Somerset Mortgage Rates & Closing Costs

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    • 30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

    30 Year Fixed Rate mortgages in Somerset averaged 6.62% for the week of 2024-12-12, compared to the national average of 6.6% for the same period.

    The average rate for the prior week (2024-12-05) was 6.61% and one month ago for the week of 2024-11-07, the average rate was 6.71%.

    Somerset's average rate one year ago was 6.75%.

    For refis of the same type during the week of 2024-12-12, the average rate was 7.1%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2024-12-12 6.6%
    Somerset 30 Year Fixed Rate 2024-12-12 6.62%
    Somerset 30 Year Fixed Rate Refi 2024-12-12 7.1%
    Somerset 15 Year Fixed Rate 2024-12-12 6.04%
    Somerset 15 Year Fixed Rate Refi 2024-12-12 5.94%
    Somerset 30 Year FHA 2024-12-12 6.38%
    Somerset 30 Year FHA Refi 2024-12-12 6.18%
    Somerset 30 Year USDA 2024-12-12 6.5%
    Somerset 30 Year USDA Refi 2024-12-12 6.4%
    Somerset 30 Year VA 2024-12-12 6.08%
    Somerset 30 Year VA Refi 2024-12-12 6.18%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Somerset, PA.

    Somerset Top Lenders by Rates & Fees

    The below table looks at the consensus average rates and fees provided by each lender, for only loans originated in the Somerset, PA market. This includes FHA, Conventional, USDA and VA loans, as well as refis. All terms in the below chart are 30 year fixed rate. Unless noted otherwise, other data is all inclusive (FHA, ARM, 15-yr, etc.).

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FIRST PEOPLES COMMUNITY FEDERAL CREDIT UNION 45 5.40% $4,001
    SOMERSET TRUST COMPANY 35 6.94% $3,784
    First National Bank of Pennsylvania 22 6.84% $4,824
    PRIMELENDING, A PLAINSCAPITAL COMPANY 22 6.66% $5,870
    1st Summit Bank 20 6.52% $2,448
    Wells Fargo Bank 15 6.97% $4,321
    First Commonwealth Bank 15 6.69% $4,515
    QUICKEN LOANS, LLC 14 6.86% $7,066
    WELCOME HOME FINANCE, L.P. 8 6.56% $3,385
    UNITED WHOLESALE MORTGAGE, LLC 7 7.79% $6,411
    MOVEMENT MORTGAGE, LLC 6 7.04% $8,084
    WEST PENN FINANCIAL SERVICE CENTER, INC. 5 6.95% $6,346
    NAVY FEDERAL CREDIT UNION 5 7.18% $5,639
    Mortgage Research Center, LLC 5 6.75% $5,247
    InFirst Bank 4 6.31% $2,478
    Citizens Bank 4 6.50% $7,293
    PNC Bank 4 6.81% $5,793
    PENNSYLVANIA STATE EMPLOYEES Credit Union 4 6.22% $3,332
    AFFORDABLE MORTGAGE ADVISORS, LLC. 3 6.96% $4,359
    MidAtlantic Farm Credit, ACA 3 7.19% $3,923
    CROSSCOUNTRY MORTGAGE, LLC 3 7.17% $7,422
    S&T Bank 3 6.46% $7,450
    ROYAL UNITED MORTGAGE LLC 3 6.67% $8,033
    ZILLOW HOME LOANS, LLC 2 7.31% $9,062
    Flagstar Bank, FSB 2 6.63% $5,754
    GUARANTEED RATE, INC. 2 6.79% $4,353
    HOMESIDE FINANCIAL, LLC 2 7.19% $4,954
    HOWARD HANNA FINANCIAL SERVICES, INC. 2 7.34% $6,146
    JPMorgan Chase Bank 2 7.18% $6,508
    MICHIGAN MUTUAL, INC. 2 7.56% $6,275
    Morgan Stanley Private Bank 2 5.43% $4,657
    Northwest Bank 2 6.75% $8,195
    STOCKTON MORTGAGE CORPORATION 2 7.44% $10,309
    UNION HOME MORTGAGE CORP. 2 6.94% $4,785
    Carrington Mortgage Services, LLC 1 6.63% $5,641
    Jersey Shore State Bank 1 6.00% $9,121
    Ixonia Bank 1 6.88% $6,467
    M&T Bank 1 7.00% $4,717
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $6,579
    NASA Federal Credit Union 1 6.88% $4,292
    NATIONS RELIABLE LENDING, LLC 1 7.13% $6,486
    Integrity Home Mortgage Corp 1 7.63% $4,243
    BAY EQUITY LLC 1 7.49% $4,033
    GUARANTEED RATE AFFINITY, LLC 1 7.13% $6,094
    PLAZA HOME MORTGAGE, INC. 1 8.13% $6,022
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.38% $4,596
    EQUITY RESOURCES, INC. 1 6.50% $4,148
    Prosperity Home Mortgage, LLC 1 6.50% $9,318
    Dollar Bank, Federal Savings Bank 1 7.50% $3,921
    Discover Bank 1 8.99% $0
    Sandy Spring Bank 1 7.49% $5,690
    CONTOUR MORTGAGE CORPORATION 1 7.13% $7,689
    CMG MORTGAGE, INC. 1 7.75% $3,504
    Stifel Bank and Trust 1 6.50% $12,431
    AmeriServ Financial Bank 1 5.38% $8,172
    AMERICAN HERITAGE FCU 1 5.49% $3,715
    Union Savings Bank 1 6.88% $4,116
    Charles Schwab Bank, SSB 1 5.75% $1,836
    UTILITIES EMPLOYEES CREDIT UNION 1 7.00% $6,397
    LAKEVIEW LOAN SERVICING, LLC 1 6.63% $17,225
    LOANDEPOT.COM, LLC 1 6.63% $8,411
    Meridian Bank Corporation 1 6.88% $4,857
    Washington Financial Bank 1 6.13% $8,372
    JLB CORPORATION 1 7.50% $10,416

