Somerset, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Somerset Neighborhoods Since 2000




Somerset, NJ Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Somerset Housing Market Information

With 23,373 people, 8,690 houses or apartments, and a median cost of homes of $327,215, real estate costs in Somerset are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive New Jersey communities.

Single-family detached homes are the single most common housing type in Somerset, accounting for 49.17% of the town's housing units. Other types of housing that are prevalent in Somerset include row houses and other attached homes ( 27.49%), large apartment complexes or high rise apartments ( 19.47%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.75%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Somerset. Owner-occupied housing accounts for 72.06% of Somerset's homes, and 53.56% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Somerset built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Somerset built between 1940-1969 ( 32.98%). A lesser amount of the housing stock also hails from between 2000 and later ( 6.13%). There's also some housing in Somerset built before 1939 ( 1.78%).

Somerset Home Appreciation Rates

Somerset's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Somerset during the period has been just -1.78%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Somerset's appreciation rate, at 5.30%, has been at or slightly above the national average. In the latest quarter, Somerset's appreciation rate has been 0.66%, which annualizes to a rate of 2.68%.

Relative to New Jersey, our data show that Somerset's latest annual appreciation rate is higher than 80% of the other cities and towns in New Jersey.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Somerset differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Somerset - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Somerset real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$327,215

Somerset, NJ HOME PRICES

Value Range
> $1,091,000 0.3
$818,001 - $1,091,000 0.3
$545,001 - $818,000 4.8
$436,001 - $545,000 13.0
$327,001 - $436,000 35.0
$218,001 - $327,000 39.0
$109,001 - $218,000 5.8
$55,001 - $109,000 0.3
$0 - $55,000 1.6

Average for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
13.95171686394 55.8943089430894

Number Of Homes And Apartments:
8,690

Somerset Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
49.87% 2.37% 5 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,327 / per month

Homeownership Rate

Homeownership
Owners 72.06
Renters 27.94
Vacant 3.96

Housing Market Details

 

Age of Homes

AGE OF Somerset HOMES
2000 or Newer 6.1
1970 - 1999 59.1
1940 - 1969 33.0
1939 or Older 1.8

Types of Homes

TYPE OF Somerset HOMES
Single-Family 49.2
Townhomes 27.5
Small Apt. Buildings 3.7
Apt. Complexes 19.5
Mobile Homes 0.0
Other 0.1

Home Size

SIZE OF Somerset HOMES
No Bedroom 0.77
1 Bedroom 13.22
2 Bedrooms 30.11
3 Bedrooms 32.26
4 Bedrooms 21.30
5 or more bedrooms 2.34