Home Values

Somerset County Home Prices & Values

Zillow Home Value Index

The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

$368,100

  • -0.8% 1-year change
  • -1.2% 1-year forecast

The median home value in Somerset County is $368,100. Somerset County home values have declined -0.8% over the past year and Zillow predicts they will fall -1.2% within the next year. The median list price per square foot in Somerset County is None. The median rent price in Somerset County is $1,900, which is lower than the New York Metro median of $2,500.

Foreclosures will be a factor impacting home values in the next several years. In Somerset County 3.3 homes are foreclosed (per 10,000). This is greater than the New York Metro value of 2.2 and also lower than the national value of 3.9

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Somerset County is 14.5%, which is higher than the national value of 6.3%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Somerset County homeowners underwater on their mortgage is 11.6%, which is lower than New York Metro at 13.1%.

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Relative ZHVI
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Somerset County Market Overview

Data through Apr 30, 2015
  • $368,100 ZHVI
  • -1.2% 1-yr forecast
    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more
    (Apr 30, 2016)
  • No data Median listing price
  • $327,250 Median sale price (Mar 31, 2015)
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Somerset County Market Health

Data through Apr 30, 2015
  • 6.1/10 Healthy
    The Market Health Index illustrates the current health of a region's housing market relative to other markets across the country. The Market Health Index is based on up to 10 metrics including those capturing the past and projected evolution of home values, the prevalence of foreclosures, foreclosure re-sales, negative equity and delinquency, as well as whether homes are currently selling faster or slower than in the past.
    (Feb 28, 2015)
  • 174 Average days on Zillow (Mar 31, 2015)
  • 11.6% Homes with negative equity (16.9% US Avg) (Dec 31, 2014)
  • 14.5% Delinquent on mortgage (6.3% US Avg) (Dec 31, 2014)

Homes foreclosed (per 10,000)

3.3 homes(Mar 31, 2015) Somerset County
2.2 homes New York Metro
3.9 homes United States
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Cities in Somerset County

Name Median ZHVI
Branchburg $428,800
Bridgewater $411,300
Hillsborough $373,200
Name Median ZHVI
Raritan $301,500
Franklin Township $297,000
Somerville $269,900
Name Median ZHVI
Bound Brook $259,500
Manville $237,500
South Bound Brook $221,800

Listings & Sales

Data through Mar 31, 2015
  • No recent data Median list price / sq ft
  • $190 Median sale price / sq ft
  • No data Listings with price cut
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Somerset County Rentals

Data through Apr 30, 2015
  • Zillow Rent Index

  • $2,290 Somerset County
    $2,372 New York Metro
    $1,364 United States

    The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more

  • 3.0 Breakeven horizon
    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more
    (Dec 31, 2014)
  • $1,900 Rent list price
  • $1.51 Rent list price / sq ft
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