MARKET UPDATE Courtesy of Callaway Henderson Sotheby’s International Realty
2021 Second Quarter Greater Princeton Area Residential Real Estate Market Analysis
Available: 23 Stockton Avenue, Princeton, NJ 08540 (Franklin Township) $1,250,000 There’s not a lot to report here that isn’t already widely known. The real estate market was extraordinarily busy during the second quarter, and with June 30th traditionally being one of the biggest closing dates of the year, the data is starting to reveal the totality of the recalibration. Within the pages enclosed you will find data up across the board with regard to contracts and pricing, with days on market shrinking. Essentially every category was positively impacted; all sorts of housing types (single family homes, townhomes, condos), in all areas (various municipalities), and in all conditions (old, new, renovated, in need of repair, etc.) were ALL in favor with buyers. In a post COVID-19 real estate market, many buyers are looking for something different—and, more specifically, something different from where they’ve been living for the past 16 months. The wave of urban exodus we experienced last year is largely over at this point, and Q2 2021 was very much about the discretionary buyer reentering the marketplace with plenty of savings stored up for a down payment, further buoyed by the formation of millennial households and a new wave of buyers taking hold. Combine this with interest rates that remain right around 3%, and a persistent lack of inventory across the board, for a result that is well borne out statistically by the data herein. What’s next? The market has definitely entered “summer” mode, which typically entails a bit of slowdown from the spring’s frenetic pace. While we are still seeing bidding wars in some product categories (turn-key, under-$1,000,000 in West Windsor remains a good example), they are no longer the norm in other categories— and when they do exist they may not receive quite as many offers as they did a month or two ago. This is all healthy, “normal,” and in keeping with regular market cycles. What we are keeping a close eye on is inventory. Some prospective sellers are entering the marketplace in an effort to capitalize on how busy it’s been, and it remains to be seen how this inventory will be received later in the cycle. Stay tuned and know that there may be some buying opportunities as we get into the later summer and fall months ahead. In the meantime, we hope you and yours are faring well as we emerge from the pandemic. We are filled with gratitude for all of our clients, partners, and vendors who have made this extraordinary time possible. Of course, our agents have been incredible as well and they are standing by to help you with all things real estate—no matter how big or small.
This Is Where Luxury Lives One-of-a-kind townhomes and condominiums in the heart of downtown Princeton. Own or rent to live in the center of it all.
TO OWN: 609.921.1050 ❖ TO RENT: 609.921.2333 | PALMERSQUARERESIDENCES.COM
PRINCETON $1 MILLION & UNDER
Available: 116 Poe Road, Princeton, NJ 08540 $995,000
Units Sold
2020
2021
% Change
30
49
+ 63.33 %
$773,287
+ 11.12 %
24
- 57.14 %
Average Sales Price $695,876 56 Days on Market
Units Sold
2020
2021
% Change
24
39
+ 62.50 %
Average Sales Price $1,352,445 $1,494,810 + 10.53 % 140 - 45.00 % 77 Days on Market
PRINCETON $1 MILLION TO $ 2 MILLION
Available: 162 Mercer Street, Princeton, NJ 08540 $1,599,000
PRINCETON $2 MILLION AND OVER
Available: 64 Wilson Road, Princeton, NJ 08540 $2,850,000
Units Sold
2020
2021
% Change
1
11
+ 1000.00 %
- 3.52 % Average Sales Price $2,700,000 $2,605,000 17 + 523.53 % 106 Days on Market
MONTGOMERY TOWNSHIP
Available: 22 Harlingen Road, Belle Mead, NJ 08502 $499,000
Units Sold
2020
2021
% Change
42
93
+ 121.43 %
$736,145
+ 22.25 %
25
- 61.54 %
Average Sales Price $602,160 65 Days on Market
Units Sold Average Sales Price Days on Market
2020
2021
% Change
7
20
+ 185.71 %
477,714
$521,665
+ 9.20 %
84
14
- 83.33 %
PENNINGTON BOROUGH
Available: 413 South Main Street, Pennington, NJ 08534 $494,900
HOPEWELL BOROUGH
Available: 18 Hart Avenue, Hopewell, NJ 08525 $825,000
2020 8 Units Sold Average Sales Price $515,125 51 Days on Market
2021
% Change
19
+ 137.50 %
$543,952
+ 5.60 %
12
- 76.47 %
Units Sold
2020
2021
% Change
66
100
+ 51.52 %
$577,684
+ 16.90 %
30
- 68.42 %
Average Sales Price $494,164 95 Days on Market
HOPEWELL TOWNSHIP
Available: 368 Pennington Titusville Road, Pennington, NJ 08534 $1,295,000
WEST WINDSOR TOWNSHIP
Under Contract: 11 Jewel Road, West Windsor, NJ 08550 $1,115,000
Units Sold
2020
2021
% Change
60
121
+ 101.67 %
$677,171
+ 10.83 %
23
- 65.15 %
Average Sales Price $610,982 66 Days on Market
CRANBURY TOWNSHIP
SOLD: 6 Scottsdale Court, Cranbury, NJ 08512 $765,000
Units Sold
2020
2021
% Change
3
8
+ 166.67 %
Average Sales Price $1,349,000 $659,563 75 29 Days on Market
- 51.11 % - 61.33 %
WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED
Available: 2324 Windrow Drive, Princeton, NJ 08540 $439,000
Units Sold
2020
2021
% Change
97
196
+ 102.06 %
Average Sales Price $597,834 67 Days on Market
$623,729
+ 4.33 %
32
- 52.24 %
Units Sold
2020
2021
% Change
83
116
+ 39.76 %
$404,740
+ 11.59 %
36
- 59.09 %
Average Sales Price $362,700 88 Days on Market
LAWRENCE TOWNSHIP
Available: 30 Green Avenue, Lawrenceville, NJ 08648 $1,260,000
ROBBINSVILLE TOWNSHIP
Available: 1 North Commerce Square #308, Robbinsville, NJ 08691 $408,000
Units Sold
2020
2021
% Change
44
86
+ 95.45 %
$455,273
+ 27.07 %
22
- 56.00 %
Average Sales Price $358,285 Days on Market
50
LAMBERTVILLE
Available: 174 York Street, Lambertville, NJ 08530 $449,000
Units Sold
2020
2021
12
21
+ 75.00 %
$606,762
+ 55.42 %
31
- 78.32 %
Average Sales Price $390,400 Days on Market
143
% Change
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Callaway Henderson Sotheby’s International Realty
@calhensir
@callawayhendersonsir
Callaway Henderson Sotheby’s International Realty
Callaway Henderson Sotheby’s International Realty
@calhensir
ON THE COVER 4370 Province Line Road | Princeton, NJ 08540 (Lawrence Township) $2,850,000
EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED. LISTINGS SUBJECT TO ERRORS, OMISSIONS, PRIOR SALE OR WITHDRAWAL WITHOUT NOTICE. STATISTICS SOURCE: BRIGHT MLS, 7/9/2021. INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED.