How is Somerset County's real estate market? Home prices rose over year

Sean Lahman
·2 min read

The median sales price for a single-family home in Somerset County during July was $599,000. That's an increase of 18.6% compared with July 2020, according to data from Realtor.com.

The number of houses sold rose by 64% from a year earlier. A total of 456 houses were sold county-wide during the month of July. During the same period a year earlier, 278 single-family homes were sold.

Real estate sales can take weeks or months to be recorded and collected. This is the latest data made available through the National Association of Realtors to the USA TODAY Network.

Condominiums and town homes sold in July had a median sales price of $320,000. That figure represents a 10.3% increase year-over-year. In Somerset County, 121 were sold, up 80.6% from a year earlier.

READ: Here are the latest home sales in the Central Jersey real estate market

How hot is Somerset County's real estate market in New Jersey?

Information on your local housing markets is available through the USA TODAY Network, with more data from the National Association of Realtors.

READ: New Jersey towns among priciest in US in latest home sale rankings

The top 10% of the properties sold had prices of at least $1,061,000, up 16% from a year before.

In July, 65 properties sold for $1 million or more: 64 single-family homes and one condominium or townhome.

READ: Defer the dream, expand your search: How first-time buyers can beat NJ's housing market

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 the National Association of Realtors at Realtor.com.

This article originally appeared on MyCentralJersey.com: Somerset County's average home sold for a higher price than last year