Is Pennington, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Pennington was a Seller's Market.
Key Takeaway
Pennington is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Pennington, NJ
How much do homes in Pennington, NJ cost?
Median Sold Price
$615,175
$283/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Pennington have sold for 4% more than they did a year ago.
Summary: The median home sold price in Pennington was $615,175 in April 2024, up 4% from last year, and the median price per square foot was $283.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $174K | $360K | +106.9% |
| 2 Bedrooms | $395K | $393.8K | -0.3% |
| 3 Bedrooms | $485K | $550K | +13.4% |
| 4 Bedrooms | $767K | $770K | 0.4% |
| 5+ Bedrooms | $898.7K | $1.0M | +22.0% |
Summary: Pennington housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 106.9%, 2 bedroom homes decreased by 0.3%, 3 bedroom homes increased by 13.4%, 4 bedroom homes increased by 0.4%, and 5+ bedroom homes increased by 22%.
Median Sold Price Compared To Nearby Cities
| Hopewell Township | $567.7K | $622.5K | +9.6% |
| Pennington | $591.5K | $615.1K | +4.0% |
Housing Supply in Pennington, NJ
How many homes are available in Pennington, NJ?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 39 | 49 | +25.6% |
Summary: The Pennington real estate market had 49 homes for sale in April 2024, a 25.6% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 5 | 9 | +80.0% |
| 3 Bedrooms | 20 | 17 | -15.0% |
| 4 Bedrooms | 9 | 19 | +111.1% |
| 5+ Bedrooms | 5 | 4 | -20.0% |
Summary: The Pennington housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 80%, 3 bedroom homes decreased by 15%, 4 bedroom homes increased by 111.1%, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 11 | 6 | -45.5% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Pennington, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 6 homes were sold or pending in Pennington in April 2024, down by 45.5% month-over-month. Of the 6 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% were sold over asking.
Days on Market for Pennington, NJ
How long does it take to sell a home in Pennington, NJ?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 40 Days | 42 Days | +3.0% |
Summary: Homes in Pennington had an average of 42 days on market in Apr 2024, up by 3% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Pennington are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 6 homes were sold in Pennington; 50% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
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