Pitman, NJ—08071
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Pitman, NJ
As of Oct '25, the median home price in Pitman, NJ is $349,000, with a year-over-year change of 3.1%. This indicates that home prices in Pitman, NJ are increasing. According to Zillow, the 1-year price projection is 2.0%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $349,000 | 3.1% |
| Single Family | $351,000 | 2.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $256,000 | 2.8% |
3 Bed | $347,000 | 2.7% |
4 Bed | $418,000 | 2.7% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Pitman, NJ
As of July '25, Rentcast reports the average rent in Pitman, NJ is $2,060, with a year-over-year rent change of 14.4%. Per bedroom, the median rent as of July '25 in Pitman, NJ is studios: $1,590, 1-bedrooms: $1,820, 2-bedrooms: $1,800, 3-bedrooms: $2,430, 4-bedrooms: $2,690. The most common rental property sizes in Pitman, NJ are 1-bedroom and 2-bedroom, accounting for 39.8% and 38.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,850 | $2,060 |
| Studio Rent | $1,590 | $1,590 |
| 1 Bed Rent | $1,800 | $1,820 |
| 2 Bed Rent | $1,700 | $1,800 |
| 3 Bed Rent | $2,430 | $2,430 |
| 4 Bed Rent | $2,380 | $2,690 |
% of Rental Stock
Property Listings — Pitman, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Pitman, NJ is 31. This is a increase of 13.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 24.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $376,000 | 7.0% |
Listing Count | 34 | -10.0% |
| Listings as % of Homes | 0.2% | -10.0% |
Days on Market | 31 | 13.0% |
Demographics — Pitman, NJ
As of the latest ACS Survey released in 2023, Pitman, NJ has a population of 9,410, which has remained stable by -0.3% over the past 5 years. Pitman, NJ is a moderately popular place for families, as children make up 18.2% of the population. The area has a moderately educated workforce, with 44.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 13.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 9,410 | -0.3% |
% Under 18 | 18.2% | -10.3% |
% Seniors | 19.0% | 11.8% |
% WFH | 13.6% | 288.6% |
% w/ College Degree | 44.8% | 38.3% |
As of the latest ACS Survey released in 2023, Pitman, NJ is a predominantly white area, with 92.5% of the population identifying as white. The white population has grown by 1.8% in the last 5 years. The second most common race or ethnicity in Pitman, NJ is hispanic, making up 2.7% of the population. Foreign-born residents account for 4.4% of the population in Pitman, NJ, and this percentage has increased by 109.5% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 92.5% | 1.8% |
% Black | 2.4% | 14.3% |
% Hispanic | 2.7% | 3.8% |
% Asian | 1.5% | 36.4% |
% Foreign Born | 4.4% | 109.5% |
Mortgage and Risk — Pitman, NJ
According to HUD data as of 2023, there were 146 mortgage originations in Pitman, NJ, of which 84.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 22.0% above 90% LTV (very high). This implies large mortgage risk in Pitman, NJ. Investor activity is low, as 1.0% of loans were by investors. 19.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 146 |
% Conventional Loans | 84.0% |
% Government Loans | 16.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 19.0% |
Loan Activity
Rentals and Section 8 — Pitman, NJ
As of 2024, the percent of homes in Pitman, NJ under the Section 8 program is 1.0%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 2-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Pitman, NJ, because HUD payments exceed market rent, while 1-bedroom and 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 11 |
Total Units Section 8 | 10 |
% Rentals under Section 8 | 1.0% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$220 | $1,800 | $1,580 |
| 2 Bedroom | $180 | $1,700 | $1,880 |
| 3 Bedroom | -$160 | $2,430 | $2,270 |
| 4 Bedroom | $200 | $2,380 | $2,580 |
Affordability — Pitman, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3 |
| Median Home Price | $349,000 |
| Median Household Income | $97,200 |