How hot is the real estate market in Somerset County? Home prices rose year over year
The median sales price for a single-family home in Somerset County during October was $541,000. That's an increase of 5.1% compared with October 2020, according to a USA TODAY Network localized analysis generated with data from Realtor.com.
The number of houses sold fell by 24.3% from a year earlier. A total of 352 houses were sold countywide during the month of October. During the same period a year earlier, 465 single-family homes were sold.
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Real estate sales can take weeks or months to be recorded and collected. This is the latest data made available through Realtor.com to the USA TODAY Network.
Condominiums and townhomes sold in October had a median sales price of $320,000. That figure represents a 16.4% increase year-over-year. In Somerset County, 96 were sold, down 12.7% from a year earlier.
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Information on your local housing markets is available through the USA TODAY Network, with more data from Realtor.com.
The top 10% of the properties sold had prices of at least $999,099, up 17.5% from a year before.
In October, 44 properties sold for $1 million or more: 41 single-family homes and three condominiums or townhomes.
The median home sale price — the midway point of all the houses or units sold over a period of time — is used in this report instead of the average home sale price because experts say the median offers a more accurate view of what's happening in a market. In finding the average price, all prices of homes sold are added and then divided by the number of homes sold. This measure can be skewed by one 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. The story was written by Sean Lahman.
This article originally appeared on MyCentralJersey.com: Somerset County's average home sold for a higher price year over year