Somerset Real Estate Market Summary – December 2024

Market Overview

The Somerset real estate market remained stable in December 2024, with 11 total residential sales, showing no change Y/Y compared to December 2023. New listings also remained steady at 7 new properties on the market. However, inventory levels increased by 57% Y/Y, reaching 11 available homes, leading to a months-of-supply increase to 1.00.

The benchmark residential price rose by 5.3% Y/Y to $482,100, indicating continued home value appreciation despite market stabilization.

Market Trends by Property Type (December 2024)

• Detached Homes:

  • The benchmark price was $620,900, with 5 sales (-44% Y/Y).

  • Inventory increased 200% Y/Y, reaching 3 available homes.

• Semi-Detached Homes:

  • No sales were recorded for this segment.

  • Inventory and months of supply remained at zero.

• Row/Townhomes:

  • No sales were recorded.

  • Inventory remained unchanged.

• Apartments:

  • Sales doubled (+200% Y/Y) with 6 units sold.

  • The benchmark price increased 5.3% Y/Y to $314,900.

  • Inventory decreased by 33% Y/Y, with 7 available units.

2024 Annual Real Estate Summary

Somerset's real estate market in 2024 experienced a decline in total sales (-15% Y/Y), with 171 properties sold. However, home prices appreciated significantly, with the total residential benchmark price rising 9.0% Y/Y to $486,825.

• Detached homes saw 84 sales (-6% Y/Y), with the benchmark price increasing 7.7% Y/Y to $620,900.

• Semi-detached homes recorded only 1 sale (-67% Y/Y), indicating very low activity in this segment.

• Row/townhomes had 10 sales (-29% Y/Y), with prices rising 11.8% Y/Y to $404,200.

• Apartments had 76 sales (-19% Y/Y) but continued to see price growth of 7.4% Y/Y, reaching $314,900.

The months of supply averaged 1.23 for the year, indicating that demand remained strong, even as inventory levels increased by 28% Y/Y.