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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.



Hillsborough, 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

Hillsborough, NJ Housing Market Trends

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 Home Appreciation Rates

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.

Average Home Values

Median Home Value

$456,356

Hillsborough, NJ Home Prices
> $1,380,000
$1,035,001 - $1,380,000
$690,001 - $1,035,000
$552,001 - $690,000
$414,001 - $552,000
$276,001 - $414,000
$138,001 - $276,000
$69,001 - $138,000
$0 - $69,000
1.0%
1.0%
3.3%
3.3%
29.6%
29.6%
13.6%
13.6%
24.0%
24.0%
20.7%
20.7%
7.0%
7.0%
0.1%
0.1%
0.8%
0.8%
0% 100.0%
% of Homes
Low

for New jersey

High

for nation

Number of Homes And Apartments:

8,802

Hillsborough Appreciation Rates

Rent & Ownership

Average Market Rent:

$3,991 / per month

Homeownership Rate

Owners
Renters
81.8%
81.8%
18.2%
18.2%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
2.8%
2.8%
97.2%
97.2%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
5.1%
5.1%
83.5%
83.5%
10.5%
10.5%
0.9%
0.9%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
42.4%
42.4%
33.8%
33.8%
6.2%
6.2%
17.5%
17.5%
0.1%
0.1%
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
1.8%
1.8%
12.9%
12.9%
34.3%
34.3%
24.3%
24.3%
25.4%
25.4%
1.3%
1.3%
0% 100.0%
% of Homes