Somers Point, NJ—08244
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Somers Point, NJ
As of Oct '25, the median home price in Somers Point, NJ is $409,000, with a year-over-year change of 1.9%. This indicates that home prices in Somers Point, NJ are increasing. According to Zillow, the 1-year price projection is 5.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $409,000 | 1.9% |
| Single Family | $406,000 | 0.5% |
| Condos | $446,000 | 3.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $387,000 | 3.5% |
3 Bed | $437,000 | 3.3% |
4 Bed | $488,000 | 3.4% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Somers Point, NJ
As of July '25, Rentcast reports the average rent in Somers Point, NJ is $2,520, with a year-over-year rent change of 15.1%. Per bedroom, the median rent as of July '25 in Somers Point, NJ is 1-bedrooms: $1,590, 2-bedrooms: $2,420, 3-bedrooms: $2,740, 4-bedrooms: $5,220. The most common rental property sizes in Somers Point, NJ are 2-bedroom and 1-bedroom, accounting for 47.1% and 28.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,300 | $2,520 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,560 | $1,590 |
| 2 Bed Rent | $2,400 | $2,420 |
| 3 Bed Rent | $2,350 | $2,740 |
| 4 Bed Rent | $4,450 | $5,220 |
% of Rental Stock
Property Listings — Somers Point, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Somers Point, NJ is 41. This is a decrease of -18.0% 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 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $554,000 | 5.0% |
Listing Count | 69 | 49.0% |
| Listings as % of Homes | 0.8% | 49.0% |
Days on Market | 41 | -18.0% |
Demographics — Somers Point, NJ
As of the latest ACS Survey released in 2023, Somers Point, NJ has a population of 10,600, which has remained stable by 0.9% over the past 5 years. Somers Point, NJ is a moderately popular place for families, as children make up 19.0% of the population. The area has a moderately educated workforce, with 30.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 10,600 | 0.9% |
% Under 18 | 19.0% | -5.9% |
% Seniors | 20.7% | 14.4% |
% WFH | 8.6% | 109.8% |
% w/ College Degree | 30.2% | 6.0% |
As of the latest ACS Survey released in 2023, Somers Point, NJ is a predominantly white area, with 70.2% of the population identifying as white. The white population has shrunk by 0.4% in the last 5 years. The second most common race or ethnicity in Somers Point, NJ is hispanic, making up 15.5% of the population. Foreign-born residents account for 12.4% of the population in Somers Point, NJ, and this percentage has increased by 33.3% 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 | 70.2% | -0.4% |
% Black | 9.0% | -37.9% |
% Hispanic | 15.5% | 59.8% |
% Asian | 4.4% | -6.4% |
% Foreign Born | 12.4% | 33.3% |
Mortgage and Risk — Somers Point, NJ
According to HUD data as of 2023, there were 187 mortgage originations in Somers Point, NJ, of which 91.0% of loans were conventional mortgages. The average loan-to-value was 59.0%, with 10.0% above 90% LTV (elevated). This implies medium mortgage risk in Somers Point, NJ. Investor activity is low, as 4.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 187 |
% Conventional Loans | 91.0% |
% Government Loans | 9.0% |
% Investor Loans | 4.0% |
% Second Loans | 21.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Somers Point, NJ
As of 2024, the percent of homes in Somers Point, NJ under the Section 8 program is 9.0%. 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 Somers Point, 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 | 286 |
Total Units Section 8 | 284 |
% Rentals under Section 8 | 9.0% |
% Occupied Section 8 | 100.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$220 | $1,560 | $1,340 |
| 2 Bedroom | -$770 | $2,400 | $1,630 |
| 3 Bedroom | -$70 | $2,350 | $2,280 |
| 4 Bedroom | -$1,930 | $4,450 | $2,520 |
Affordability — Somers Point, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.9 |
| Median Home Price | $409,000 |
| Median Household Income | $67,500 |