Pitman, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Pitman Neighborhoods Since 2000




Pitman, 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

Pitman Housing Market Information

With 8,898 people, 3,402 houses or apartments, and a median cost of homes of $191,596, Pitman real estate values are some of the lowest in New Jersey, although compared to real estate around the nation, Pitman homes are still considered rather expensive.

Single-family detached homes are the single most common housing type in Pitman, accounting for 78.03% of the borough's housing units. Other types of housing that are prevalent in Pitman include large apartment complexes or high rise apartments ( 10.46%), duplexes, homes converted to apartments or other small apartment buildings ( 8.86%), and a few row houses and other attached homes ( 2.65%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Pitman. Owner-occupied housing accounts for 75.49% of Pitman's homes, and 62.42% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Pitman's housing was primarily built during this period, from the '40s through the '60s. A full 43.42% of the borough's housing hails from this era. Other housing ages represented in Pitman include homes built before 1939 ( 39.50%) and housing constructed between 1970-1999 ( 15.86%). There's also some housing in Pitman built between 2000 and later ( 1.22%).

Pitman Home Appreciation Rates

Homes have actually lost value in Pitman over the last then years, as home values have seen a decline of 22.91% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Pitman home appreciation rates at 0.08%, which equates to an annual appreciation rate of 0.32%.

Over the last year, Pitman appreciation rates have trailed the rest of the nation. In the last twelve months, Pitman's appreciation rate has been 0.68%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Pitman were at 0.08%, which equates to an annual appreciation rate of 0.32%.

Relative to New Jersey, our data show that Pitman's latest annual appreciation rate is lower than 80% of the other cities and towns in New Jersey.

Average Home Values

 

Median Home Value:
$191,596

Pitman, NJ HOME PRICES

Value Range
> $1,000,000 0.0
$750,001 - $1,000,000 0.0
$500,001 - $750,000 0.0
$400,001 - $500,000 0.9
$300,001 - $400,000 9.4
$200,001 - $300,000 31.2
$100,001 - $200,000 50.2
$50,001 - $100,000 3.9
$0 - $50,000 4.4

Very Low for NJ
High for Nation

Value Relative to Nation Value Relative to State
34.4251728583148 88.0081300813008

Number Of Homes And Apartments:
3,402

Pitman 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
31.29% 1.59% 2 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,205 / per month

Homeownership Rate

Homeownership
Owners 75.49
Renters 24.51
Vacant 8.08

Housing Market Details

 

Age of Homes

AGE OF Pitman HOMES
2000 or Newer 1.2
1970 - 1999 15.9
1940 - 1969 43.4
1939 or Older 39.5

Types of Homes

TYPE OF Pitman HOMES
Single-Family 78.0
Townhomes 2.6
Small Apt. Buildings 8.9
Apt. Complexes 10.5
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Pitman HOMES
No Bedroom 3.97
1 Bedroom 9.86
2 Bedrooms 18.91
3 Bedrooms 44.58
4 Bedrooms 17.83
5 or more bedrooms 4.84