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 22,214 people, 8,802 houses or apartments, and a median cost of homes of $456,356, Hillsborough real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Hillsborough, accounting for 42.42% of the town's housing units. Other types of housing that are prevalent in Hillsborough include row houses and other attached homes ( 33.75%), large apartment complexes or high rise apartments ( 17.49%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.20%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Hillsborough. Owner-occupied housing accounts for 81.79% of Hillsborough's homes, and 49.72% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Hillsborough built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Hillsborough built between 1940-1969 ( 10.50%). A lesser amount of the housing stock also hails from between 2000 and later ( 5.09%).
Hillsborough's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Hillsborough during the period has been just 5.13%, which is lower than 80% of US communities.
Appreciation rates are so strong in Hillsborough that despite a nationwide downturn in the housing market, Hillsborough real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Hillsborough appreciation rates continue to be some of the highest in America, at 12.05%, which is higher than appreciation rates in 93.75% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Hillsborough. Hillsborough appreciation rates in the latest quarter were at 2.82%, which equates to an annual appreciation rate of 11.77%.
Relative to New Jersey, our data show that Hillsborough's latest annual appreciation rate is higher than 70% of the other cities and towns in New Jersey.
One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Hillsborough differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Hillsborough - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Hillsborough real estate investment or home purchase decisions.
$456,356
for New jersey
for nation
8,802
$3,991 / per month