Home Values

Somerset 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

$268,500

  • -1.6% 1-year change
  • -0.8% 1-year forecast

The median home value in Somerset is $268,500. Somerset home values have declined -1.6% over the past year and Zillow predicts they will fall -0.8% within the next year. The median list price per square foot in Somerset is $160, which is lower than the New York Metro average of $253. The median price of homes currently listed in Somerset is $240,000 while the median price of homes that sold is $235,882. The median rent price in Somerset is $1,850, which is lower than the New York Metro median of $2,400.

Foreclosures will be a factor impacting home values in the next several years. In Somerset 5.1 homes are foreclosed (per 10,000). This is greater than the New York Metro value of 1.4 and also greater than the national value of 3.9

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Relative ZHVI
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Somerset Market Overview

Data through Feb 28, 2015
  • $268,500 ZHVI
  • -0.8% 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
    (Feb 29, 2016)
  • $240,000 Median listing price
  • $235,882 Median sale price (Jan 31, 2015)
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Somerset Market Health

Data through Feb 28, 2015
  • 2.5/10 Less 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.
  • No data Average days on Zillow
  • No data Homes with negative equity (16.9% US Avg)
  • No data Delinquent on mortgage (6.3% US Avg)

Homes foreclosed (per 10,000)

5.1 homes Somerset
1.4 homes New York Metro
3.9 homes United States
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Nearby Cities

Name Median ZHVI
Society Hill $302,900
Franklin Township $297,000
Milltown $293,300
Name Median ZHVI
Highland Park $291,900
Piscataway Township $280,600
North Brunswick $259,400
Name Median ZHVI
Middlesex $257,400
New Brunswick $227,600
South Bound Brook $221,800

Listings & Sales

Data through Feb 28, 2015
  • $160 Median list price / sq ft
  • $156 Median sale price / sq ft (Jan 31, 2015)
  • 10.5% Listings with price cut
22.0%
Sold below listing
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Somerset Rentals

Data through Feb 28, 2015
  • Zillow Rent Index

  • $1,988 Somerset
    $2,348 New York Metro
    $1,355 United States

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

  • 2.1 Breakeven horizon
    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more
    (Jun 30, 2014)
  • $1,850 Rent list price
  • $1.33 Rent list price / sq ft
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