Pennington, NJ 08534 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Pennington, NJ—08534

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$666,000

1.0% YoY Growth

Household Income

$180,000

39.2% YoY Growth

Days on Market

1.0% Longer YoY

Home Price Forecast

2.6%

Median Rent

$2,900

16.8% YoY Growth

1-Bed Rent

$1,850

0.5% YoY Growth

2-Bed Rent

$2,700

0.7% YoY Growth

3-Bed Rent

$3,400

5.2% YoY Growth

Home Price Trends — Pennington, NJ

As of Dec '25, the median home price in Pennington, NJ is $666,000, with a year-over-year change of 1.0%. This indicates that home prices in Pennington, NJ are flat. According to Zillow, the 1-year price projection is 2.6%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$666,000	1.0%
Single Family	$695,000	0.9%
Condos	$473,000	0.9%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Pennington, NJ

As of July '25, Rentcast reports the average rent in Pennington, NJ is $3,080, with a year-over-year rent change of -16.8%. Per bedroom, the median rent as of July '25 in Pennington, NJ is 1-bedrooms: $1,860, 2-bedrooms: $2,740, 3-bedrooms: $3,460, 4-bedrooms: $5,250. The most common rental property sizes in Pennington, NJ are 1-bedroom and 3-bedroom, accounting for 34.7% and 28.1% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$2,900	$3,080
Studio Rent	N/A	N/A
1 Bed Rent	$1,850	$1,860
2 Bed Rent	$2,700	$2,740
3 Bed Rent	$3,400	$3,460
4 Bed Rent	$4,700	$5,250

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% of Rental Stock

Studio

5.0%

1 Bedroom

34.7%

2 Bedrooms

17.6%

3 Bedrooms

28.1%

4 Bedrooms

6.7%

5+ Bedrooms

7.9%

Property Listings — Pennington, NJ

As of Dec '25, Realtor.com reports that the median days on market for a home in Pennington, NJ is 51. This is a increase of 39.0% 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 20.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$596,000	0.0%
Listing Count	44	-16.0%
Listings as % of Homes	0.8%	-16.0%
Days on Market	45	1.0%

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Demographics — Pennington, NJ

As of the latest ACS Survey released in 2023, Pennington, NJ has a population of 13,200, which has remained stable by 0.1% over the past 5 years. Pennington, NJ is a popular place for families, as children make up 26.8% of the population. The area has a highly educated workforce, with 71.9% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 33.1% reporting working from home.

Metric	Latest Census	YoY % Change
Population	13,200	0.1%
% Under 18	26.8%	16.0%
% Seniors	17.3%	-5.5%
% WFH	33.1%	192.9%
% w/ College Degree	71.9%	-1.1%

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As of the latest ACS Survey released in 2023, Pennington, NJ is a predominantly white area, with 74.3% of the population identifying as white. The white population has shrunk by 6.4% in the last 5 years. The second most common race or ethnicity in Pennington, NJ is asian, making up 18.5% of the population. Foreign-born residents account for 17.1% of the population in Pennington, NJ, and this percentage has increased by 47.4% 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	74.3%	-6.4%
% Black	1.0%	-56.5%
% Hispanic	3.0%	-44.4%
% Asian	18.5%	68.2%
% Foreign Born	17.1%	47.4%

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Mortgage and Risk — Pennington, NJ

According to HUD data as of 2023, there were 153 mortgage originations in Pennington, NJ, of which 98.0% of loans were conventional mortgages. The average loan-to-value was 57.0%, with 11.0% above 90% LTV (elevated). This implies medium mortgage risk in Pennington, NJ. Investor activity is low, as 1.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	153
% Conventional Loans	98.0%
% Government Loans	2.0%
% Investor Loans	1.0%
% Second Loans	1.0%
% Cash Out Refinance	7.0%

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Rentals and Section 8 — Pennington, NJ

As of 2024, the percent of homes in Pennington, NJ under the Section 8 program is 3.7%. 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. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Pennington, NJ, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.

Section 8 Market Size

Total Units under HUD	34
Total Units Section 8	34
% Rentals under Section 8	3.7%
% Occupied Section 8	100.0%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$200	$1,850	$2,050
2 Bedroom	-$110	$2,700	$2,590
3 Bedroom	-$280	$3,400	$3,120
4 Bedroom	-$1,190	$4,700	$3,510

Pennington, NJ—08534

Key Metrics at a Glance

Home Price Trends — Pennington, NJ

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Pennington, NJ

% of Rental Stock

Property Listings — Pennington, NJ

Demographics — Pennington, NJ

Race and Ethnicity

Mortgage and Risk — Pennington, NJ

Mortgages

Rentals and Section 8 — Pennington, NJ

Section 8 Market Size

Section 8 Opportunity

Affordability — Pennington, NJ

Home Price to Income Ratio

Pennington, NJ — ZIP Code Boundary Map

Nearby ZIP Codes

Titusville, NJ

Hopewell, NJ

Ewing, NJ

Ewing, NJ

Trenton, NJ

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.2
Median Home Price	$666,000
Median Household Income	$180,000

Pennington, NJ—08534

Key Metrics at a Glance

Home Price Trends — Pennington, NJ

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Pennington, NJ

% of Rental Stock

Property Listings — Pennington, NJ

Demographics — Pennington, NJ

Race and Ethnicity

Mortgage and Risk — Pennington, NJ

Mortgages

Rentals and Section 8 — Pennington, NJ

Section 8 Market Size

Section 8 Opportunity

Affordability — Pennington, NJ

Home Price to Income Ratio

Pennington, NJ — ZIP Code Boundary Map

Nearby ZIP Codes

Titusville, NJ

Hopewell, NJ

Ewing, NJ

Ewing, NJ

Trenton, NJ

Frequently Asked Questions

What is the average home price in Pennington, NJ 08534?

How have home prices in Pennington, NJ 08534 changed over the past year?

What is the home price projection for Pennington, NJ 08534?

What are the demographics of Pennington, NJ 08534?

How long does it take homes to sell in Pennington, NJ 08534?

What is the average rent price in Pennington, NJ 08534?