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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 4,945, 1,720 total housing units (homes and apartments), and a median house value of $110,266, house prices in Penns Grove are solidly below the national average.
Single-family detached homes are the single most common housing type in Penns Grove, accounting for 45.84% of the borough's housing units. Other types of housing that are prevalent in Penns Grove include row houses and other attached homes ( 22.07%), large apartment complexes or high rise apartments ( 18.31%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 13.15%).
Penns Grove is dominated by renter-occupied one, two, or no bedrooms apartments. 66.75% of Penns Grove's dwellings are rentals.
The housing in Penns Grove was primarily built before 1939 ( 40.82%), making the housing stock in Penns Grove some of the oldest overall in America, although there is a range of ages of homes in Penns Grove. The next most important housing age is between 1940-1969 ( 40.62%), followed by between 1970-1999 ( 17.58%).
Vacant housing appears to be an issue in Penns Grove. Fully 16.22% of the housing stock is classified as vacant. Left unchecked, vacant Penns Grove homes and apartments can be a drag on the real estate market, holding Penns Grove real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Homes have actually lost value in Penns Grove over the last then years, as home values have seen a decline of 26.34% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Penns Grove home appreciation rates at 0.08%, which equates to an annual appreciation rate of 0.32%.
NeighborhoodScout's data show that during the latest twelve months, Penns Grove's appreciation rate, at 4.23%, has been at or slightly above the national average. In the latest quarter, Penns Grove's appreciation rate has been 0.08%, which annualizes to a rate of 0.32%.
Relative to New Jersey, our data show that Penns Grove's latest annual appreciation rate is higher than 70% of the other cities and towns in New Jersey.
One very important thing to keep in mind is that these are average appreciation rates for the borough. Individual neighborhoods within Penns Grove differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Penns Grove - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Penns Grove real estate investment or home purchase decisions.
|$737,001 - $982,000||2.9|
|$491,001 - $737,000||1.9|
|$393,001 - $491,000||0.6|
|$294,001 - $393,000||2.4|
|$196,001 - $294,000||5.1|
|$98,001 - $196,000||47.0|
|$49,001 - $98,000||28.4|
|$0 - $49,000||11.8|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Penns Grove HOMES|
|2000 or Newer||1.0|
|1970 - 1999||17.6|
|1940 - 1969||40.6|
|1939 or Older||40.8|
|TYPE OF Penns Grove HOMES|
|Small Apt. Buildings||13.2|
|SIZE OF Penns Grove HOMES|
|5 or more bedrooms||2.05|