Somerset-area home prices fall 14.3% in July, with houses for sale in high demand

·2 min read
Few homes were for sale in the Greystone Farms subdivision of Fayetteville, North Carolina, in late July. Across the United States, median home prices were $449,024, down 0.2% from a month earlier, Realtor.com data shows.
Few homes were for sale in the Greystone Farms subdivision of Fayetteville, North Carolina, in late July. Across the United States, median home prices were $449,024, down 0.2% from a month earlier, Realtor.com data shows.

A typical Somerset County home listed for $180,000 in July, down 14.3% from the previous month's $210,000, an analysis of data from Realtor.com shows.

The median list home price in July was up about 16.5% from July 2021. Somerset County's median home was 1,618 square feet for a listed price of $112 per square foot.

The Somerset County market was busy, with a median 47 days on market. A month earlier, homes had a median 37 days on market. The market added 72 new home listings in July, compared with the 104 added in July 2021. The market ended the month with some 132 listings of homes for sale.

The median home prices issued by Realtor.com may exclude much, or even most, of a market's homes. The price and volume represent only homes that are single-family homes, condominiums or townhomes. They include existing homes, but exclude most new construction as well as pending and contingent sales.

Information on your local housing market is available through the USA TODAY Network, with more data from Realtor.com.

Across all of Pennsylvania, median home prices were $295,000, falling 1.3% from a month earlier. The median Pennsylvania home for sale had 1,748 square feet at list price of $173 per square foot.

Across the United States, median home prices were $449,024, down 0.2% from a month earlier. The median American home for sale had 1,890 square feet, listed at $227 per square foot.

The median home list price — the midway point of all the houses or units listed over a period of time — is used more often in this report instead of the average home list 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 listed 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 the Realtor.com residential listings database.. The story was written by Mike Stucka and Sean Lahman.

This article originally appeared on The Daily American: Somerset-area homes for sale drop to $180,000 median price