Last week I read an article that had been posted in the Bernards InSight Facebook group – it originated on the Hillsborough Patch. The article stated that new tax regulations have impacted property values in Somerset County to the tune of a 9.8% DECREASE. I am not seeing this in our market; in fact, we are not seeing it at the county level, the state level or even nationally. I had to validate my understanding, even though I work in real estate all day ever day and I had just attended Jeff Otteau’s Fall Market Update Workshop.
I sent the article to Jeff and asked him if he could explain the discrepancy between the article and what he presented in his seminar. Not only did he get back to me right away, he followed up again a few days later with even more information.
From Jeff: “here’s a follow up the story that home prices in Somerset County have fallen over the past 2 years at one of the higher rates in the county.
If you focus on the AVERAGE and MEDIAN Selling prices, you’ll see that home price increases for Somerset County, as follows:
- 2018
- Average Increase of 2.46%
- Median Increase of 1.82%
- 2019
- Average Increase of 1.02%
- Median Increase of 0% (no change)
Do you have a real estate need? Call me, message me, email me, come over to the office! I’m happy to help.
