 was $724,745, which is a 2.71% increase from $705,608 in December 2023. This indicates that property values have been rising over the past year.
- Median Sales Price: The median sales price in December 2024 was $608,500, up 13.74% from $535,000 in December 2023. The median price is often considered a more accurate reflection of the market because it is less affected by extreme values.
- Sales Price per Square Foot: The average sales price per square foot increased to $328 in December 2024, up from $300 in December 2023. This metric helps normalize property values across different property sizes and types, showing a clear upward trend in property values.
Market Activity
- New Listings: There were 132 new listings in December 2024, a slight increase from 123 in December 2023. However, this is a significant drop from 211 new listings in November 2024, indicating a seasonal slowdown.
- Number of Properties Sold: The number of properties sold in December 2024 was 276, which is a 27.78% increase from 216 in December 2023. This suggests a more active market with higher buyer demand compared to the previous year.
Inventory Levels
- Number of Properties for Sale: There were 292 properties for sale in December 2024, up 28.63% from 227 in December 2023. This increase in inventory provides more options for buyers, although the overall supply remains relatively low.
- Month’s Supply of Inventory (MSI): The MSI was 1.06 months in December 2024, slightly higher than 1.05 months in December 2023. MSI measures how long it would take to sell all current listings at the current sales pace. A lower MSI indicates a seller’s market, while a higher MSI indicates a buyer’s market. The current MSI suggests a strong seller’s market.
Sales Price to List Price Ratio
- Ratio: The sales price to list price ratio was 102.21% in December 2024, down from 103.4% in December 2023. This ratio indicates that, on average, homes are selling for slightly more than their list prices, although the premium buyers are willing to pay has decreased slightly compared to the previous year.
Conclusion
The Somerset County real estate market in December 2024 shows robust growth in property values and increased market activity compared to December 2023. The rise in average and median sales prices, along with the higher sales price per square foot, indicates a strong seller’s market. Despite the increase in inventory, the low monthly supply of inventory and high sales price-to-list price ratio suggest that demand remains high, and sellers are in a favorable position.
