Somerset, PA—15501
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Somerset, PA
As of Oct '25, the median home price in Somerset, PA is $185,000, with a year-over-year change of 3.7%. This indicates that home prices in Somerset, PA are increasing. According to Zillow, the 1-year price projection is 0.6%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $185,000 | 3.7% |
| Single Family | $182,000 | 4.0% |
| Condos | $241,000 | 4.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $102,000 | 0.0% |
2 Bed | $147,000 | 5.0% |
3 Bed | $199,000 | 3.6% |
4 Bed | $210,000 | 4.5% |
| 5 Bed | $256,000 | 4.1% |
% of Housing Stock
Rental Trends — Somerset, PA
As of July '25, Rentcast reports the average rent in Somerset, PA is $966, with a year-over-year rent change of -3.3%. Per bedroom, the median rent as of July '25 in Somerset, PA is 1-bedrooms: $793, 2-bedrooms: $940, 3-bedrooms: $1,060. The most common rental property sizes in Somerset, PA are 2-bedroom and 3-bedroom, accounting for 46.5% and 26.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $975 | $966 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $793 | $793 |
| 2 Bed Rent | $975 | $940 |
| 3 Bed Rent | $1,060 | $1,060 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Somerset, PA
As of Oct '25, Realtor.com reports that the median days on market for a home in Somerset, PA is 42. This is a decrease of -3.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 39.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $257,000 | 14.0% |
Listing Count | 51 | 38.0% |
| Listings as % of Homes | 0.4% | 38.0% |
Days on Market | 42 | -3.0% |
Demographics — Somerset, PA
As of the latest ACS Survey released in 2023, Somerset, PA has a population of 16,400, which has increased by 2.5% over the past 5 years. Somerset, PA is a moderately popular place for families, as children make up 17.0% of the population. The area has a poorly educated workforce, with 19.9% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 16,400 | 2.5% |
% Under 18 | 17.0% | 4.3% |
% Seniors | 25.1% | 16.2% |
% WFH | 6.6% | 46.7% |
% w/ College Degree | 19.9% | 16.4% |
As of the latest ACS Survey released in 2023, Somerset, PA is a predominantly white area, with 92.5% of the population identifying as white. The white population has grown by 0.3% in the last 5 years. The second most common race or ethnicity in Somerset, PA is black, making up 2.7% of the population. Foreign-born residents account for 1.3% of the population in Somerset, PA, and this percentage has increased by 62.5% 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 | 92.5% | 0.3% |
% Black | 2.7% | -25.0% |
% Hispanic | 1.6% | -30.4% |
% Asian | 1.1% | 266.7% |
% Foreign Born | 1.3% | 62.5% |
Mortgage and Risk — Somerset, PA
According to HUD data as of 2023, there were 278 mortgage originations in Somerset, PA, of which 87.0% of loans were conventional mortgages. The average loan-to-value was 60.0%, with 23.0% above 90% LTV (very high). This implies large mortgage risk in Somerset, PA. Investor activity is low, as 1.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 278 |
% Conventional Loans | 87.0% |
% Government Loans | 13.0% |
% Investor Loans | 1.0% |
% Second Loans | 9.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — Somerset, PA
Somerset, PA lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 424 |
Total Units Section 8 | 392 |
% Rentals under Section 8 | 19.5% |
% Occupied Section 8 | 94.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$3 | $793 | $790 |
| 2 Bedroom | -$65 | $975 | $910 |
| 3 Bedroom | $170 | $1,060 | $1,230 |
| 4 Bedroom | N/A | N/A | $1,320 |
Affordability — Somerset, PA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.1 |
| Median Home Price | $185,000 |
| Median Household Income | $55,800 |