    Somerset Average Closing Costs & Other Stats

    Somerset, PA's 64 lenders originated 1,199 loans during 2023. The total origination value was $160,655,000, with an average loan value of $133,991.

    Somerset's average closing costs are $4,704.

    The top Somerset lender as defined by loan originations is FIRST PEOPLES COMMUNITY FEDERAL CREDIT UNION, with 45 loans originated. Their average total fees are $4,001, which is $216 higher than the next largest lender, SOMERSET TRUST COMPANY.

    The lowest fee Somerset lenders (with over 10 loans originated) are 1st Summit Bank ($2,448), SOMERSET TRUST COMPANY ($3,784), FIRST PEOPLES COMMUNITY FEDERAL CREDIT UNION ($4,001), Wells Fargo Bank ($4,321) and First Commonwealth Bank ($4,515).

    The lowest rate Somerset lenders (with over 10 loans originated) are FIRST PEOPLES COMMUNITY FEDERAL CREDIT UNION (5.40%), 1st Summit Bank (6.52%), PRIMELENDING, A PLAINSCAPITAL COMPANY (6.66%), First Commonwealth Bank (6.69%) and First National Bank of Pennsylvania (6.84%).

    Somerset, PA Mortgage Market Share & Volume

    Loan origination value is a good proxy for a lender's prominence within the market. The general assumption is that larger lenders will have more resources, but may spend more (and therefore charge more) on marketing and overhead expenses.

