Pennington, NJ—08534
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Pennington, NJ
As of Oct '25, the median home price in Pennington, NJ is $674,000, 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 2.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $674,000 | 1.0% |
| Single Family | $703,000 | 1.0% |
| Condos | $483,000 | 1.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $468,000 | 3.8% |
3 Bed | $607,000 | 2.5% |
4 Bed | $870,000 | 1.8% |
| 5 Bed | $1,103,000 | 1.9% |
% of Housing Stock
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 |
% of Rental Stock
Property Listings — Pennington, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Pennington, NJ is 66. This is a increase of 38.0% 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 14.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $645,000 | 7.0% |
Listing Count | 56 | -14.0% |
| Listings as % of Homes | 0.8% | -14.0% |
Days on Market | 66 | 38.0% |
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% |
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% |
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% |
Loan Activity
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 |
Affordability — Pennington, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.3 |
| Median Home Price | $674,000 |
| Median Household Income | $180,000 |