Princeton Housing Market Bucks Trend Of Declining Property Values In N.J.

Princeton, NJ -- Plummeting property values?

Not in Princeton.

While much of New Jersey’s housing market is dropping like a rock following the Great Recession of 2010, Princeton’s property values are up by 24.39 percent, according to the map below provided by NJ Spotlight.
Compare that to a 19 percent decrease in property values in Stafford Township - Manahawkin - in Ocean County, for instance, and it’s clear Princeton is doing better than most.

(Coincidentally, Ocean County and many towns along the Jersey Shore are recovering from 2012’s Superstorm Sandy, resulting in many of the poor numbers in that area.)

On the map, green is good, tan is mediocre and brown is bad. Of course, Princeton is green.

About 31.4 percent of Princeton’s homes are valued at more than $1 million, and the median home value is $708,300.

Out of 10,358 housing units in Princeton, 58.8 percent are owned and 41.2 percent are rented. The median monthly cost for a mortgaged home is $3,941, and the median cost for a home without a mortgage is $1,500+. The average renter owes $1,291 a month.

Nearby Cranbury Township is also in the green, with a property value increase of about 9.62 percent, but many surrounding towns find themselves in the tan or brown categories.

This is more reflective of what is happening statewide.

The median decline in residential values in New Jersey was close to 11 percent, according to the 2015 American Community Survey data released last week and published on NJ Spotlight.

The reports said the typical home in the state was valued at almost $316,000 when averaged over the 2011-2015 period — 11.5 percent less than the 2006-2010 community survey estimate.

NJ Spotlight noted that 13 communities had a median home value of more than $1 million, with two of those — Alpine and Mantoloking — valued at more than $2 million. The lowest home value was in Camden, whose $84,600 estimate was below the $90,000 valuation in Winfield, the municipality with the second-lowest median value.

Here is the map. Run your cursor over it to find out the number of total housing units, the percentage of homes owned or rented, the median housing values, housing coasts and the 7-year changes. Also, click on the map and hold the cursor down to move the map so you can see everything.