Pennington, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Pennington Neighborhoods Since 2000




Pennington, NJ Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Pennington Housing Market Information

With a population of 2,598, 1,042 total housing units (homes and apartments), and a median house value of $536,780, real estate costs in Pennington are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive New Jersey communities.

Single-family detached homes are the single most common housing type in Pennington, accounting for 68.67% of the borough's housing units. Other types of housing that are prevalent in Pennington include row houses and other attached homes ( 14.82%), large apartment complexes or high rise apartments ( 10.23%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.29%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Pennington. Owner-occupied housing accounts for 76.44% of Pennington's homes, and 61.26% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Pennington built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Pennington built before 1939 ( 30.21%). A lesser amount of the housing stock also hails from between 1940-1969 ( 24.30%). There's also some housing in Pennington built between 2000 and later ( 7.04%).

Pennington Home Appreciation Rates

Real estate appreciation rates in Pennington's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.64% during the period.

Over the last year, Pennington appreciation rates have trailed the rest of the nation. In the last twelve months, Pennington's appreciation rate has been 1.35%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Pennington were at -2.58%, which equates to an annual appreciation rate of -9.92%.

Notably, Pennington's appreciation rate in the latest quarter is one of the lowest in America.

Relative to New Jersey, our data show that Pennington's latest annual appreciation rate is lower than 70% of the other cities and towns in New Jersey.

Average Home Values

 

Median Home Value:
$536,780

Pennington, NJ HOME PRICES

Value Range
> $1,085,000 1.0
$814,001 - $1,085,000 15.4
$542,001 - $814,000 34.1
$434,001 - $542,000 15.7
$326,001 - $434,000 13.0
$217,001 - $326,000 15.2
$108,001 - $217,000 3.7
$54,001 - $108,000 0.0
$0 - $54,000 1.7

High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
4.98066330716044 21.7479674796748

Number Of Homes And Apartments:
1,042

Pennington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
51.46% 2.44% 5 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,855 / per month

Homeownership Rate

Homeownership
Owners 76.44
Renters 23.56
Vacant 2.25

Housing Market Details

 

Age of Homes

AGE OF Pennington HOMES
2000 or Newer 7.0
1970 - 1999 38.5
1940 - 1969 24.3
1939 or Older 30.2

Types of Homes

TYPE OF Pennington HOMES
Single-Family 68.7
Townhomes 14.8
Small Apt. Buildings 6.3
Apt. Complexes 10.2
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Pennington HOMES
No Bedroom 3.38
1 Bedroom 9.10
2 Bedrooms 19.42
3 Bedrooms 28.24
4 Bedrooms 33.02
5 or more bedrooms 6.85