Greater Princeton Area Q2 2021 Real Estate Market Update

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.