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| Focus On: Somerset County Housing Market | October 2023 | ||
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| Units Sold 21 |
Active Inventory 82 |
Median Sale Price $220,000 |
Days On Market 59 |
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| Down -5% Vs. Year Ago |
Up 21% Vs. Year Ago |
Down Vs. Year Ago |
Up 28% Vs. Year Ago |
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Units Sold
The number of units sold remained stable in October, with 21 sold this month in Somerset County Real Estate. This month's total units sold was lower than at this time last year, a decrease of 5% versus October 2022. |
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Active Inventory
Versus last year, the total number of homes available this month is higher by 14 units or 21%. The total number of active inventory this October was 82 compared to 68 in October 2022. This month's total of 82 is lower than the previous month's total supply of available inventory of 94, a decrease of 13%. |
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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 October, the median sale price for Somerset County Homes was $225,000. This October, the median sale price was $220,000, a decrease of $5,000 compared to last year. The current median sold price is higher than in September. 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 21 |
Current Contracts 26 |
Sold Vs. List Price 97.4% |
Months of Supply 3.9 |
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| Down -5% Vs. Year Ago |
Down -7% Vs. Year Ago |
Down -2.8% Vs. Year Ago |
Up 26% Vs. Year Ago |
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Months of Supply
In October, there was 3.9 months of supply available in Somerset County, compared to 3.1 in October 2022. That is an increase of 26% 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 21 homes newly listed for sale in Somerset County compared to 22 in October 2022, a decrease of 5%. There were 26 current contracts pending sale this October compared to 28 a year ago. The number of current contracts is 7% lower than last October. |
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Sale Price to List Price Ratio
In October, the average sale price in Somerset County was 97.4% of the average list price, which is 2.8% lower than at this time last year. Days on Market
This month, the average number of days on market was 59, higher than the average last year, which was 46, an increase of 28%. | |||
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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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