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 5,546 people, 2,268 houses or apartments, and a median cost of homes of $316,973, Somerdale real estate values are some of the lowest in New Jersey, although compared to real estate around the nation, Somerdale homes are still considered rather expensive.
Single-family detached homes are the single most common housing type in Somerdale, accounting for 71.81% of the borough's housing units. Other types of housing that are prevalent in Somerdale include large apartment complexes or high rise apartments ( 14.96%), row houses and other attached homes ( 8.02%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.22%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Somerdale. Owner-occupied housing accounts for 75.71% of Somerdale's homes, and 66.38% have either three or four bedrooms, which is average sized relative to America.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Somerdale's housing was primarily built during this period, from the '40s through the '60s. A full 53.41% of the borough's housing hails from this era. Other housing ages represented in Somerdale include homes built between 1970-1999 ( 30.17%) and housing constructed between 2000 and later ( 9.31%). There's also some housing in Somerdale built before 1939 ( 7.11%).
Appreciation rates for homes in Somerdale have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 101.29%, which ranks in the top 40% nationwide. This equates to an annual average Somerdale house appreciation rate of 7.25%.
Appreciation rates are so strong in Somerdale that despite a nationwide downturn in the housing market, Somerdale real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Somerdale appreciation rates continue to be some of the highest in America, at 9.37%, which is higher than appreciation rates in 83.39% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Somerdale. Somerdale appreciation rates in the latest quarter were at 1.44%, which equates to an annual appreciation rate of 5.90%.
Relative to New Jersey, our data show that Somerdale's latest annual appreciation rate is lower than 70% of the other cities and towns in New Jersey.
$316,973
for New jersey
for nation
2,268
$1,939 / per month