    Name 2022 Loan Value 2023 Loan Value % Change 2023 Market Share
    SOMERSET TRUST COMPANY $35,265,000 $24,995,000 -29.1% 15.6%
    First National Bank of Pennsylvania $20,250,000 $12,555,000 -38.0% 7.8%
    FIRST PEOPLES COMMUNITY FEDERAL CREDIT UNION $7,285,000 $8,360,000 14.8% 5.2%
    1st Summit Bank $16,155,000 $8,170,000 -49.4% 5.1%
    PRIMELENDING, A PLAINSCAPITAL COMPANY $6,090,000 $7,715,000 26.7% 4.8%
    First Commonwealth Bank $17,270,000 $6,770,000 -60.8% 4.2%
    QUICKEN LOANS, LLC $9,070,000 $6,520,000 -28.1% 4.1%
    PNC Bank $7,775,000 $6,470,000 -16.8% 4.0%
    Slovenian Savings & Loan Association of Franklin-Conemaugh $4,865,000 $5,135,000 5.5% 3.2%
    S&T Bank $1,630,000 $4,510,000 176.7% 2.8%
    InFirst Bank $2,060,000 $4,130,000 100.5% 2.6%
    Mortgage Research Center, LLC $2,315,000 $3,750,000 62.0% 2.3%
    Wells Fargo Bank $6,460,000 $2,850,000 -55.9% 1.8%
    MOVEMENT MORTGAGE, LLC $285,000 $2,615,000 817.5% 1.6%
    Morgan Stanley Private Bank $2,475,000 n/a 1.5%
    Union Savings Bank $900,000 $2,310,000 156.7% 1.4%
    AmeriServ Financial Bank $2,950,000 $2,265,000 -23.2% 1.4%
    WEST PENN FINANCIAL SERVICE CENTER, INC. $395,000 $2,070,000 424.1% 1.3%
    Stifel Bank and Trust $1,965,000 n/a 1.2%
    PENNSYLVANIA STATE EMPLOYEES Credit Union $2,620,000 $1,870,000 -28.6% 1.2%
    WELCOME HOME FINANCE, L.P. $165,000 $1,640,000 893.9% 1.0%
    UNITED WHOLESALE MORTGAGE, LLC $3,180,000 $1,565,000 -50.8% 1.0%
    VANDERBILT MORTGAGE AND FINANCE, INC. $1,405,000 n/a 0.9%
    Citizens Bank $1,780,000 $1,400,000 -21.3% 0.9%
    Northwest Bank $705,000 $1,235,000 75.2% 0.8%
    NAVY FEDERAL CREDIT UNION $1,530,000 $1,215,000 -20.6% 0.8%
    NEXTIER BANK, NATIONAL ASSOCIATION $1,100,000 n/a 0.7%
    USSCO Federal Credit Union $1,065,000 n/a 0.7%
    HOWARD HANNA FINANCIAL SERVICES, INC. $880,000 $1,060,000 20.5% 0.7%
    PENTAGON FEDERAL CREDIT UNION $240,000 $1,055,000 339.6% 0.7%
    MidAtlantic Farm Credit, ACA $1,500,000 $975,000 -35.0% 0.6%
    Mars Bank $225,000 $780,000 246.7% 0.5%
    NEW DAY FINANCIAL, LLC $570,000 $770,000 35.1% 0.5%
    UTILITIES EMPLOYEES CREDIT UNION $315,000 $720,000 128.6% 0.4%
    Commercial Bank and Trust of PA $765,000 $665,000 -13.1% 0.4%
    Dollar Bank, Federal Savings Bank $1,300,000 $650,000 -50.0% 0.4%
    UNION HOME MORTGAGE CORP. $810,000 $640,000 -21.0% 0.4%
    USAA Federal Savings Bank $610,000 $600,000 -1.6% 0.4%
    CNB Bank $1,175,000 $545,000 -53.6% 0.3%
