08502 — Somerset County, New Jersey Market Snapshot
Housing market data for zip code 08502 in Somerset County, New Jersey. Updated monthly with median prices, days on market, and more.
Market Sales Data
14 sales in 2026 (year to date)
Median Sale Price
$1,092,500
Days to Sell
42
Homes Sold
14
Inventory
19
Sale-to-List
102.5%
New Listings
35
Price/SqFt
$378
Pending Sales
26
Within Conforming Limit Estimate
At 5% down, the estimated base loan for the $1,092,500 median-priced home in 08502 is $1,037,875. The 2026 conforming limit is $1,209,750. The limit applies to the loan amount, not the home price. This estimate does not determine loan eligibility, approval, rate, fees, or mortgage insurance.
Market Insights
Market Temperature
The median listing-to-close time for the reported sales in 08502 is 42 days. Use this measure with the sale count, property type, condition, price range, and inventory. It does not predict competition or negotiation results for a specific home.
Sale-to-List Ratio
The reported average sale-to-list ratio in 08502 is 102.5%, or 2.5% above the last list price. This aggregate does not predict the sale price or appraisal for a specific home.
Conforming Loan Feasibility
At 5% down, the estimated base loan for the $1,092,500 median-priced home in 08502 is $1,037,875. The 2026 conforming limit is $1,209,750. The limit applies to the loan amount, not the home price. This estimate does not determine loan eligibility, approval, rate, fees, or mortgage insurance.
Loan limits in 08502 are set at the county level.
2026 Loan Limits — Somerset County
| Property Units | Conforming Limit | FHA Limit |
|---|---|---|
| 1 Unit | $1,209,750 | $1,249,125 |
| 2 Units | $1,548,975 | $1,599,375 |
| 3 Units | $1,872,225 | $1,933,200 |
| 4 Units | $2,326,875 | $2,402,625 |
Affordability Snapshot — Zip 08502
To purchase the median home at $1,092,500 with 5% down at the assumed 6.75% rate, the estimated monthly payment is approximately $8,953.
Monthly Payment
$8,953
Income Required
$383,693
Principal & Interest
$6,732/mo
Property Tax
$1,639/mo
Home Insurance
$150/mo
Estimated PMI
$432/mo
Down Payment (5%)
$54,625
Assumes a 30-year fixed loan at 6.75%, 1.8% property tax, $1,800 annual insurance, and a 28% housing-to-income planning ratio. Planning estimate only. The income figure divides the displayed monthly housing estimate by a 28% housing-to-income ratio. It is not an approval rule. The mortgage insurance estimate uses 0.5% of the loan amount per year. Actual rates, taxes, insurance, mortgage insurance, HOA or condo dues, closing costs, repairs, utilities, other debts, and approval rules can differ. Compare actual terms and your Loan Estimate.
Mortgage Calculator
Estimate your monthly payment for a home in 08502.
Estimated Monthly Payment
$6,911
Estimates only. Actual payments, taxes, insurance, mortgage insurance, rates, and loan terms can differ. This calculator is not a loan offer.
Connect with a LoanGraphs Loan Officer
Get expert guidance for zip code 08502. Tell us what you're looking for.