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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Princeton, 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 Q3 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (latest available). Updated annually.

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

Princeton, NJ Housing Market Trends

With a population of 30,377, 9,120 total housing units (homes and apartments), and a median house value of $1,247,619, Princeton house prices are not only among the most expensive in New Jersey, Princeton real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Princeton, accounting for 52.66% of the city's housing units. Other types of housing that are prevalent in Princeton include large apartment complexes or high rise apartments ( 20.92%), row houses and other attached homes ( 17.55%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 8.85%).

The most prevalent building size and type in Princeton are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 47.14% owning and 52.86% renting.

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. Princeton's housing was primarily built during this period, from the '40s through the '60s. A full 34.23% of the city's housing hails from this era. Other housing ages represented in Princeton include homes built between 1970-1999 ( 23.30%) and housing constructed before 1939 ( 22.28%). There's also some housing in Princeton built between 2000 and later ( 20.18%).

Vacant housing appears to be an issue in Princeton. Fully 10.90% of the housing stock is classified as vacant. Left unchecked, vacant Princeton homes and apartments can be a drag on the real estate market, holding Princeton 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.

Princeton Home Appreciation Rates

Princeton's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Princeton during the period has been just 5.25%, which is lower than 70% of US communities.

Appreciation rates are so strong in Princeton that despite a nationwide downturn in the housing market, Princeton real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Princeton appreciation rates continue to be some of the highest in America, at 8.96%, which is higher than appreciation rates in 92.73% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Princeton. Princeton appreciation rates in the latest quarter were at 3.82%, which equates to an annual appreciation rate of 16.16%.

Relative to New Jersey, our data show that Princeton's latest annual appreciation rate is higher than 90% 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 city. Individual neighborhoods within Princeton differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Princeton - 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 Princeton real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$1,247,619

Princeton, NJ Home Prices
> $1,395,000
$1,046,001 - $1,395,000
$697,001 - $1,046,000
$558,001 - $697,000
$418,001 - $558,000
$279,001 - $418,000
$139,001 - $279,000
$70,001 - $139,000
$0 - $70,000
38.8%
38.8%
29.3%
29.3%
24.7%
24.7%
1.2%
1.2%
1.9%
1.9%
1.2%
1.2%
2.2%
2.2%
0.1%
0.1%
0.7%
0.7%
0% 100.0%
% of Homes
Very High

for New jersey

Very High

for nation

Number of Homes And Apartments:

9,120

Princeton Appreciation Rates

Rent & Ownership

Average Market Rent:

$4,123 / per month

Homeownership Rate

Owners
Renters
Vacant
47.1%
47.1%
52.9%
52.9%
10.9%
10.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
20.2%
20.2%
23.3%
23.3%
34.2%
34.2%
22.3%
22.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
52.7%
52.7%
17.5%
17.5%
8.9%
8.9%
20.9%
20.9%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
5.5%
5.5%
13.3%
13.3%
18.2%
18.2%
21.9%
21.9%
25.6%
25.6%
15.5%
15.5%
0% 100.0%
% of Homes