An analysis of data from Realtor.com shows that the average price of a home in Somerset County was $699,900 in August, down slightly from $721,700 the month before.
Compared to August 2023, the average asking price for a home increased by 3.5% to $676,250.
The statistics in this article only pertain to homes for sale in Somerset County, not homes that have sold. Information about your local housing market, along with other useful community data, is available at data.mycentraljersey.com.
The average home in Somerset County was 2,233 square feet, and listed for $326 per square foot. The price per square foot of homes for sale has increased 9.5% since August 2023.
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Listings in Somerset County moved quickly, with a median of 36 days listed compared to the national August median of 53 days on the market. In the previous month, homes had a median of 24 days on the market. About 260 homes were newly listed in August, a 12.8% decrease from 298 new listings in August 2023.
The median home prices that Realtor.com publishes may exclude many or even most homes in a market. The price and volume represent only single-family homes, condos, or townhomes. They include existing homes but exclude most new construction, as well as pending and contingent sales.
In the New York-Newark-Jersey City metropolitan area, median home prices fell to $750,000, down slightly from a month earlier. The median home was 1,556 square feet, with an asking price of $508 per square foot.
In New Jersey, the median home price was $584,900, down slightly from July. The median home for sale in New Jersey was 1,744 square feet, with a price of $307 per square foot.
In the United States, the median price of a home was $429,990, down slightly from the previous month. The median U.S. home for sale was 1,853 square feet, with a price of $228 per square foot.
The median list price used in this report represents the midpoint of all homes or units listed for sale during the given time period. Experts say the median provides a more accurate picture of what is happening in a market than the average list price, which would be the sum of all list prices and then divide it by the number of homes sold. The average can be skewed by a particularly low or high price.
The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Realtor.com. Please leave your feedback or corrections for this story here. This story was written by Ozge Terzioglu.
This article originally appeared on MyCentralJersey.com: NJ Real Estate: Somerset County Home Prices Dropped in August