    CROSSCOUNTRY MORTGAGE, LLC $310,000 $545,000 75.8% 0.3%
    Mr. Cooper ( Nationstar Mortgage ) $1,255,000 $545,000 -56.6% 0.3%
    PLAZA HOME MORTGAGE, INC. $450,000 $540,000 20.0% 0.3%
    Clearview Federal Credit Union $425,000 $495,000 16.5% 0.3%
    ROYAL UNITED MORTGAGE LLC $180,000 $495,000 175.0% 0.3%
    AFFORDABLE MORTGAGE ADVISORS, LLC. $4,495,000 $480,000 -89.3% 0.3%
    Jersey Shore State Bank $140,000 $475,000 239.3% 0.3%
    GUARANTEED RATE, INC. $1,375,000 $465,000 -66.2% 0.3%
    NATIONS RELIABLE LENDING, LLC $85,000 $460,000 441.2% 0.3%
    Community Bank $395,000 $440,000 11.4% 0.3%
    STOCKTON MORTGAGE CORPORATION $440,000 n/a 0.3%
    Ixonia Bank $435,000 n/a 0.3%
    Meridian Bank Corporation $430,000 n/a 0.3%
    Wayne Bank $405,000 n/a 0.3%
    CARDINAL FINANCIAL $400,000 n/a 0.2%
    ZILLOW HOME LOANS, LLC $400,000 n/a 0.2%
    GUILD MORTGAGE COMPANY $305,000 $395,000 29.5% 0.2%
    HomePromise Corporation $395,000 n/a 0.2%
    JPMorgan Chase Bank $220,000 $395,000 79.5% 0.2%
    Ardent Federal Credit Union $385,000 n/a 0.2%
    LAKEVIEW LOAN SERVICING, LLC $330,000 $375,000 13.6% 0.2%
    Flagstar Bank, FSB $625,000 $360,000 -42.4% 0.2%
    Equity Prime Mortgage LLC $150,000 $355,000 136.7% 0.2%
    TRIAD FINANCIAL SERVICES, INC. $430,000 $345,000 -19.8% 0.2%
    Bank of England $325,000 $340,000 4.6% 0.2%
    GUARANTEED RATE AFFINITY, LLC $975,000 $340,000 -65.1% 0.2%
    MICHIGAN MUTUAL, INC. $340,000 n/a 0.2%
    Washington Financial Bank $1,575,000 $335,000 -78.7% 0.2%
    JLB CORPORATION $315,000 n/a 0.2%
    Plains Commerce Bank $305,000 n/a 0.2%
    PENNYMAC LOAN SERVICES, LLC $1,775,000 $290,000 -83.7% 0.2%
    First United Corporation $920,000 $285,000 -69.0% 0.2%
    Middletown Valley Bank $275,000 n/a 0.2%
    21ST MORTGAGE CORPORATION $250,000 $270,000 8.0% 0.2%
    AMERICAN HERITAGE FCU $25,000 $265,000 960.0% 0.2%
    Pennian Bank $265,000 n/a 0.2%
    Prosperity Home Mortgage, LLC $265,000 n/a 0.2%
    LOANDEPOT.COM, LLC $1,305,000 $260,000 -80.1% 0.2%
    NBKC BANK $255,000 n/a 0.2%
    The Farmers National Bank of Canfield $255,000 n/a 0.2%
    Truist $770,000 $240,000 -68.8% 0.1%
    NORWICH COMMERCIAL GROUP, INC. $250,000 $235,000 -6.0% 0.1%
    Sandy Spring Bank $225,000 n/a 0.1%
    CMG MORTGAGE, INC. $475,000 $220,000 -53.7% 0.1%
    Victorian Finance, LLC $210,000 $215,000 2.4% 0.1%
    Carrington Mortgage Services, LLC $210,000 n/a 0.1%
