Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$656,346+2.7% YoY · prices are rising
Market right nowBalanced marketMore homes for sale than last year, 13% have cut their price
Income needed to buy, per year$142,282About 1.1× the local median income ($134,499): a stretch for a typical household
Days on market40 daysSlower than a year ago: buyers have time to negotiate
Next 12 months+2.8%Zillow expects prices to rise slightly
The typical home in Somerset County, NJ is worth $656,346, up 2.7% from a year ago. That is well above what local incomes have historically supported: fair value is about $589,013, so the area is 11.4% overvalued. It is a balanced market: homes take about 40 days to sell, listings are up 26% from a year ago, 13% of listings have had a price cut. Zillow expects prices to rise about 2.8% over the next year. A household needs about $142,282 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $134,499. Typical rent is $2,618 a month, or $2,557 for a house. In the latest IRS figures, 268 more people moved out than in.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$656,346
Change in 1 year
+2.7%
Overvalued %
+11.4%
Show 7 more
Fair home value
$589,013
Change in 5 years
+31.9%
Zillow forecast, next 12 months
+2.8%
Home value to income
4.9×
Monthly mortgage payment (20% down)
$3,557
Income needed to afford it
$142,282
Property tax rate
1.81%
Rent and investing
Typical rent
$2,618
Typical rent for houses
$2,557
Price-to-rent ratio
20.9×
Show 3 more
HUD Fair Market Rent, 2 bedrooms
$2,623
Gross rental yield
4.79%
Cap rate (estimate)
3.11%
Market activity
Listings vs a year ago
+25.8%
Days on market
40
Listings with a price cut
13.4%
Show 3 more
Homes for sale
716
Pending sales per 100 listings
55
Asking price per sq ft
$344
People and jobs
Median household income
$134,499
Population change (1 year)
+0.4%
Unemployment rate
4.7%
Show 4 more
Population
356,486
Income adjusted for cost of living
$119,448
Net moves in (IRS)
−268
Cost of living (US = 100)
112.6
Schools, risk and environment
School rating (1 to 10)
6.9
FEMA hazard risk score (0 to 100)
90.9
Flood risk score
95.0
Show 3 more
Wildfire risk score
35.4
Walkability (1 to 20)
8.9
Road, rail and air noise
53 dB
Questions people ask
Is Somerset County, NJ overvalued?
Home prices in Somerset County, NJ are well above what local incomes have historically supported: fair value is about $589,013, so the area is 11.4% overvalued.
Is Somerset County, NJ a buyer's or seller's market?
Somerset County, NJ is a balanced market: homes take about 40 days to sell, listings are up 26% from a year ago, 13% of listings have had a price cut.
Are home prices going down in Somerset County, NJ?
Home values in Somerset County, NJ are up 2.7% over the last year. Zillow's forecast for the next 12 months is +2.8%.
How much do you need to earn to buy a home in Somerset County, NJ?
A household needs about $142,282 a year to afford the typical home in Somerset County, NJ at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $134,499.