Somerset, New Jersey Housing Market Prices
Somerset Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 20% below the New Jersey median$281,801
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Median rent 23% above the New Jersey median$2,119
Housing Market Overview
| Metric | Somerset | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $281,801 | $352,792 | $248,835 |
| Price Trend (Annual %) | 0.5% | 4.4% | 7.5% |
| Median Gross Rent | $2,119 | $1,719 | $1,407 |
| Rent Trend (Annual %) | 4.9% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Somerset is about 20% lower than in New Jersey. Rent is about 23% higher than the New Jersey average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Somerset, up about 0.5% and 4.9% a year respectively. Rent is changing faster.
Median rent in Somerset rose about 49.0% between 2015 and 2024, from $1,422 to $2,119. Over the same span, rent in New Jersey rose about 44.3%.
Affordability
On average, housing unit costs 2.3 yearly household incomes in Somerset.
Buying the median-priced home in Somerset costs roughly 11.1 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Somerset. The price-to-rent ratio in New Jersey is about 17.1.
| Metric | Somerset | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $281,801 | $352,792 | $248,835 |
| Median Household Income | $124,243 | $103,817 | $80,455 |
| Price-to-Income Ratio | 2.3 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Somerset rose about 3.7%, while median household income rose about 35.1% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Somerset | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 68.0% | 59.1% | 58.5% |
| Rental Rate | 29.8% | 33.5% | 31.2% |
| Vacancy Rate | 2.2% | 7.5% | 10.2% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Somerset has a homeownership rate of 68.0%, higher than the New Jersey average of 59.1%. Its housing vacancy rate is 2.2%, compared with 7.5% in New Jersey.
Housing Stock
| Metric | Somerset | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.47 people | 2.61 people | 2.53 people |
| Median Structure Built Year | 1978 | 1968 | 1978 |
| Median Number of Rooms | 5.6 | 5.7 | 5.5 |
The typical housing unit in Somerset was built around 1978. On average, 2.5 people live in a home with about 5.6 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Somerset, New Jersey.
What is the median home price in Somerset, New Jersey?
The median home price in Somerset, New Jersey is $281,801, lower than the New Jersey average of $352,792.
What is the average home price in Somerset, New Jersey?
The typical home price in Somerset, New Jersey, reported as the median sale price, is $281,801. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Somerset, New Jersey?
The median gross rent in Somerset, New Jersey is $2,119 per month, higher than the New Jersey average of $1,719.
What was the median gross rent in Somerset in 2020?
In 2020, the median gross rent in Somerset, New Jersey was $1,702 per month.
What is the price-to-rent ratio in Somerset, New Jersey?
The price-to-rent ratio in Somerset, New Jersey is about 11.1, meaning it would take roughly 11.1 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Somerset.
Are home prices or rent rising faster in Somerset, New Jersey?
Both home prices and rent are rising in Somerset, up about 0.5% and 4.9% a year respectively. Rent is changing faster.
What is the homeownership rate in Somerset, New Jersey?
68.0% of households in Somerset, New Jersey own their home, higher than the New Jersey average of 59.1%.
What is the vacancy rate in Somerset, New Jersey?
The housing vacancy rate in Somerset, New Jersey is 2.2%, lower than the New Jersey average of 7.5%.
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