    EQUITY RESOURCES, INC. $350,000 $210,000 -40.0% 0.1%
    Charles Schwab Bank, SSB $205,000 n/a 0.1%
    CONTOUR MORTGAGE CORPORATION $205,000 n/a 0.1%
    TD Bank $205,000 n/a 0.1%
    HOMESIDE FINANCIAL, LLC $970,000 $190,000 -80.4% 0.1%
    Mid Penn Bank $190,000 n/a 0.1%
    MUTUAL OF OMAHA MORTGAGE, INC. $1,100,000 $190,000 -82.7% 0.1%
    FIDELITY DIRECT MORTGAGE, LLC $185,000 n/a 0.1%
    FREEDOM MORTGAGE CORPORATION $975,000 $185,000 -81.0% 0.1%
    Fulton Bank $315,000 $185,000 -41.3% 0.1%
    SUN WEST MORTGAGE COMPANY, INC. $185,000 n/a 0.1%
    The Federal Savings Bank $490,000 $175,000 -64.3% 0.1%
    HOMESPIRE MORTGAGE CORPORATION $665,000 $165,000 -75.2% 0.1%
    STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED $165,000 $165,000 0.0% 0.1%
    BAY EQUITY LLC $155,000 n/a 0.1%
    Barrington Bank & Trust Company, N.A. $195,000 $145,000 -25.6% 0.1%
    Integrity Home Mortgage Corp $225,000 $145,000 -35.6% 0.1%
    MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION $145,000 n/a 0.1%
    Bank of America $140,000 $135,000 -3.6% 0.1%
    EVERETT FINANCIAL, INC. $125,000 n/a 0.1%
    PIKE CREEK MORTGAGE SERVICES, INC. $125,000 n/a 0.1%
    ANGEL OAK HOME LOANS LLC $115,000 n/a 0.1%
    EMM LOANS LLC $540,000 $105,000 -80.6% 0.1%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $230,000 $105,000 -54.3% 0.1%
    First Federal Savings and Loan Association of Greene Co $55,000 $105,000 90.9% 0.1%
    SOUTHWEST STAGE FUNDING, LLC $105,000 n/a 0.1%
    AMERISAVE MORTGAGE CORPORATION $315,000 $95,000 -69.8% 0.1%
    M&T Bank $415,000 $95,000 -77.1% 0.1%
    NASA Federal Credit Union $75,000 $85,000 13.3% 0.1%
    TOP FLITE FINANCIAL, INC. $85,000 n/a 0.1%
    Blair County FCU $75,000 n/a 0.0%
    BROKER SOLUTIONS, INC. $75,000 n/a 0.0%
    C-B-W Schools Federal Credit Union $75,000 n/a 0.0%
    DRAPER AND KRAMER MORTGAGE CORP. $75,000 n/a 0.0%
    Hometown Bank of Pennsylvania $805,000 $75,000 -90.7% 0.0%
    Figure Lending LLC $45,000 $70,000 55.6% 0.0%
    Coastal Community Bank $65,000 n/a 0.0%
    Discover Bank $180,000 $65,000 -63.9% 0.0%
    ACT 1ST FCU $55,000 n/a 0.0%
    PHEPLE FCU $55,000 n/a 0.0%
    Bank of Charles Town $45,000 n/a 0.0%
    Centier Bank $45,000 n/a 0.0%
    CFSBANK $415,000 $45,000 -89.2% 0.0%
    CHESSIE $320,000 $35,000 -89.1% 0.0%
    CHROME Federal Credit Union $35,000 n/a 0.0%
    Compass Savings Bank $35,000 n/a 0.0%
    MEMBERS 1ST FEDERAL CREDIT UNION $85,000 $25,000 -70.6% 0.0%

