• Claudia

What’s happening with the Somerville NJ real estate market right now?

Updated: Oct 8, 2021

Like many other areas of New Jersey, the Somerville market is sizzling hot. As of today, there are 15 single-family houses on the market, with an average list price of $424,900. There are 16 houses Under Contract, with an average list price of $369,293, averaging 36 days on the market. In the last 90 days, 28 houses have sold with an average selling price of $403,510, 105.5% of the average list price. The supply vs demand ratio is currently at 1.07 months!

So, what do all these stats mean for you? Well, if you are looking to sell your home in Somerville, do it now. Take advantage of the high demand low supply situation so that you can get top dollar for your home. On the flip side, if you are looking to buy a home in Somerville, same, buy now. If you wait, you may be buying that same home for more money a month from now.

Today’s real estate market can be intimidating for a home seller or buyer. Be sure to consult with a local real estate expert that will guide you through the entire home buying or selling process.

Source: GSMLS, 7/25/2021

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