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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Pitman, NJ Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Pitman, NJ Housing Market Trends

With 8,861 people, 3,670 houses or apartments, and a median cost of homes of $370,077, Pitman real estate values are some of the lowest in New Jersey, although compared to real estate around the nation, Pitman homes are still considered rather expensive.

Single-family detached homes are the single most common housing type in Pitman, accounting for 73.15% of the borough's housing units. Other types of housing that are prevalent in Pitman include large apartment complexes or high rise apartments ( 11.94%), duplexes, homes converted to apartments or other small apartment buildings ( 10.08%), and a few row houses and other attached homes ( 4.07%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Pitman. Owner-occupied housing accounts for 70.29% of Pitman's homes, and 53.88% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Pitman's housing was primarily built during this period, from the '40s through the '60s. A full 42.20% of the borough's housing hails from this era. Other housing ages represented in Pitman include homes built before 1939 ( 41.28%) and housing constructed between 1970-1999 ( 14.05%). There's also some housing in Pitman built between 2000 and later ( 2.47%).

Pitman Home Appreciation Rates

Real estate appreciation rates in Pitman's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.40% during the period.

Appreciation rates are so strong in Pitman that despite a nationwide downturn in the housing market, Pitman real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Pitman appreciation rates continue to be some of the highest in America, at 9.79%, which is higher than appreciation rates in 86.28% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Pitman. Pitman appreciation rates in the latest quarter were at 1.44%, which equates to an annual appreciation rate of 5.90%.

Relative to New Jersey, our data show that Pitman's latest annual appreciation rate is lower than 60% of the other cities and towns in New Jersey.

Average Home Values

Median Home Value

$370,077

Pitman, NJ Home Prices
> $1,458,000
$1,093,001 - $1,458,000
$729,001 - $1,093,000
$583,001 - $729,000
$437,001 - $583,000
$292,001 - $437,000
$146,001 - $292,000
$73,001 - $146,000
$0 - $73,000
0.5%
0.5%
0.3%
0.3%
1.3%
1.3%
4.1%
4.1%
16.3%
16.3%
42.3%
42.3%
32.3%
32.3%
1.3%
1.3%
1.7%
1.7%
0% 100.0%
% of Homes
Very Low

for New jersey

High

for nation

Number of Homes And Apartments:

3,670

Pitman Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,392 / per month

Homeownership Rate

Owners
Renters
70.3%
70.3%
29.7%
29.7%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
6.6%
6.6%
93.4%
93.4%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
2.5%
2.5%
14.0%
14.0%
42.2%
42.2%
41.3%
41.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
73.1%
73.1%
4.1%
4.1%
10.1%
10.1%
11.9%
11.9%
0.8%
0.8%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.1%
3.1%
13.2%
13.2%
26.4%
26.4%
35.5%
35.5%
18.4%
18.4%
3.4%
3.4%
0% 100.0%
% of Homes