Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 10,495, 4,650 total housing units (homes and apartments), and a median house value of $418,643, Somers Point real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Somers Point, accounting for 55.04% of the city's housing units. Other types of housing that are prevalent in Somers Point include large apartment complexes or high rise apartments ( 30.68%), duplexes, homes converted to apartments or other small apartment buildings ( 9.25%), and a few row houses and other attached homes ( 4.95%).
People in Somers Point primarily live in small (one, two or no bedroom) single-family detached homes. Somers Point has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Somers Point built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Somers Point built between 1940-1969 ( 41.35%). A lesser amount of the housing stock also hails from before 1939 ( 8.28%). There's also some housing in Somers Point built between 2000 and later ( 7.00%).
Vacant housing appears to be an issue in Somers Point. Fully 18.42% of the housing stock is classified as vacant. Left unchecked, vacant Somers Point homes and apartments can be a drag on the real estate market, holding Somers Point real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Appreciation rates for homes in Somers Point have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 109.30%, which ranks in the top 30% nationwide. This equates to an annual average Somers Point house appreciation rate of 7.67%.
Appreciation rates are so strong in Somers Point that despite a nationwide downturn in the housing market, Somers Point real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Somers Point appreciation rates continue to be some of the highest in America, at 15.06%, which is higher than appreciation rates in 97.51% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Somers Point. Somers Point appreciation rates in the latest quarter were at 7.43%, which equates to an annual appreciation rate of 33.19%.
Importantly, this makes Somers Point one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to New Jersey, our data show that Somers Point's latest annual appreciation rate is higher than 90% of the other cities and towns in New Jersey.
$418,643
for New jersey
for nation
4,650
$2,761 / per month