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Featured local agent — Somerset, NJ
Sarah Mitchell
Compass Real Estate · Somerset, NJ
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Somerset, NJ Housing Market & Real Estate
Housing market overview · Updated monthly ·
$478,000median sale price
How is the Somerset, NJ housing market right now?
The median home sale price in Somerset, NJ is $478,000, down 5.8% year-over-year. Homes sell in an average of 14 days with 33 active listings. The market is currently a strong seller's market. (Source: Redfin monthly MLS data, as of May 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)
Is Somerset a buyer's or seller's market?
Somerset, NJ is currently a strong seller's market, based on 1.6 months of supply and homes selling in about 14 days. How we determine this →
Homes sold
21
Last 12 weeks
Days on market
14
Fast-moving
Active listings
33
1.6 months supply
Sale-to-list
103.6%
Above asking
What does the Somerset housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $478,000 |
| Median list price | $469,000 |
| Year-over-year price change | -5.8% |
| Average days on market | 14 days |
| Active inventory | 33 listings |
| Months of supply | 1.6 months |
| Sale-to-list price ratio | 103.6% |
| Median price per sq ft | $343/sq ft |
| Homes sold (latest month) | 21 |
| New listings (latest month) | 27 |
| Listings with a price cut | 12.1% |
| Market condition | Strong seller's market |
Source: Redfin · Updated monthly
How much do homes cost in Somerset by property type?
How the Somerset, NJ market breaks down across single-family homes, condos, and townhouses.
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $478,000 | $343/sq ft | 21 | 14 days |
| Condo / Co-op | $259,900 | $274/sq ft | 1 | 191 days |
| Townhouse | $485,000 | — | 1 | 98 days |
Source: Redfin · Updated monthly
The Somerset housing market is currently classified as a strong seller's market with a median sale price of $478,000. Prices have fallen 5.8% compared to last year, with homes spending an average of 14 days on market, indicating 1.6 months of inventory.With limited inventory, homes sell quickly and buyers should be prepared to act decisively and competitively to secure a property.The price-to-income ratio of 5.1x provides context for how home values compare to local earning capacity.
Homes for sale in Somerset
There are currently 33 homes listed for sale in Somerset, New Jersey. The median listing price is $469K.
Active listings
33
Homes on market
Median list price
$469K
Avg. days on market
14
Days until sale
New this week
27
Newly listed
Who lives in Somerset?
Population
23,851
Median income
$113,603/yr
Median age
40.9 years
Owner-occupied
73.1%
College grads
58.6%
Avg commute
34.1 min
Source: U.S. Census Bureau ACS
What are homes worth in Somerset?
Zillow home value
$584,760
Zillow rent index
$2,720/mo
Price-to-rent ratio
17.9x
Price-to-income
5.1x
Source: Zillow Research
What is it like to live in Somerset?
Somerset is a community of approximately 24K residents with a median age of 40.9 years.The median household income is $113,603, which reflects a relatively affluent area with strong earning potential. 58.6% of residents hold a bachelor's degree or higher, indicating a highly educated population.
Homeownership rates are at 73.1%, reflecting strong community stability and long-term resident commitment. The average commute time is 34.1 minutes, which suggests a more suburban or rural location for those willing to commute longer distances.Overall, Somerset offers a balanced lifestyle with accessible home values relative to local income levels.
Which public schools serve Somerset?
10 schools tracked · 7,691 students
The largest public schools serving Somerset, NJ by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
Franklin High School
Grades 9-12 · 2,200 students
Central Jersey College Prep Charter School
Grades K-12 · 1,357 students
Franklin Middle School at Sampson G. Smith Campus
Grades 6-8 · 714 students
Franklin Middle School at Hamilton Street Campus
Grades 6-8 · 667 students
Thomas Edison EnergySmart Charter School
Grades K-12 · 608 students
Elizabeth Avenue School
Grades PK-5 · 561 students
Hillcrest School
Grades PK-5 · 452 students
MacAfee Road School
Grades PK-5 · 420 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Somerset, NJ?
Want a head-to-head view? Compare Somerset side-by-side with any other U.S. city using our market-comparison tool.
Is Somerset a good real estate investment market?
For investors evaluating Somerset, the price-to-rent ratio of 17.9x indicates higher purchase prices relative to rental income, typical of appreciation-focused markets. The market has softened 5.8% year-over-year, potentially creating entry opportunities for strategic buyers.Use our rent vs. buy calculator to analyze whether owning or renting makes more financial sense based on Somerset's current market conditions and your specific situation. Estimate your monthly payment with the mortgage calculator using Somerset's median home price.
Frequently asked questions
What is the average home price in Somerset?
The median home sale price in Somerset is $478,000, down 5.8% from last year.
How long do homes stay on market in Somerset?
Homes typically spend 14 days on market before going under contract.
What is the median income in Somerset?
The median household income is $113,603 per year.
Is Somerset a buyer's or seller's market?
With 1.6 months of supply, Somerset is currently a strong seller's market.
What is the Zillow home value estimate for Somerset?
The Zillow Home Value Index (ZHVI) for Somerset is $584,760, representing the typical home value in the area.
What is the median condo price in Somerset?
The median condo/co-op sale price in Somerset, NJ is $259,900, compared to $478,000 for a single-family home, based on the latest Redfin data.
How much does a single-family home cost in Somerset?
The median single-family home price in Somerset, NJ is $478,000 (about $343 per square foot).
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