$700,000
7.36 Acres
Land
Danielle Genovese, Listing Office: PremiumOne Realty
Is Pennington, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, Pennington has remained a Seller's Market.
Key Takeaway
Pennington is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Pennington, NJ
How much do homes in Pennington, NJ cost?
Median Sold Price
$600,000
$294/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$20,000(-3.2%)
Key Takeaway
Homes in Pennington have sold for 3.2% less than they did a year ago.
Summary: The median home sold price in Pennington was $600,000 in November 2024, down 3.2% from last year, and the median price per square foot was $294.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $174K | $840K | +382.8% |
| 2 Bedrooms | $381.7K | $435K | +13.9% |
| 3 Bedrooms | $500K | $562.5K | +12.5% |
| 4 Bedrooms | $775K | $830.5K | +7.2% |
| 5+ Bedrooms | $1.1M | $996K | -9.5% |
Summary: Pennington housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 382.8%, 2 bedroom homes increased by 13.9%, 3 bedroom homes increased by 12.5%, 4 bedroom homes increased by 7.2%, and 5+ bedroom homes decreased by 9.5%.
Median Sold Price Compared To Nearby Cities
| Hopewell Township | $620K | $625K | +0.8% |
| Pennington | $620K | $600K | -3.2% |
Housing Supply in Pennington, NJ
How many homes are available in Pennington, NJ?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 64 | 59 | -7.8% |
Summary: The Pennington real estate market had 59 homes for sale in November 2024, a 7.8% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 10 | 10 | 0.0% |
| 3 Bedrooms | 25 | 24 | -4.0% |
| 4 Bedrooms | 19 | 15 | -21.1% |
| 5+ Bedrooms | 9 | 9 | 0.0% |
Summary: The Pennington housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 4%, 4 bedroom homes decreased by 21.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 15 | 11 | -26.7% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Pennington, you could pay more than the asking price. 54.5% of homes here sold above asking price last month.
Summary: A total of 11 homes were sold or pending in Pennington in November 2024, down by 26.7% month-over-month. Of the 11 sold homes, 36% were sold under asking, 9% were sold at asking, and 55% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 41 Days | 33 Days | -20.5% |
Summary: Homes in Pennington had an average of 33 days on market in Nov 2024, down by 20.5% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
5 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 November 2024, 11 homes were sold in Pennington; 45% of homes were sold within 30 days, 45% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
