Real Estate Market Update for 08873 (Somerset, NJ)
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Welcome to June's Market Update,. Let’s take a look at residential real-estate activity in your area during the month of June. The number of active listings was down 2% from one year earlier, and down 2% 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 over 320-thousand dollars. Compared to last year, the average number of days units spent on the market before being sold was down 8%. This lower number of days may signal a positive trend in the local inventory-turnover rate. The median sale price was just over 260-thousand dollars. The number of units sold decreased 18% year-over-year, and increased 70% 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.
Map Information for 08873 (Somerset, NJ)
Area Information for 08873 (Somerset, NJ)
  • Population: 50,441
  • Median Age: 38.41 yr
  • Median Commute Time: 23.46 mins
  • Educational Climate*: 5
  • Sales Tax: 7%
  • Population Density: 1,563/sq mi
  • Population Change Since 2000: 21.45%
  • Closest Airport: Newark Liberty International
  • Closest College: Somerset Christian College
  • Closest Jr. College: Middlesex County College
  • Median Household Income: $88,414
  • Annual Residential Turnover: 15.64%
  • Median Years in Residence: 3.88 yr
  • Median Home Sales Price: $272,697
  • Closest Major Sports Team: Trenton Thunder
  • Change Avg. Household Income Since 2000: 30%
* Scale from 1-5  ** Index where 100 is the national average
Demographic Data for 08873 (Somerset, NJ)
Median Age: 38.41 Married: 37% Number of Households: 18,984 Households with Children: 6,068
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 GreatSchools Rating Parent Rating
      Sampson G. Smith School 0.8 mi Public 5-6 2 4
      Cedar Hill Prep School 1.3 mi Private PRESCHOOL-8 0 5
      Franklin High School 1.4 mi Public 9-12 2 3
      Community Baptist Christian Academy 1.4 mi Private PRESCHOOL-2 0 3
      St. Matthias Elementary School 1.6 mi Catholic PRESCHOOL-8 0 4
      Macafee Elementary School 1.8 mi Public PRESCHOOL-4 2-5 5
      Elite Prepartory Academy 2.0 mi Private PRESCHOOL-2 0 0
      Conerly Road Elementary School 2.0 mi Public PRESCHOOL-4 2 5
      Somerset Presbyterian Nursery School 2.1 mi Private PRESCHOOL-K 0 0
      New Road School Of Somerset 2.2 mi Private 7-12 0 5
      Somerset Bible Baptist Christia 2.2 mi Private K-12 0 5
      Rutgers Preparatory School 2.5 mi Private PRESCHOOL-12 0 4
      Franklin Middle School 2.6 mi Public 7-8 2 3
      Hillcrest Elementary School 2.7 mi Public PRESCHOOL-4 1 0
      Elizabeth Avenue Elementary School 2.8 mi Public PRESCHOOL-4 1 4
      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
      The Crestwood School 3.0 mi Private - 0 0
      Pine Grove Manor Elementary School 3.2 mi Public PRESCHOOL-4 1 4
      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: GreatSchools.org and Onboard Informatics © 2014
      Local Weather for 08873 (Somerset, NJ)
        Community information and market data Powered by Onboard Informatics. Copyright ©2014 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.