The Long & Foster Market Minute

FOCUS ON: SOMERSET COUNTY HOUSING MARKET MAY 2024

Units Sold
15
Active Inventory
101
Median Sale Price
$185,000
Days On Market
34
Down
Vs. Year Ago
Up 5%
Vs. Year Ago
Down -7%
Vs. Year Ago
Down
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in May, with 15 sold this month in Somerset County Real Estate. This month's total units sold was lower than at this time last year, a decrease from May 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 5 units or 5%. The total number of active inventory this May was 101 compared to 96 in May 2023. This month's supply remained stable as compared to last month.

Median Sale Price
Last May, the median sale price for Somerset County Homes was $199,900. This May, the median sale price was $185,000, a decrease of 7% or $14,900 compared to last year. The current median sold price is 4% lower 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.


New Listings
32
Current Contracts
24
Sold Vs. List Price
99.9%
Months of Supply
6.7
No Change
Vs. Year Ago
Up 100%
Vs. Year Ago
Up 2.8%
Vs. Year Ago
Up 19%
Vs. Year Ago

Months of Supply
In May, there was 6.7 months of supply available in Somerset County, compared to 5.6 in May 2023. That is an increase of 19% 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.

New Listings & Current Contracts
This month there were 32 homes newly listed for sale in Somerset County, which is similar to the amount in May 2023. There were 24 current contracts pending sale this May compared to 12 a year ago. The number of current contracts is 100% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Somerset County was 99.9% of the average list price, which is 2.7% higher than at this time last year.

Days on Market
This month, the average number of days on market was 34, lower than the average last year, which was 87. This decrease was impacted by the limited number of sales.

The Long & Foster Market Minute
*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.
REALTOR, Equal Opportunity HousingInformation 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.