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| MAY 2025 | |||
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| Units Sold 27 |
Active Inventory 101 |
Median Sale Price $250,000 |
Days On Market 120 |
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| Up Vs. Year Ago |
Down -6% Vs. Year Ago |
Up Vs. Year Ago |
Up Vs. Year Ago |
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Units Sold
With relatively few transactions, there was an increase in total units sold in May, with 27 sold this month in Somerset County Real Estate. This month's total units sold was higher than at this time last year, an increase from May 2024. |
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Active Inventory
Versus last year, the total number of homes available this month is lower by 7 units or 6%. The total number of active inventory this May was 101 compared to 108 in May 2024. This month's total of 101 is lower than the previous month's total supply of available inventory of 122, a decrease of 17%. |
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Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last May, the median sale price for Somerset County Homes was $185,000. This May, the median sale price was $250,000, an increase of $65,000 compared to last year. The current median sold price is higher than in April. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median. |
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| New Listings 24 |
Current Contracts 31 |
Sold Vs. List Price 96.2% |
Months of Supply 3.7 |
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| Down -31% Vs. Year Ago |
Up 29% Vs. Year Ago |
Down -3.7% Vs. Year Ago |
Down -48% Vs. Year Ago |
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Months of Supply
In May, there was 3.7 months of supply available in Somerset County, compared to 7.2 in May 2024. That is a decrease of 48% versus a year ago. Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand. |
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New Listings & Current Contracts
This month there were 24 homes newly listed for sale in Somerset County compared to 35 in May 2024, a decrease of 31%. There were 31 current contracts pending sale this May compared to 24 a year ago. The number of current contracts is 29% higher than last May. |
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Sale Price to List Price Ratio
In May, the average sale price in Somerset County was 96.2% of the average list price, which is 3.7% lower than at this time last year. Days on Market
This month, the average number of days on market was 120, higher than the average last year, which was 34. This increase was impacted by the limited number of sales. | |||
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| *Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates. | |||
 Information included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc. |
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