Mercer County, New Jersey Housing Market Prices
Mercer County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 30% below the New Jersey median Cheaper than 75% of counties in New Jersey$246,616
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Median rent 6% below the New Jersey median$1,622
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Mercer County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $246,616 | $352,792 | $248,835 |
| Price Trend (Annual %) | 12.5% | 4.4% | 7.5% |
| Median Gross Rent | $1,622 | $1,719 | $1,407 |
| Rent Trend (Annual %) | 4.5% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Mercer County is about 30% lower than in New Jersey. Rent is about 6% lower than the New Jersey average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Mercer County, up about 12.5% and 4.5% a year respectively. Home prices are changing faster.
Median rent in Mercer County rose about 43.3% between 2015 and 2024, from $1,132 to $1,622. Over the same span, rent in New Jersey rose about 44.3%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Mercer County.
Buying the median-priced home in Mercer County costs roughly 12.7 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Mercer County. The price-to-rent ratio in New Jersey is about 17.1.
| Metric | Mercer County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $246,616 | $352,792 | $248,835 |
| Median Household Income | $100,788 | $103,817 | $80,455 |
| Price-to-Income Ratio | 2.4 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Mercer County rose about 62.4%, while median household income rose about 35.1% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Mercer County | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.3% | 59.1% | 58.5% |
| Rental Rate | 36.1% | 33.5% | 31.2% |
| Vacancy Rate | 4.6% | 7.5% | 10.2% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Mercer County has a homeownership rate of 59.3%, about the same as the New Jersey average of 59.1%. Its housing vacancy rate is 4.6%, compared with 7.5% in New Jersey.
Housing Stock
| Metric | Mercer County | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.56 people | 2.61 people | 2.53 people |
| Median Structure Built Year | 1972 | 1968 | 1978 |
| Median Number of Rooms | 5.7 | 5.7 | 5.5 |
The typical housing unit in Mercer County was built around 1972. On average, 2.6 people live in a home with about 5.7 rooms, staying for about 17.0 years on average.
Mercer County, NJ Housing Compared With Nearby Counties
Mercer County, NJ is the 4th largest of the 6 counties compared here, 385,681 residents against a local median of 467,571. Where Mercer County, NJ breaks from the counties next to it is homeownership, sitting 18% below the local median of 76.1% at 62.2%. That is the weaker end of the local range on this measure.
The counties themselves spread 21.5% on homeownership, so Mercer County, NJ sits at one end of an already wide local range rather than apart from it. Mercer County, NJ has the 6th highest homeownership of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Mercer County, NJ | 385,681 | $246,616 #6/6 | $1,622 #5/6 | 62.2% #6/6 |
| Somerset County, NJ | 349,714 | $304,018 | $2,033 | 74.3% |
| Middlesex County, NJ | 870,701 | $279,129 | $1,871 | 63.7% |
| Hunterdon County, NJ | 130,145 | $292,762 | $1,686 | 85.1% |
| Burlington County, NJ | 467,571 | $248,885 | $1,741 | 76.1% |
| Bucks County, PA | 647,283 | $248,394 | $1,605 | 77.8% |
Frequently Asked Questions
Common questions about the housing market in Mercer County, New Jersey.
What is the median home price in Mercer County, New Jersey?
The median home price in Mercer County, New Jersey is $246,616, lower than the New Jersey average of $352,792.
What is the average home price in Mercer County, New Jersey?
The typical home price in Mercer County, New Jersey, reported as the median sale price, is $246,616. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Mercer County, New Jersey?
The median gross rent in Mercer County, New Jersey is $1,622 per month, lower than the New Jersey average of $1,719.
What was the median gross rent in Mercer County in 2020?
In 2020, the median gross rent in Mercer County, New Jersey was $1,311 per month.
What is the price-to-rent ratio in Mercer County, New Jersey?
The price-to-rent ratio in Mercer County, New Jersey is about 12.7, meaning it would take roughly 12.7 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Mercer County.
Are home prices or rent rising faster in Mercer County, New Jersey?
Both home prices and rent are rising in Mercer County, up about 12.5% and 4.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Mercer County, New Jersey?
59.3% of households in Mercer County, New Jersey own their home, about the same as the New Jersey average.
What is the vacancy rate in Mercer County, New Jersey?
The housing vacancy rate in Mercer County, New Jersey is 4.6%, lower than the New Jersey average of 7.5%.
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