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 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

Princeton, NJ Housing Market Trends

With 31,187 people, 9,959 houses or apartments, and a median cost of homes of $1,028,022, 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 54.34% of the borough's housing units. Other types of housing that are prevalent in Princeton include row houses and other attached homes ( 18.38%), large apartment complexes or high rise apartments ( 17.08%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 10.16%).

The most prevalent building size and type in Princeton are three and four bedroom dwellings, chiefly found in single-family detached homes. The borough has a mixture of owners and renters, with 49.52% owning and 50.48% 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 36.07% of the borough's housing hails from this era. Other housing ages represented in Princeton include homes built between 1970-1999 ( 25.40%) and housing constructed before 1939 ( 25.32%). There's also some housing in Princeton built between 2000 and later ( 13.22%).

Princeton Home Appreciation Rates

Real estate appreciation rates in Princeton's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.67% during the period.

Over the last year, Princeton appreciation rates have trailed the rest of the nation. In the last twelve months, Princeton'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 Princeton were at 2.36%, which equates to an annual appreciation rate of 9.79%.

Relative to New Jersey, our data show that Princeton's latest annual appreciation rate is higher than 60% 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 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:
$1,028,022

Princeton, NJ HOME PRICES

> $1,136,000
38.3%
38.3%
$852,001 - $1,136,000
21.0%
21.0%
$568,001 - $852,000
28.6%
28.6%
$454,001 - $568,000
4.7%
4.7%
$341,001 - $454,000
2.9%
2.9%
$227,001 - $341,000
1.5%
1.5%
$114,001 - $227,000
1.8%
1.8%
$57,001 - $114,000
0.5%
0.5%
$0 - $57,000
0.6%
0.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for NJ

Value Relative To Nation

Number Of Homes And Apartments:
9,959

Princeton 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
97.55% 3.30%
8
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,488 / per month

Homeownership Rate

Owners
49.5%
49.5%
Renters
50.5%
50.5%
Vacant
9.5%
9.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
13.2%
13.2%
1970 - 1999
25.4%
25.4%
1940 - 1969
36.1%
36.1%
1939 or Older
25.3%
25.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
54.3%
54.3%
Townhomes
18.4%
18.4%
Small Apt. Buildings
10.2%
10.2%
Apt. Complexes
17.1%
17.1%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
5.1%
5.1%
1 Bedroom
12.6%
12.6%
2 Bedrooms
18.7%
18.7%
3 Bedrooms
22.7%
22.7%
4 Bedrooms
23.5%
23.5%
5 or more bedrooms
17.3%
17.3%
0.0% 100.0%
% OF HOMES