    Somerset's top lender by overall market share is SOMERSET TRUST COMPANY, with 15.6% market share. In second place, with 7.8%, is First National Bank of Pennsylvania, having originated $12,555,000 in loans. In third place, with 5.2%, is FIRST PEOPLES COMMUNITY FEDERAL CREDIT UNION, having originated $8,360,000 in loans. In fourth place, with 5.1%, is 1st Summit Bank, having originated $8,170,000 in loans. In fifth place, with 4.8%, is PRIMELENDING, A PLAINSCAPITAL COMPANY, having originated $7,715,000 in loans.

    Somerset Housing Market Trends (Median, Average Prices & Listing Count)

    Realtor.com - Somerset (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $168,000 (-4.0%) $230,576 (-0.1%) 0.00 450
    2018-02-01 $167,400 (-4.3%) $231,383 (-0.5%) 0.00 439
    2018-03-01 $169,000 (-0.2%) $237,756 (3.0%) 0.00 464
    2018-04-01 $169,000 (-2.3%) $235,451 (2.8%) 0.00 470
    2018-05-01 $160,438 (-7.9%) $230,871 (0.8%) 0.00 466
    2018-06-01 $164,950 (-5.7%) $237,209 (4.0%) 0.00 466
    2018-07-01 $164,250 (-8.7%) $231,818 (-2.8%) 0.00 478
    2018-08-01 $165,000 (-5.7%) $227,874 (-4.7%) 0.00 471
    2018-09-01 $169,900 (-2.9%) $228,640 (-5.6%) 0.00 482
    2018-10-01 $169,900 (-2.7%) $229,109 (-4.0%) 0.00 472
    2018-11-01 $169,450 (1.8%) $231,365 (1.6%) 0.00 446
    2018-12-01 $169,900 (3.0%) $229,930 (1.4%) 0.00 430
    2019-01-01 $176,000 (4.8%) $236,844 (2.7%) 0.00 392
    2019-02-01 $176,000 (5.1%) $239,073 (3.3%) 0.00 369
    2019-03-01 $174,229 (3.1%) $231,961 (-2.4%) 0.00 367
    2019-04-01 $173,329 (2.6%) $227,677 (-3.3%) 0.00 372
    2019-05-01 $172,450 (7.5%) $233,980 (1.4%) 0.00 380
    2019-06-01 $175,000 (6.1%) $232,272 (-2.1%) 0.00 393
    2019-07-01 $174,250 (6.1%) $234,217 (1.0%) 0.00 405
    2019-08-01 $169,600 (2.8%) $229,574 (0.8%) 0.00 409
    2019-09-01 $163,750 (-3.6%) $226,243 (-1.1%) 0.00 406
    2019-10-01 $158,100 (-7.0%) $224,140 (-2.2%) 0.00 400
    2019-11-01 $159,900 (-5.6%) $226,659 (-2.0%) 0.00 379
    2019-12-01 $166,350 (-2.1%) $230,623 (0.3%) 0.00 356
    2020-01-01 $167,025 (-5.1%) $230,725 (-2.6%) 0.00 332
    2020-02-01 $168,500 (-4.3%) $232,538 (-2.7%) 0.00 331
    2020-03-01 $169,900 (-2.5%) $235,513 (1.5%) 0.00 315
    2020-04-01 $169,950 (-2.0%) $242,261 (6.4%) 0.00 290
    2020-05-01 $179,000 (3.8%) $250,276 (7.0%) 0.00 277
    2020-06-01 $168,500 (-3.7%) $248,197 (6.9%) 0.00 303
    2020-07-01 $174,000 (-0.1%) $257,113 (9.8%) 0.00 275
    2020-08-01 $169,900 (0.2%) $260,197 (13.3%) 0.00 246
    2020-09-01 $179,450 (9.6%) $278,754 (23.2%) 0.00 217
    2020-10-01 $198,500 (25.6%) $295,310 (31.8%) 0.00 204
    2020-11-01 $210,500 (31.6%) $311,072 (37.2%) 0.00 190
    2020-12-01 $218,450 (31.3%) $323,820 (40.4%) 0.00 160
    2021-01-01 $219,000 (31.1%) $343,726 (49.0%) 0.00 133
