Hillsborough, NJ real estate: the numbers, explained.

Home values in Hillsborough

Zillow Home Value Index (all homes, middle tier, smoothed, seasonally adjusted) for the Zillow region “Hillsborough Township”, September 30 of each year. Source: Zillow Research.

Zillow’s Home Value Index for Hillsborough Township was $668,972 as of September 30, 2026, up 2.5% from a year earlier and up 34.1% over five years. Over ten years the index rose 64.9%. ZHVI models a typical home value. It isn’t the price of any specific house.

The NJ Division of Taxation’s 2026 Average Residential Statistics show an average residential sale price of $617,862 across 147 sales used in that report. Averages can be pulled up or down by a few sales, which is one reason it can differ from Zillow’s index.

The Census Bureau’s survey puts the median value of owner-occupied homes, as estimated by owners, at $547,600 (2020–2024 average), compared with a Somerset County town median of $547,600.

Hillsborough property taxes

Hillsborough’s 2025 general tax rate was 2.16 per $100 of assessed value, and its effective tax rate was 2.083%, about the same as the Somerset County town median of 2.030% and about the same as the statewide municipal median of 2.141%. That ranks it #15 lowest of 21 Somerset County municipalities by effective rate. The average residential tax bill was $12,832 on an average assessment of $594,090 across 13,237 residential properties.

Applied to the typical home value of $668,972, the effective rate implies roughly $13,935 a year ($1,161 a month) in property tax. The Division publishes the effective rate for comparing towns, not for computing a specific bill, so use it as a ballpark.

What it costs to own vs. rent

For a $668,972 home with 20% down ($133,794) and a 30-year fixed loan at 7.18%, Freddie Mac’s national average for the week of November 5, 2026, principal and interest come to about $3,625 a month. With estimated property tax that’s about $4,787, before insurance, any HOA fee and utilities. For comparison, the Census median gross rent in Hillsborough is $2,396 and Zillow’s observed rent index (asking rents, Sept. 2026) is $2,818.

Run my numbers for HillsboroughRent vs buy here

Who lives in Hillsborough

About 44,091 people live in Hillsborough. 79.5% of occupied homes are owner-occupied (county town median 79.6%). 57.9% of housing units are single-family detached houses. The median resident age is 42.1, and 62.4% of adults 25 and older hold a bachelor’s degree or higher. Median household income is $154,031, higher than the county town median of $148,056.

The median home in Hillsborough was built in 1986. Newer housing stock usually means fewer legacy issues like buried oil tanks or lead paint, but still inspect roofs, HVAC age and drainage, and check any HOA’s finances.

Commuting from Hillsborough

Workers in Hillsborough average 33.3 minutes each way (those who don’t work from home), longer than the Somerset County town median of 30.4 minutes. 1.2% commute by public transportation, so most commuters drive and 25.2% work from home.

Schools

I don’t republish unofficial school scores. For Hillsborough, start with the New Jersey Department of Education’s School Performance Reports, then confirm the exact school assignment for any address with the district, since some NJ towns send students to regional or neighboring high schools. See how to research NJ schools.

Downtown, food and things to do

The best way to judge Hillsborough’s restaurants, parks and weekend life is in person. Visit on a weeknight and a Saturday morning, check the town recreation calendar and walk the blocks you’d live on. My town scouting checklist shows what to look for.

My take for buyers, sellers and renters

• Buyers: taxes run above the county median, so budget on the tax bill, not just the price. Ask for the current bill on every listing.
• Sellers: values are up 34.1% in five years, so many owners have significant equity. See your number in the seller net sheet.

Nearby towns at a similar price