menu
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.



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 Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (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 2,784 people, 1,138 houses or apartments, and a median cost of homes of $811,946, 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 67.41% of the borough's housing units. Other types of housing that are prevalent in Pennington include row houses and other attached homes ( 13.74%), large apartment complexes or high rise apartments ( 12.14%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.71%).

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 78.31% of Pennington's homes, and 59.11% 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 ( 31.55%). A lesser amount of the housing stock also hails from between 1940-1969 ( 27.32%). There's also some housing in Pennington built between 2000 and later ( 8.39%).

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 4.78%, which is lower than 80% of US communities.

Appreciation rates are so strong in Pennington that despite a nationwide downturn in the housing market, Pennington real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Pennington appreciation rates continue to be some of the highest in America, at 10.44%, which is higher than appreciation rates in 89.16% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Pennington. Pennington appreciation rates in the latest quarter were at 4.99%, which equates to an annual appreciation rate of 21.49%.

Importantly, this makes Pennington one of the highest appreciating communities in the nation for the latest quarter, and may signal the borough's near-future real estate investment strength.

Relative to New Jersey, our data show that Pennington's latest annual appreciation rate is lower than 50% of the other cities and towns in New Jersey.

Average Home Values

Median Home Value

$811,946

Pennington Appreciation Rates

Rent & Ownership

Average Market Rent:

$3,696 / per month

Homeownership Rate

Owners
Renters
78.3%
78.3%
21.7%
21.7%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
9.1%
9.1%
90.9%
90.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
8.4%
8.4%
32.7%
32.7%
27.3%
27.3%
31.5%
31.5%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
67.4%
67.4%
13.7%
13.7%
6.7%
6.7%
12.1%
12.1%
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
4.5%
4.5%
10.5%
10.5%
18.1%
18.1%
25.0%
25.0%
34.1%
34.1%
7.8%
7.8%
0% 100.0%
% of Homes