Are you in the market for a new home? Or are you considering selling your current home? Either way, it's important to stay up to date on what's happening in the housing market. In this blog post, we'll provide an overview of the latest housing updates in Trenton, NJ. Read on to learn more!
Trenton's diversified and scenic metro area blends ancient and new views. New Jersey's capital city predates the establishment of the United States. It was also the site of Revolutionary War engagements and is home to various museums. It boasts a variety of modern attractions and entertainment and is near the Delaware River. So, locals can join aquatic sports and observe wildlife.
Quick Facts
- Trenton was the capital of the United States in 1784.
- Trenton has a median household income of $53,307 and a poverty rate of 27.20%.
- In recent years, the median rental cost has been $1,085 per month, with a median property value of $97,000.
- Trenton is currently increasing at a 0.65% yearly rate, and its population has risen by 1.31% since the last census.
- Trenton has a population of 92,063 in 2020.
Trenton, NJ in a Nutshell
Trenton is the present capital of New Jersey. But, as mentioned, it was the capital of the United States for a brief period in 1784. The city now has various historic districts and monuments. People can visit the William Trent House and the Old Barracks Museum. The Trenton Battle Monument and the World War II Memorial are also available. Additionally, this city has various attractions that show its long past. The Trenton metro region has a great selection of outdoor activities to keep you busy. You can enjoy Mercer Meadows, a 1,600-acre park with meadows and gravel roads perfect for cycling or walking! This path goes through Lawrence and Hopewell townships, as well as the D&R Canal State Park's 77-mile trail. In the Trenton metro region, there are many possibilities for nightlife. Locals can go to Working Dog Winery, Hopewell Valley Vineyards, or River Horse Brewing Co., Cure Insurance Arena hosts concerts, comedians, and other events. The Princeton Summer Theater also presents plays and other live performances.
Economy
Trenton's largest economic sector is government, which includes municipal, county, and state governments. Trade, manufacturing, and services are also economic factors. Companies that manufacture rubber goods, ceramic, and porcelain products hire residents in Trenton. Manufacturing industries such as light bulbs, metal products, chemicals, food products, and textiles supply some jobs in the city. Education, trade transportation, and utilities also hire residents. Some common occupations include financial activities, leisure, hospitality, and social help. Service occupations account for 29% of the workforce. Sales and office jobs account for 21% of the labor force. The government employs 18% of the workforce.
Employment
The Trenton metro area's major job industries include education, health care, and retail. Several companies, such as TerraCycle, have their headquarters in the neighborhood. The company aims to convert rubbish into raw material for new goods. West Trenton is the headquarters of the New Jersey State Police. Church & Dwight Company Inc., recognized for consumer items such as the Arm & Hammer range, is in Ewing. Educational Testing Service is a testing and assessment firm based in Princeton. But, many sources believe the economy is not doing well. As a result, many people have to look for work outside the city. As a result, people should locate appropriate and quality employment for themselves. It would be better to find work before moving to Trenton rather than looking for a job upon arriving.
Real Estate in Trenton, NJ
One of Trenton's most vital assets is its affordable housing. According to Zillow, the median home value in Trenton is $83,300 to $97,000, which is 58% less than the national median. Trenton has a median price per square foot of $64. Trenton's home values have risen by 1% in the last five years. Renters in Trenton will also have an easy time obtaining affordable accommodation. Trenton's median rent is $1,271 per month, which is 11% lower than the national average. Trenton's rental rates have fallen by 4.9% in the last year. Trenton is the ideal city for anyone wishing to live in the Northeast without spending a fortune. With a typical property rent of monthly rent of $964 to $1,085, Trenton is much less expensive than the rest of New Jersey. Housing is one of the reasons Trenton has a cost of living that is 26% cheaper than the state average. It is also even 3% lower than the national average. Furthermore, the cost of living is lower than in adjacent Philadelphia and New York City. These cities are both 2% and 62% higher than the national average.
Real Estate Trends
The amount of properties for sale today is much lower than a year ago. But, inventory has recently been increasing on a month-to-month basis. Buyer activity is slowing due to high home prices and a rise in mortgage interest rates. According to the most recent reports, this data covers home sales through May 2022. And, there is now more inventory on the market. So, sellers are not facing a flood of would-be buyers as they did a few months ago. Trenton's real estate market is somewhat competitive. Trenton homes receive 6 offers on average and sell in 43 days. Last month, the average sale price of a property in Trenton was $152K, a 6.9% decrease from the previous year. Trenton's average sale price per square foot is $108, a 2.3% decrease from last year. Currently, the city has 438 active home listings and 35 new homes for sale—Trenton homes sold for a median price of $175,000 in July 2022. Homes also sold after 52 days on the market, compared to 215 days the previous year. This year, 371 properties sold in Trenton for July 2022, up from 66 last year.
Final Thoughts
Trenton is a fantastic city with many unique characteristics. The town has plenty of options for those who are active and looking for something to do and a new place to call home.
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