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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
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%).
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.
$370,077
for New jersey
for nation
3,670
$2,392 / per month