Pennington, NJ Real Estate Market

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 Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Pennington, NJ Housing Market Trends

With a population of 2,576, 988 total housing units (homes and apartments), and a median house value of $595,787, 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 66.51% of the borough's housing units. Other types of housing that are prevalent in Pennington include large apartment complexes or high rise apartments ( 15.64%), row houses and other attached homes ( 13.15%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.70%).

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 71.47% of Pennington's homes, and 58.64% 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 ( 33.88%). A lesser amount of the housing stock also hails from between 1940-1969 ( 22.36%). There's also some housing in Pennington built between 2000 and later ( 4.32%).

Pennington Home Appreciation Rates

Pennington's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Pennington during the period has been just 1.92%, which is lower than 70% of US communities.

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 4.49%, 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 2.36%, which equates to an annual appreciation rate of 9.78%.

Relative to New Jersey, our data show that Pennington's latest annual appreciation rate is higher than 60% of the other cities and towns in New Jersey.

Average Home Values

 

Median Home Value:
$595,787

Pennington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
67.64% 2.49%
4
5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,356 / per month

Homeownership Rate

Owners
71.5%
71.5%
Renters
28.5%
28.5%
Vacant
5.2%
5.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
4.3%
4.3%
1970 - 1999
39.4%
39.4%
1940 - 1969
22.4%
22.4%
1939 or Older
33.9%
33.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
66.5%
66.5%
Townhomes
13.1%
13.1%
Small Apt. Buildings
4.7%
4.7%
Apt. Complexes
15.6%
15.6%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
6.7%
6.7%
1 Bedroom
10.7%
10.7%
2 Bedrooms
16.0%
16.0%
3 Bedrooms
26.2%
26.2%
4 Bedrooms
32.4%
32.4%
5 or more bedrooms
8.0%
8.0%
0.0% 100.0%
% OF HOMES