Comparative Market Analysis
6 Monroe Street
Somerville · New Jersey · 08876 · Somerset County
Overview
Subject Property
Market Data
Comparable Sales
Time Adjustment
Market Appreciation Analysis
Appreciation rate applied: ~0.5%/month based on Somerset County / Somerville Borough single-family market trends. Every comp sold over its asking price, confirming strong demand in this market. All adjustments are analytical estimates only.
Analysis
Adjusted Valuation
| Base value — appreciation-adjusted average of all four comps | ~$501,000 |
| No garage adjustment — subject has no garage; Comps 2 & 3 both have detached garages | −$18,000 |
| Bath adjustment — subject has 1 bath; Comp 2 has 2 full baths | −$10,000 |
| Renovation age — subject last updated 2007; Comps 2 & 3 renovated 2021–2025 | −$20,000 |
| Basement advantage — subject has full basement vs. Comps 1 & 4 with no basement | +$10,000 |
| Lot premium — subject 60x100 is larger than Comps 2, 3 & 4 (50x100, 55x100) | +$5,000 |
| Market momentum — all 4 comps sold over asking price; Somerville demand remains strong | +$5,000 |
| Comp 4 floor check — 2-bed/no basement/no garage sold $483K adjusted; subject is superior on all counts | — |
| Estimated Market Value Range | $450,000 – $490,000 |
Qualifications
Notes & Considerations
Every Single Comp Sold Over Asking — Somerville Borough Is a Seller’s Market
This is not a trend, it is a pattern — and it matters for pricing strategy. Comp 1 sold $16,000 over asking. Comp 2 sold $20,000 over asking. Comp 3 received Highest and Best offers and sold $22,000 over asking. Comp 4 sold $12,000 over asking. Somerville Borough is a highly desirable community with walkable access to downtown dining, the train station (with service to NYC), top employers including Robert Wood Johnson Hospital, and a strong public school system. This demand is real and consistent. Pricing at $469,000 is designed to tap into that buyer competition and generate offers above list price.
The Garage Gap — Its Impact and How to Offset It
The subject property has no garage, while Comps 2 and 3 each had a detached garage — a feature that commands a meaningful premium among Somerville buyers who commute and value additional storage. This is the single most significant adjustment in the valuation and is responsible for positioning the subject below those two comps. The subject’s full basement partially compensates for this gap by providing the storage and workspace functionality that a garage would otherwise serve. Highlighting the basement’s potential in marketing copy — workshop, gym, home office, rec room — will help offset buyer hesitation on this point.
Renovation Age — The Most Controllable Variable Before Listing
The subject’s renovation dates to 2007 — nearly 20 years ago. Comps 2 and 3 were renovated in 2021 and 2025 respectively, and those fresh finishes were clearly rewarded by buyers. The gap in renovation recency is reflected in the $20,000 downward adjustment in this analysis. However, this is the most controllable factor before listing. Strategic pre-listing updates — kitchen cabinet refinishing, fresh bathroom fixtures, new countertops, fresh interior paint, and modern lighting — could close this gap meaningfully and push the justified list price toward the upper end of the recommended range or beyond. The cost-to-value ratio for cosmetic updates in this market is favorable.
Comp 4 Confirms the Absolute Floor
The $462,000 sale at 39 Madison Street is the most important reference for understanding the floor of this market. That home is a 2-bedroom, no-basement, no-garage ranch — meaningfully inferior to the subject in every functional category. Appreciation-adjusted to approximately $483,000 today, it confirms that even the most modest ranch in Somerville Borough now trades in the high-$400,000s. The subject at 6 Monroe Street — with 3 bedrooms, a full basement, and a larger lot — is unambiguously worth more than this comp and should price accordingly above it.
This Comparative Market Analysis is prepared for informational purposes and reflects market data available as of August 2026. Market conditions change and individual property features may affect final value. This analysis does not constitute a formal appraisal. All appreciation estimates are based on general market trends and are not guaranteed. Information sourced from Garden State MLS and public records. © 2026 ProLegacy Realty LLC · Jamie Martin Kline · Lic# 1647030
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