Is Somerset, MI 49281 a buyer’s or seller’s market?
Somerset is a seller’s market. With about 2.9 months of supply and 40% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.
The Somerset housing market right now
In the three months ending August 31, 2026, 40% of homes in Somerset, MI 49281 sold above their list price, the typical home went under contract in 56 days and there were 2.9 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 10 home sales.
Compared with the same period a year earlier, the share selling over asking rose from 0%, homes sold faster (116 days then) and the median sale price fell 13% to $428,814. Overall, Somerset is more competitive than a year ago, so tougher for buyers.
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Where Somerset is
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Questions about Somerset real estate
Is Somerset a buyer’s or seller’s market?
A seller’s market: there were 2.9 months of supply in Somerset, MI 49281 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Somerset?
The typical home went under contract in 56 days in the latest three months.
Do homes in Somerset sell over asking?
40% of homes sold above their original list price, and the typical sale closed at 100.2% of the list price.
What is the median home price in Somerset?
The median sale price was $428,814 in the three months ending August 31, 2026, about $246 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology