Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 10,688 people, 4,540 houses or apartments, and a median cost of homes of $216,428, Somers Point real estate values are some of the lowest in New Jersey, although compared to real estate around the nation, Somers Point homes are still considered rather expensive.
Single-family detached homes are the single most common housing type in Somers Point, accounting for 53.20% of the city's housing units. Other types of housing that are prevalent in Somers Point include large apartment complexes or high rise apartments ( 28.57%), duplexes, homes converted to apartments or other small apartment buildings ( 12.10%), and a few row houses and other attached homes ( 5.42%).
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 49.25% of the city's housing hails from this era. Other housing ages represented in Somers Point include homes built between 1970-1999 ( 36.03%) and housing constructed before 1939 ( 10.40%). There's also some housing in Somers Point built between 2000 and later ( 4.32%).
Vacant housing appears to be an issue in Somers Point. Fully 16.25% of the housing stock is classified as vacant. Left unchecked, vacant Somers Point homes and apartments can be a drag on the real estate market, holding Somers Point real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Homes have actually lost value in Somers Point over the last then years, as home values have seen a decline of 35.38% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Somers Point home appreciation rates at -5.44%, which equates to an annual appreciation rate of -20.04%.
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 -4.03%, 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 -5.44%, which equates to an annual appreciation rate of -20.04%.
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 lower than 90% of the other cities and towns in New Jersey.
|$690,001 - $920,000||0.6|
|$460,001 - $690,000||1.7|
|$368,001 - $460,000||1.5|
|$276,001 - $368,000||12.9|
|$184,001 - $276,000||47.5|
|$92,001 - $184,000||29.5|
|$46,001 - $92,000||3.8|
|$0 - $46,000||2.6|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Somers Point HOMES|
|2000 or Newer||4.3|
|1970 - 1999||36.0|
|1940 - 1969||49.3|
|1939 or Older||10.4|
|TYPE OF Somers Point HOMES|
|Small Apt. Buildings||12.1|
|SIZE OF Somers Point HOMES|
|5 or more bedrooms||2.82|