Real Estate Market Update for 08873 (Somerset, NJ)
Welcome to August's Market Update. Let’s take a look at residential real-estate activity in your area during the month of July. The number of active listings was down 24% from one year earlier, and down 6% from the previous month. This smaller inventory means that buyers who waited to buy may have had a smaller selection to choose from. As you can see, the median listing price for the month was just under 350-thousand dollars. Compared to last year, the average number of days units spent on the market before being sold was down 31%. This lower number of days may signal a positive trend in the local inventory-turnover rate. The median sale price was just over 300-thousand dollars. The number of units sold decreased 29% year-over-year, and increased 15% month-over-month. Despite a slight annual decrease, this upward monthly sales trend indicates positive momentum. Thanks for watching. We hope you use this information to make smart, informed decisions in your upcoming real-estate transactions. Feel free to contact us for more information or further assistance.
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Map Information for 08873 (Somerset, NJ)
Area Information for 08873 (Somerset, NJ)
  • Population: 52,960
  • Median Age: 40.44 yr
  • Median Commute Time: 30 mins
  • Educational Climate*: 4
  • Sales Tax: 7%
  • Population Density: 1,640/sq mi
  • Population Change Since 2000: 27.65%
  • Closest Airport: Trenton Mercer
  • Closest College: Umdnj Robert Wood Johnson Medical School
  • Closest Jr. College: Middlesex County College
  • Median Household Income: $86,639
  • Annual Residential Turnover: 9%
  • Median Home Sales Price: $274,990
  • Closest Major Sports Team: Trenton Thunder (aa)
  • Change Avg. Household Income Since 2000: 29.85%
* Scale from 1-5  ** Index where 100 is the national average
Demographic Data for 08873 (Somerset, NJ)
Median Age: 40.44 Married: 44% Number of Households: 19,698 Households with Children: 5,800
Community:
    • Occupancy Types
      • 3599 Vacant
      • 8822 Owned
      • 12512 Rented
    • Transportation to Work
      • 43% Drive
      • 47% Public Transportation
      • 8% Walk / Bike / Other
      • 8% Work at Home
    National Index Comparisons:
    (100 National Average)
      • Population By Sex(%)
        • 50% Male
        • 50% Female
      • White/Blue Collar Jobs
        • 50% White Collar
        • 50% Blue Collar
      School Data for 08873 (Somerset, NJ)

      School Name Distance Type Grades School Rating Parent Rating
      Sampson G smith School 0.8 mi Public 5-6 0 0
      Cedar Hill Prep School 1.3 mi Private PRESCHOOL-8 0 0
      Franklin Township High School 1.4 mi Public 9-12 2 3
      Community Baptist Christian Academy 1.4 mi Private PRESCHOOL-2 0 0
      St Matthias Elementary School 1.6 mi Catholic PRESCHOOL-8 0 0
      Macafee Elementary School 1.8 mi Public PRESCHOOL-4 2 0
      Elite Prepartory Academy 2.0 mi Private PRESCHOOL-12 0 0
      Conerly Road Elementary School 2.0 mi Public PRESCHOOL-4 3 0
      Somerset Presbyterian Nursery School & Kdgn 2.1 mi Private PRESCHOOL-K 0 0
      Somerset Presbyterian Nursery School 2.1 mi Private PRESCHOOL-K 0 0
      New Road School Of Somerset 2.3 mi Private 7-UNGRADE 0 0
      Somerset Bible Baptist Christian Academy 2.3 mi Private K-12 0 0
      Peace N Joy Academy Montessori School 2.5 mi Private PRESCHOOL-K 0 0
      Rutgers Preparatory School 2.5 mi Private PRESCHOOL-12 0 0
      Hillcrest Elementary School 2.7 mi Public PRESCHOOL-4 1 0
      Elizabeth Avenue Elementary School 2.8 mi Public PRESCHOOL-4 1 0
      Franklin Middle School 2.8 mi Public 7-8 2 3
      Little Children Of God Preschool & Kindergarten 2.9 mi Private PRESCHOOL-K 0 0
      The Academy Of Elcc 2.9 mi Private PRESCHOOL-K 0 0
      Crestwood Montessori School 2.9 mi Private PRESCHOOL-1 0 0
      The Crestwood School 2.9 mi Private PRESCHOOL-1 0 0
      Thomas Edison Energy Smart Charter School (teescs) 2.9 mi Public K-6 5 0
      Pine Grove Manor Elementary School 3.3 mi Public PRESCHOOL-4 1 0
      Somerset Christian Academy 3.3 mi Private - 0 0
      Proximity to listed schools and their school district(s) does not guarantee enrollment eligibility. Please contact a local real estate professional or the local school district(s) for the most current information relating to schools in the area. Sources: Onboard Informatics © 2016. School Performance data by SchoolDigger.com. School Review data by Niche.com.
      Local Weather for 08873 (Somerset, NJ)
        Community information and market data Powered by Onboard Informatics. Copyright ©2016 Onboard Informatics. Information is deemed reliable but not guaranteed. * Based on a 30-year fixed rate of 4.75% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.