07059 — Somerset County, New Jersey Market Snapshot
Housing market data for zip code 07059 in Somerset County, New Jersey. Updated monthly with median prices, days on market, and more.
Market Sales Data
37 sales in 2026 (year to date)
Median Sale Price
$1,180,000
Days to Sell
24
Homes Sold
37
Inventory
32
Sale-to-List
101.8%
New Listings
50
Price/SqFt
$441
Pending Sales
42
Conforming Loan Available
The median home in 07059 at $1,180,000 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
Homes in 07059 are moving quickly at 24 days on market, indicating healthy buyer demand. Well-priced homes are likely seeing multiple offers.
Sale-to-List Ratio
Homes are selling very close to asking price in 07059 (101.8% sale-to-list ratio), indicating accurate pricing by sellers and steady demand.
Conforming Loan Feasibility
The median home in 07059 at $1,180,000 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 07059 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 07059
To purchase the median home at $1,180,000 with 5% down at today's rate of 6.75%, the estimated monthly payment is approximately $9,191.
Monthly Payment
$9,191
Income Required
$393,891
Principal & Interest
$7,271/mo
Down Payment (5%)
$59,000
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 07059.
Estimated Monthly Payment
$7,453
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