Somerset County, NJ Real Estate Market Update – April 2024
I’m Jennifer Blanchard, your go to REALTOR® for Somerset County Real Estate. With Berkshire Hathaway HomeServices Fox & Roach. Here’s your April 2024 market update for Somerset County, New Jersey.
Current Market Snapshot
Low Inventory:
Somerset County is experiencing a low 1.39 Months Supply of Inventory. This limited availability means increased competition among buyers.
Tightening Market:
Over the past year, the Months Supply of Inventory has decreased by 7.33%, indicating a tightening market. This is crucial information for both buyers and sellers.
Strong List to Sold Price Percentage:
The List to Sold Price percentage stands at a robust 105%. Sellers are often receiving offers above asking price, maximizing their investment.
Quick Sales:
The median days on market is just 16 days, highlighting the fast-paced nature of the Somerset County market. Buyers need to be ready to act quickly when they find a property they love.
Solid Home Prices:
The median sold price in Somerset County is $580,000, giving a clear picture of the current price range in the area. This is valuable information for both buyers and sellers.
Conclusion
The real estate market in Somerset County is competitive and fast-moving. Buyers should be prepared to act quickly and make strong offers, while sellers can take advantage of the high List to Sold Price percentage.
Ready to take advantage of the current market conditions? Contact us today to get started on your real estate journey. Whether you’re selling or buying, We are here to provide expert guidance and support.
Thanks for reading, and stay tuned for more market updates. Subscribe to our YouTube Channel for the latest news and tips on the Somerset County real estate market. Happy house hunting!
