Somers Point, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Somers Point Neighborhoods Since 2000




Somers Point, NJ Real Estate Data


Somers Point Housing Market Information

With 10,688 people, 4,601 houses or apartments, and a median cost of homes of $212,892, 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 54.09% of the city's housing units. Other types of housing that are prevalent in Somers Point include large apartment complexes or high rise apartments ( 27.68%), duplexes, homes converted to apartments or other small apartment buildings ( 12.08%), and a few row houses and other attached homes ( 5.60%).

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 49.21% of the city's housing hails from this era. Other housing ages represented in Somers Point include homes built between 1970-1999 ( 36.54%) and housing constructed before 1939 ( 10.41%). There's also some housing in Somers Point built between 2000 and later ( 3.85%).

Vacant housing appears to be an issue in Somers Point. Fully 16.15% 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.

Somers Point Home Appreciation Rates

Homes have actually lost value in Somers Point over the last then years, as home values have seen a decline of 30.23% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Somers Point home appreciation rates at -2.59%, which equates to an annual appreciation rate of -9.97%.

NeighborhoodScout's data show that during the latest twelve months, Somers Point's appreciation rate, at 5.26%, has been at or slightly above the national average. In the latest quarter, Somers Point's appreciation rate has been -2.59%, which annualizes to a rate of -9.97%.

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 90% of the other cities and towns in New Jersey.

Average Home Values

 

Median Home Value:
$212,892

Somers Point, NJ HOME PRICES

Value Range
> $958,000 0.0
$718,001 - $958,000 0.3
$479,001 - $718,000 1.5
$383,001 - $479,000 2.2
$287,001 - $383,000 11.2
$192,001 - $287,000 49.1
$95,001 - $192,000 28.6
$48,001 - $95,000 4.0
$0 - $48,000 3.2

Very Low for NJ
High for Nation

Value Relative to Nation Value Relative to State
30.1048193476606 85.7723577235772

Number Of Homes And Apartments:
4,601

Rent & Ownership

 

Average Market Rent:
$1,292 / per month

Homeownership Rate

Homeownership
Owners 55.49
Renters 44.51
Vacant 16.15

Housing Market Details

 

Age of Homes

AGE OF Somers Point HOMES
2000 or Newer 3.8
1970 - 1999 36.5
1940 - 1969 49.2
1939 or Older 10.4

Types of Homes

TYPE OF Somers Point HOMES
Single-Family 54.1
Townhomes 5.6
Small Apt. Buildings 12.1
Apt. Complexes 27.7
Mobile Homes 0.5
Other 0.0

Home Size

SIZE OF Somers Point HOMES
No Bedroom 1.18
1 Bedroom 15.86
2 Bedrooms 39.64
3 Bedrooms 32.19
4 Bedrooms 8.77
5 or more bedrooms 2.37

Somers Point Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
46.11% 2.26% 3 5
* 10 is highest