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
Conforming Loan Available
The median home in 08502 at $1,092,500 falls within the 2026 conforming loan limit of $1,209,750, but buyers putting less than 5% down may need jumbo financing. This makes down payment strategy especially important in this market.
Market Insights
Market Temperature
08502's market is balanced with homes taking an average of 42 days to sell. Buyers have some negotiating room without the pressure of bidding wars.
Sale-to-List Ratio
Homes in 08502 are selling 2.5% above asking price on average, signaling strong competition. Buyers should budget above list price.
Conforming Loan Feasibility
The median home in 08502 at $1,092,500 falls within the 2026 conforming loan limit of $1,209,750, but buyers putting less than 5% down may need jumbo financing. This makes down payment strategy especially important in this market.
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 today's rate of 6.75%, the estimated monthly payment is approximately $8,520.
Monthly Payment
$8,520
Income Required
$365,160
Principal & Interest
$6,732/mo
Down Payment (5%)
$54,625
Based on 30-year fixed at 6.75%, 1.8% property tax, $1,800/yr insurance, 28% DTI guideline.
Mortgage Calculator
Estimate your monthly payment for a home in 08502.
Estimated Monthly Payment
$6,911
Connect with a LoanGraphs Loan Officer
Get expert guidance for zip code 08502. Tell us what you're looking for.