    2021-02-01 $189,000 (12.2%) $344,724 (48.2%) 0.00 127
    2021-03-01 $222,400 (30.9%) $354,880 (50.7%) 0.00 113
    2021-04-01 $226,950 (33.5%) $350,906 (44.9%) 0.00 110
    2021-05-01 $218,950 (22.3%) $349,284 (39.6%) 0.00 105
    2021-06-01 $185,300 (10.0%) $368,101 (48.3%) 0.00 116
    2021-07-01 $183,750 (5.6%) $341,797 (32.9%) 0.00 132
    2021-08-01 $171,950 (1.2%) $323,915 (24.5%) 0.00 148
    2021-09-01 $162,450 (-9.5%) $327,213 (17.4%) 0.00 154
    2021-10-01 $162,400 (-18.2%) $285,738 (-3.2%) 0.00 145
    2021-11-01 $161,175 (-23.4%) $298,313 (-4.1%) 0.00 113
    2021-12-01 $154,950 (-29.1%) $318,989 (-1.5%) 0.00 108
    2022-01-01 $134,900 (-38.4%) $292,759 (-14.8%) 0.00 84
    2022-02-01 $120,000 (-36.5%) $254,247 (-26.3%) 0.00 74
    2022-03-01 $178,725 (-19.6%) $287,006 (-19.1%) 0.00 84
    2022-04-01 $209,950 (-7.5%) $311,726 (-11.2%) 0.00 79
    2022-05-01 $233,700 (6.7%) $310,113 (-11.2%) 0.00 85
    2022-06-01 $225,975 (22.0%) $314,196 (-14.6%) 0.00 98
    2022-07-01 $207,450 (12.9%) $333,900 (-2.3%) 0.00 100
    2022-08-01 $208,850 (21.5%) $352,910 (9.0%) 0.00 112
    2022-09-01 $224,000 (37.9%) $344,354 (5.2%) 0.00 116
    2022-10-01 $179,900 (10.8%) $322,976 (13.0%) 0.00 118
    2022-11-01 $167,625 (4.0%) $304,530 (2.1%) 0.00 119
    2022-12-01 $175,000 (12.9%) $302,983 (-5.0%) 0.00 104
    2023-01-01 $188,425 (39.7%) $328,067 (12.1%) 0.00 90
    2023-02-01 $204,000 (70.0%) $359,830 (41.5%) 0.00 80
    2023-03-01 $208,000 (16.4%) $352,206 (22.7%) 0.00 68
    2023-04-01 $219,000 (4.3%) $354,147 (13.6%) 0.00 80
    2023-05-01 $249,000 (6.6%) $395,172 (27.4%) 0.00 90
    2023-06-01 $275,000 (21.7%) $390,481 (24.3%) 0.00 104
    2023-07-01 $259,000 (24.9%) $443,716 (32.9%) 0.00 100
    2023-08-01 $243,500 (16.6%) $437,907 (24.1%) 0.00 108
    2023-09-01 $226,778 (1.2%) $423,768 (23.1%) 0.00 103
    2023-10-01 $231,664 (28.8%) $454,115 (40.6%) 0.00 109
    2023-11-01 $194,950 (16.3%) $400,210 (31.4%) 0.00 122
    2023-12-01 $215,000 (22.9%) $425,097 (40.3%) 0.00 109
    2024-01-01 $249,700 (32.5%) $424,412 (29.4%) 0.00 99
    2024-02-01 $240,975 (18.1%) $431,207 (19.8%) 0.00 91
    2024-03-01 $239,900 (15.3%) $393,113 (11.6%) 0.00 99
    2024-04-01 $237,450 (8.4%) $413,260 (16.7%) 0.00 112
    2024-05-01 $252,250 (1.3%) $405,880 (2.7%) 0.00 123
    2024-06-01 $285,000 (3.6%) $442,136 (13.2%) 0.00 135
    2024-07-01 $282,450 (9.1%) $387,050 (-12.8%) 0.00 149
    2024-08-01 $267,900 (10.0%) $381,011 (-13.0%) 0.00 146
    2024-09-01 $277,000 (22.2%) $401,575 (-5.2%) 0.00 151
    2024-10-01 $258,225 (11.5%) $406,027 (-10.6%) 0.00 158
    2024-11-01 $250,000 (28.2%) $393,113 (-1.8%) 0.00 154
    Somerset's median listing price for 2024-11-01 was $250,000, a difference of $55,050 (28.2%) versus the prior year and $-8,225 versus the prior month.

