Somerset County Housing Market Update
According to recent data analysis, the median listing price for homes in Somerset County reached $224,900 during November. This figure represents a 6.9% reduction compared to October's median of $241,550.
When examining year-over-year changes, the November 2024 median price of $250,000 has fallen by 10% to reach the current level. It's important to note that these statistics specifically refer to properties listed for sale within Somerset County and do not include completed sales transactions.
Property Details and Market Activity
The typical Somerset County home measured 1,631 square feet, with a price per square foot of $115. This per-square-foot cost has decreased by 20.4% from November 2024 levels.
Market activity remained relatively brisk, with properties spending a median of 61 days on the market during November. This compares favorably to the national median of 64 days for the same period. In October, homes had remained listed for a median of 55 days.
November saw 48 new property listings enter the market, matching the number of new listings from November 2024.
Regional and National Context
Across Pennsylvania, median home prices stood at $305,000, showing a minor decrease from October figures. The typical Pennsylvania home offered for sale measured 1,680 square feet with a price of $189 per square foot.
Nationally, the median home price reached $415,000, representing a slight decline from the previous month. The average American home listed for sale measured 1,820 square feet with a price of $222 per square foot.
Understanding Median Pricing
The median home price represents the midpoint value of all properties listed during a specific timeframe. Housing experts frequently emphasize that median pricing provides a more accurate market representation than average pricing calculations. Average prices can become distorted by exceptionally high or low individual property values, while median figures better reflect typical market conditions.
It's worth noting that Realtor.com's median price calculations may exclude numerous properties within a given market. These statistics specifically cover single-family homes, condominiums, and townhomes, including existing properties but generally excluding new construction and pending sales transactions.
