Somerset County, New Jersey Housing Market Prices
Somerset County 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 14% below the New Jersey median$304,018
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Median rent 18% above the New Jersey median Most expensive county in New Jersey$2,033
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Somerset County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $304,018 | $352,792 | $248,835 |
| Price Trend (Annual %) | 2.1% | 4.4% | 7.5% |
| Median Gross Rent | $2,033 | $1,719 | $1,407 |
| Rent Trend (Annual %) | 4.5% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Somerset County is about 14% lower than in New Jersey. Rent is about 18% 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 County, up about 2.1% and 4.5% a year respectively. Rent is changing faster.
Median rent in Somerset County rose about 44.2% between 2015 and 2024, from $1,410 to $2,033. Over the same span, rent in New Jersey rose about 44.3%.
Affordability
On average, housing unit costs 2.2 yearly household incomes in Somerset County.
Buying the median-priced home in Somerset County costs roughly 12.5 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 County. The price-to-rent ratio in New Jersey is about 17.1.
| Metric | Somerset County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $304,018 | $352,792 | $248,835 |
| Median Household Income | $140,426 | $103,817 | $80,455 |
| Price-to-Income Ratio | 2.2 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Somerset County rose about 8.2%, while median household income rose about 42.2% 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 County | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.7% | 59.1% | 58.5% |
| Rental Rate | 25.1% | 33.5% | 31.2% |
| Vacancy Rate | 2.1% | 7.5% | 10.2% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Somerset County has a homeownership rate of 72.7%, higher than the New Jersey average of 59.1%. Its housing vacancy rate is 2.1%, compared with 7.5% in New Jersey.
Housing Stock
| Metric | Somerset County | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.64 people | 2.61 people | 2.53 people |
| Median Structure Built Year | 1976 | 1968 | 1978 |
| Median Number of Rooms | 6.3 | 5.7 | 5.5 |
The typical housing unit in Somerset County was built around 1976. On average, 2.6 people live in a home with about 6.3 rooms, staying for about 17.0 years on average.
Somerset County, NJ Housing Compared With Nearby Counties
Somerset County, NJ is the 5th largest of the 6 counties compared here, 349,714 residents against a local median of 514,287. Where Somerset County, NJ breaks from the counties next to it is median rent, sitting 18% above the local median of $1,730 at $2,033.
Homeownership tells the same story from another angle: 74.3% against a local median of 63.7%, 17% above it. The one measure here that carries a verdict is homeownership, and at 17% above the local median it puts Somerset County, NJ at the better end of the local range. The counties themselves spread $281 on median rent, so Somerset County, NJ sits at one end of an already wide local range rather than apart from it. Somerset County, NJ has the highest median rent of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Somerset County, NJ | 349,714 | $304,018 #3/6 | $2,033 #1/6 | 74.3% #2/6 |
| Middlesex County, NJ | 870,701 | $279,129 | $1,871 | 63.7% |
| Mercer County, NJ | 385,681 | $246,616 | $1,622 | 62.2% |
| Hunterdon County, NJ | 130,145 | $292,762 | $1,686 | 85.1% |
| Morris County, NJ | 514,287 | $539,796 | $1,903 | 74.3% |
| Union County, NJ | 578,268 | $435,289 | $1,730 | 57.4% |
Frequently Asked Questions
Common questions about the housing market in Somerset County, New Jersey.
What is the median home price in Somerset County, New Jersey?
The median home price in Somerset County, New Jersey is $304,018, lower than the New Jersey average of $352,792.
What is the average home price in Somerset County, New Jersey?
The typical home price in Somerset County, New Jersey, reported as the median sale price, is $304,018. 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 County, New Jersey?
The median gross rent in Somerset County, New Jersey is $2,033 per month, higher than the New Jersey average of $1,719.
What was the median gross rent in Somerset County in 2020?
In 2020, the median gross rent in Somerset County, New Jersey was $1,636 per month.
What is the price-to-rent ratio in Somerset County, New Jersey?
The price-to-rent ratio in Somerset County, New Jersey is about 12.5, meaning it would take roughly 12.5 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 County.
Are home prices or rent rising faster in Somerset County, New Jersey?
Both home prices and rent are rising in Somerset County, up about 2.1% and 4.5% a year respectively. Rent is changing faster.
What is the homeownership rate in Somerset County, New Jersey?
72.7% of households in Somerset County, New Jersey own their home, higher than the New Jersey average of 59.1%.
What is the vacancy rate in Somerset County, New Jersey?
The housing vacancy rate in Somerset County, New Jersey is 2.1%, lower than the New Jersey average of 7.5%.
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