Somerset County home sales drop. Here’s how much
Newly released data for August shows that potential buyers and sellers in Somerset County saw houses sell for lower than the previous month’s median sale price of $580,000.
The median home sold for $557,500, an analysis of data from Realtor.com shows. That means August, the most recent month for which figures are available, was down 3.9% from July.
Compared to August 2022, the median home sale price was up 8.3% at $557,500 compared to $514,900.
Realtor.com sources sales data from real estate deeds, resulting in a few months’ delay in up-to-date data. The statistics don’t include homes currently listed for sale and aren’t directly comparable to listings data.
Information on your local housing market, along with other useful community data, is available at data.mycentraljersey.com.
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Looking only at single-family homes, the $648,827 median selling price in Somerset County was down 0.3% in August from $651,000 the month prior. Since August 2022, the sale price of single-family homes was up 13.8% from a median of $570,000.
Thirty-seven condominiums or townhouses sold for $1 million or more during the month, compared to 52 recorded transactions of at least $1 million in August 2022.
Condominiums and townhomes decreased by 9.4% in sales price this August to a median of $386,650 from $427,000 in July. Compared to August 2022, the sale price of condominiums and townhomes was up 5.8% from $365,500. No condominiums or townhomes sold for at least $1 million or more this August.
In August, the number of recorded sales in Somerset County dropped by 59.9% since August 2022 from 574 to 230. All residential home sales totaled to $160.1 million.
In New Jersey, homes sold at a median of $438,437 this August, down 3.6% from $455,013 in July. There were 2,992 recorded sales across the state this August, down 79.4% from 14,506 recorded sales in August 2022.
The total value of recorded residential home sales in New Jersey decreased by 63.9% from $4.7 billion in July to $1.7 billion this August.
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Out of all residential home sales in New Jersey, 8.89% of homes sold for at least $1 million in August, up from 8.58% in August 2022.
Sale prices of single-family homes across New Jersey decreased by 5.2% from a median of $479,916 in July to $455,000 in August. Since August 2022, the sale price of single-family homes across the state was down 3.1% from $469,330.
Across the state, the sale price of condominiums and townhomes dropped 2.8% from a median of $335,000 in July to $325,500 this August. The median sale price of condominiums and townhomes is down 11.6% from the median of $368,077 in August 2022.
The median home sale price used in this report represents the midway point of all the houses or units listed over the given period. The median offers a more accurate view of what’s happening in a market than the average sale price, which would mean taking the sum of all sale prices then dividing by the number of homes sold. The average can be skewed by one particularly low or high sale.