Somerset Real Estate Summary – January 2025

Market Overview

The Somerset real estate market in January 2025 experienced a slight decline in total residential sales, with 12 properties sold, marking an 8% year-over-year (Y/Y) decrease. Despite the drop in sales, new listings surged by 78% Y/Y, reaching 16 properties, contributing to a rise in inventory levels, which jumped 333% Y/Y to 13 available homes.

The benchmark residential price increased by 4% Y/Y, reaching $476,600. The months of supply stood at 1.08, indicating a shift towards a more balanced market compared to previous months.

Market Trends by Property Type

• Detached Homes:

  • The benchmark price rose to $621,200, up 7.7% Y/Y.

  • 8 detached homes were sold, reflecting a 100% Y/Y increase.

  • Inventory increased by 100% Y/Y, giving buyers more options.

• Semi-Detached Homes:

  • No sales were recorded for this segment in January 2025.

  • Inventory and months of supply remained at zero.

• Row/Townhomes:

  • Only 1 row home was sold, showing no change from the previous year.

  • The benchmark price increased by 9% Y/Y to $400,600.

  • Inventory remained stable.

• Apartments:

  • Sales dropped 63% Y/Y, with only 3 units sold.

  • The benchmark price increased 9% Y/Y to $302,100.

  • Inventory rose 75% Y/Y, reaching 7 available units.

2025 Real Estate Outlook

• Continued Price Growth: Despite fluctuations in sales volume, home prices are expected to continue their steady appreciation.

• Inventory Expansion: With new listings increasing significantly, buyers may find more options in the Somerset market.

• Balanced Market Conditions: The sales-to-new listings ratio (S/NL) is 0.75, suggesting a shift from a strong seller’s market to a more neutral one.

• Stability in Detached and Row Homes: These segments continue to see moderate demand, while apartments are facing slower sales.

Overall, the Somerset real estate market is transitioning towards a balanced phase, with increasing inventory and steady price growth. Buyers and sellers should monitor inventory trends, as a further increase in supply could ease price appreciation in the coming months.