Pennington, NJ housing market
The typical Pennington home is worth about $680,000, up 1.6% in a year, 17% above the New Jersey typical home.
Home values, sales, trends and how Pennington compares with the towns next door — updated as new data is published.
Pennington at a glance
Only 3 sales in April 2026: in a market this size, monthly medians swing a lot, so the typical value above is the steadier guide.
Typical home value, 2016–2026
Show as a table
| January | Pennington | New Jersey |
|---|---|---|
| 2017 | $449,000 | $317,000 |
| 2018 | $457,000 | $330,000 |
| 2019 | $459,000 | $343,000 |
| 2020 | $454,000 | $358,000 |
| 2021 | $478,000 | $394,000 |
| 2022 | $536,000 | $441,000 |
| 2023 | $585,000 | $471,000 |
| 2024 | $635,000 | $511,000 |
| 2025 | $670,000 | $551,000 |
| 2026 | $679,000 | $568,000 |
| August 2026 | $680,000 | $580,000 |
1 new home permitted in 2025
Builders were permitted 1 new home in Pennington in 2025. That's 0.4 per 1,000 residents, slower than across New Jersey (3.1). Over the past 10 years, Pennington has permitted 142 homes in all.
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, Pennington gained 217 residents while 55 new homes were permitted: about 3.9 new residents per new home. Population grew faster than building, so existing homes filled up: a sign of tight supply. Across New Jersey: 2 new residents per new home.
Residents: U.S. Census Bureau, 2010 and 2020 censuses. New homes: permits issued 2010–2019.
Show as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 1 | 1 | 0 | $84,000 |
| 2025 | 1 | 1 | 0 | $347,000 |
| 2024 | 1 | 1 | 0 | $174,000 |
| 2023 | 2 | 2 | 0 | $2.2 million |
| 2022 | 4 | 4 | 0 | $566,000 |
| 2021 | 39 | 39 | 0 | $5.5 million |
| 2020 | 42 | 42 | 0 | $5.9 million |
| 2019 | 8 | 0 | 8 | $778,000 |
| 2018 | 33 | 26 | 7 | $4.8 million |
| 2017 | 12 | 0 | 12 | $1.9 million |
| 2016 | 0 | 0 | 0 | — |
| 2015 | 0 | 0 | 0 | — |
| 2014 | 0 | 0 | 0 | — |
| 2013 | 0 | 0 | 0 | — |
| 2012 | 0 | 0 | 0 | — |
| 2011 | 2 | 2 | 0 | $682,000 |
| 2010 | 0 | 0 | 0 | — |
| 2009 | 2 | 2 | 0 | $708,000 |
| 2008 | 1 | 1 | 0 | $200,000 |
| 2007 | 1 | 1 | 0 | $275,000 |
| 2006 | 7 | 7 | 0 | $1.2 million |
| 2005 | 2 | 2 | 0 | $420,000 |
| 2004 | 3 | 3 | 0 | $972,000 |
| 2003 | 1 | 1 | 0 | $400,000 |
| 2002 | 0 | 0 | 0 | — |
| 2001 | 1 | 1 | 0 | $116,000 |
| 2000 | 3 | 3 | 0 | $380,000 |
How Pennington ranks on new homes being built →
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey, through August 2026.
3.5 years of income
The typical Pennington home costs about 3.5 years of the town's median household income, less than across New Jersey (5.6 years).
How Pennington ranks on affordability →
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $2,520
HUD's Fair Market Rent for a two-bedroom in Pennington is $2,520 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Pennington pay a median of $1,886, so moving in tends to cost more than staying put. A two-bedroom takes about 16% of the town's median household income.
Studio $1,740 · 4 bedrooms $3,450
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (08534; Trenton-Princeton, NJ MSA), weighted by land area. A Fair Market Rent is the 40th-percentile rent plus utilities for a standard unit. Median rent: U.S. Census Bureau, American Community Survey.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, August 2026. Sales, days on market and supply: Redfin Data Center, April 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.