Somerville, NJ—08876
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Somerville, NJ
As of Oct '25, the median home price in Somerville, NJ is $589,000, with a year-over-year change of 1.0%. This indicates that home prices in Somerville, NJ are increasing. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $589,000 | 1.0% |
| Single Family | $609,000 | 0.3% |
| Condos | $427,000 | 3.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $440,000 | 1.9% |
3 Bed | $564,000 | 3.5% |
4 Bed | $745,000 | 2.2% |
| 5 Bed | $880,000 | 1.4% |
% of Housing Stock
Rental Trends — Somerville, NJ
As of July '25, Rentcast reports the average rent in Somerville, NJ is $2,790, with a year-over-year rent change of 4.5%. Per bedroom, the median rent as of July '25 in Somerville, NJ is studios: $1,890, 1-bedrooms: $2,260, 2-bedrooms: $3,040, 3-bedrooms: $3,220, 4-bedrooms: $3,750. The most common rental property sizes in Somerville, NJ are 1-bedroom and 2-bedroom, accounting for 43.4% and 40.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,780 | $2,790 |
| Studio Rent | $1,800 | $1,890 |
| 1 Bed Rent | $2,250 | $2,260 |
| 2 Bed Rent | $2,900 | $3,040 |
| 3 Bed Rent | $3,100 | $3,220 |
| 4 Bed Rent | $4,000 | $3,750 |
% of Rental Stock
Property Listings — Somerville, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Somerville, NJ is 33. This is a increase of 52.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 8.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $625,000 | 17.0% |
Listing Count | 52 | 0.0% |
| Listings as % of Homes | 0.4% | 0.0% |
Days on Market | 33 | 52.0% |
Demographics — Somerville, NJ
As of the latest ACS Survey released in 2023, Somerville, NJ has a population of 22,900, which has increased by 3.8% over the past 5 years. Somerville, NJ is a moderately popular place for families, as children make up 17.0% of the population. The area has a highly educated workforce, with 56.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 17.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 22,900 | 3.8% |
% Under 18 | 17.0% | -20.6% |
% Seniors | 14.4% | 7.5% |
% WFH | 17.0% | 240.0% |
% w/ College Degree | 56.3% | 10.4% |
As of the latest ACS Survey released in 2023, Somerville, NJ is a predominantly white area, with 61.1% of the population identifying as white. The white population has shrunk by 7.4% in the last 5 years. The second most common race or ethnicity in Somerville, NJ is hispanic, making up 15.4% of the population. Foreign-born residents account for 21.6% of the population in Somerville, NJ, and this percentage has increased by 6.4% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 61.1% | -7.4% |
% Black | 8.1% | 26.6% |
% Hispanic | 15.4% | 10.8% |
% Asian | 12.5% | 3.3% |
% Foreign Born | 21.6% | 6.4% |
Mortgage and Risk — Somerville, NJ
According to HUD data as of 2023, there were 322 mortgage originations in Somerville, NJ, of which 91.0% of loans were conventional mortgages. The average loan-to-value was 59.0%, with 17.0% above 90% LTV (elevated). This implies medium mortgage risk in Somerville, NJ. Investor activity is low, as 2.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 322 |
% Conventional Loans | 91.0% |
% Government Loans | 9.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Somerville, NJ
As of 2024, the percent of homes in Somerville, NJ under the Section 8 program is 10.5%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Somerville, NJ, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 367 |
Total Units Section 8 | 363 |
% Rentals under Section 8 | 10.5% |
% Occupied Section 8 | 95.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$620 | $2,250 | $1,630 |
| 2 Bedroom | -$850 | $2,900 | $2,050 |
| 3 Bedroom | -$610 | $3,100 | $2,490 |
| 4 Bedroom | -$1,270 | $4,000 | $2,730 |
Affordability — Somerville, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.1 |
| Median Home Price | $589,000 |
| Median Household Income | $121,000 |