    Somerset's median listing price comes in at 0% of the national average.

    Somerset's average listing price for 2024-11-01 was $393,113, a difference of $-7,097 (-1.8%) versus the prior year and $-12,914 versus the prior month.

    For the 2024-11-01 period, Somerset had 154 MLS listings, a difference of -4 listings (-3%) versus the prior month and 32 listings (26%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Somerset (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,763 sqft
    2018-02-01 0 days 1,727 sqft
    2018-03-01 0 days 1,723 sqft
    2018-04-01 0 days 1,717 sqft
    2018-05-01 0 days 1,711 sqft
    2018-06-01 0 days 1,728 sqft
    2018-07-01 0 days 1,739 sqft
    2018-08-01 0 days 1,728 sqft
    2018-09-01 0 days 1,735 sqft
    2018-10-01 0 days 1,748 sqft
    2018-11-01 0 days 1,739 sqft
    2018-12-01 0 days 1,774 sqft
    2019-01-01 0 days 1,772 sqft
    2019-02-01 0 days 1,772 sqft
    2019-03-01 0 days 1,747 sqft
    2019-04-01 0 days 1,709 sqft
    2019-05-01 0 days 1,740 sqft
    2019-06-01 0 days 1,768 sqft
    2019-07-01 0 days 1,773 sqft
    2019-08-01 0 days 1,767 sqft
    2019-09-01 0 days 1,757 sqft
    2019-10-01 0 days 1,749 sqft
    2019-11-01 0 days 1,760 sqft
    2019-12-01 0 days 1,764 sqft
    2020-01-01 0 days 1,783 sqft
    2020-02-01 0 days 1,768 sqft
    2020-03-01 0 days 1,858 sqft
    2020-04-01 0 days 1,858 sqft
    2020-05-01 0 days 1,875 sqft
    2020-06-01 0 days 1,848 sqft
    2020-07-01 0 days 1,852 sqft
    2020-08-01 0 days 1,802 sqft
    2020-09-01 0 days 1,763 sqft
    2020-10-01 0 days 1,781 sqft
    2020-11-01 0 days 1,808 sqft
    2020-12-01 0 days 1,855 sqft
    2021-01-01 0 days 1,848 sqft
    2021-02-01 0 days 1,850 sqft
    2021-03-01 0 days 1,834 sqft
    2021-04-01 0 days 1,756 sqft
    2021-05-01 0 days 1,771 sqft
    2021-06-01 0 days 1,692 sqft
    2021-07-01 0 days 1,681 sqft
    2021-08-01 0 days 1,648 sqft
    2021-09-01 0 days 1,583 sqft
    2021-10-01 0 days 1,563 sqft
    2021-11-01 0 days 1,566 sqft
    2021-12-01 0 days 1,606 sqft
    2022-01-01 0 days 1,575 sqft
    2022-02-01 0 days 1,474 sqft
    2022-03-01 0 days 1,561 sqft
    2022-04-01 0 days 1,675 sqft
    2022-05-01 0 days 1,646 sqft
    2022-06-01 0 days 1,609 sqft
    2022-07-01 0 days 1,665 sqft
    2022-08-01 0 days 1,600 sqft
    2022-09-01 0 days 1,686 sqft
    2022-10-01 0 days 1,583 sqft
    2022-11-01 0 days 1,582 sqft
    2022-12-01 0 days 1,660 sqft
    2023-01-01 0 days 1,694 sqft
    2023-02-01 0 days 1,682 sqft
    2023-03-01 0 days 1,594 sqft
    2023-04-01 0 days 1,500 sqft
    2023-05-01 0 days 1,794 sqft
    2023-06-01 0 days 1,801 sqft
    2023-07-01 0 days 1,850 sqft
    2023-08-01 0 days 1,762 sqft
    2023-09-01 0 days 1,623 sqft
    2023-10-01 0 days 1,774 sqft
    2023-11-01 0 days 1,661 sqft
    2023-12-01 0 days 1,676 sqft
    2024-01-01 0 days 1,683 sqft
    2024-02-01 0 days 1,711 sqft
    2024-03-01 0 days 1,750 sqft
    2024-04-01 0 days 1,766 sqft
    2024-05-01 0 days 1,726 sqft
    2024-06-01 0 days 1,680 sqft
    2024-07-01 0 days 1,723 sqft
    2024-08-01 0 days 1,670 sqft
    2024-09-01 0 days 1,672 sqft
    2024-10-01 0 days 1,656 sqft
    2024-11-01 0 days 1,660 sqft
    Somerset's median listing age (time on market) for 2024-11-01 was 0 days.

    Somerset's median square footage for active listings during the 2024-11-01 period was 1,660 sqft. One year prior, the average listing was 1,661 sqft.

    Somerset, PA Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 579 $109,115,000 $188,454
    Refi 220 $21,010,000 $95,500
    Home Improvement 178 $12,740,000 $71,573
    Other 157 $9,925,000 $63,217
    Cash Out Refi 65 $7,865,000 $121,000

    Somerset's most frequently cited loan purpose was Home Purchase, with 579 originations. The 2nd most popular reason was Refi, with 220 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    6-7% 390 $62,170,000 $159,410
    5-6% 272 $34,090,000 $125,331
    7-8% 258 $36,270,000 $140,581
    Over 8% 99 $10,125,000 $102,273
    4-5% 52 $5,270,000 $101,346
    3-4% 16 $960,000 $60,000
    <2.5% 15 $745,000 $49,667
    2.5-3% 4 $430,000 $107,500

    During 2023, Somerset's most frequently originated rate bucket was 6-7%, with 390 originations.

    Loan Sizing (Somerset, PA MSA)

    Loan Size Originations Total Value Average Loan
    $100,000 or less 638 $32,910,000 $51,583
    $100k-200k 346 $48,910,000 $141,358
    $200k-400k 157 $41,355,000 $263,408
    $400k-600k 38 $18,000,000 $473,684
    $600k-1000k 13 $8,995,000 $691,923
    $Over $1MM 7 $10,485,000 $1,497,857

    Somerset's loan sizing saw the bucket of loans from $100,000 or less with 638 originations, totaling $32,910,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 395 $75,355,000 $190,772
    60-80% 224 $39,970,000 $178,438
    20-40% 183 $10,855,000 $59,317
    Under 20% 162 $5,480,000 $33,827
    40-60% 123 $15,845,000 $128,821
    Over 100% 12 $2,050,000 $170,833

    Somerset's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 395 originations, totaling $75,355,000 in origination value.