Somers Point appreciation rates and housing market information

Somers Point housing market information

With 11,614 people, 5,402 houses or apartments, and a median cost of homes of $291,658, Somers Point real estate prices are well above average cost compared to national prices.

single-family detached homes are the single most common housing type in Somers Point, accounting for 56.57% of the city's housing units. Other types of housing that are prevalent in Somers Point include large apartment complexes or high rise apartments (30.49%), duplexes, homes converted to apartments, or other small apartment buildings (9.05%), and a few row houses and other attached homes (3.79%).

People in Somers Point primarily live in small (one, two, or no bedroom) single-family detached homes. Somers Point has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Somers Point's housing was primarily built during this period, from the '40s through the '60s. A full 49.41% of the city's housing hails from this era. Other housing ages represented in Somers Point include homes built between 1970-1994 (38.67%), and housing constructed from 1939 and earlier (10.70%). There's also some housing in Somers Point built between 1995 and later (1.22%).

Somers Point home appreciation rates

In the last 10 years, Somers Point has experienced some of the highest home appreciation rates of any community in the nation. Somers Point real estate appreciated 114.24% over the last ten years, which is an average annual home appreciation rate of 11.42%, putting Somers Point in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Somers Point definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Somers Point appreciation rates have trailed the rest of the nation. In the last twelve months, Somers Point's appreciation rate has been -6.38%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Somers Point were at -0.74%, which equates to an annual appreciation rate of -2.96%.

Notably, Somers Point's appreciation rate in the latest quarter is one of the lowest in America.

Relative to New Jersey, our data show that Somers Point's latest annual appreciation rate is higher than 37% of the other cities and towns in New Jersey.