MARKET UPDATE
2021 THIRD QUARTER Greater Princeton Area Residential Real Estate Market Analysis
Available: 126 Mountain View Road, Princeton, NJ 08540 (Montgomery Township) $3,600,000
Greetings, and thanks for taking the time to read through our latest quarterly market update report! From a contract perspective, the third quarter of 2021 was as busy as you have undoubtedly heard, with multiple bids being the rule rather than the exception. So much so, in fact, that 77% of all August residential closings in Mercer County sold at or above the asking price...77%(!) Looking at this metric another way, only 23% of sellers had to negotiate their list price downward. This is absolutely unprecedented for our marketplace. That said, we are now well into the Fall—and while things are still unusually busy, there is somewhat of an adjustment toward a more balanced market. Inventory is starting to stick around a bit longer and properties that are not competitively priced are taking longer to sell. Of course the data herein will reflect contract activity from the height of the market, as Q3 closings typically include deals that were struck in June, July, and August. You will actually see some numbers down a bit, most notably in Hopewell and Lawrence Townships. While the activity there is still extremely busy, the relative slowdown is more of a reflection of the fact that these were the first municipalities to soar last year due to urban flight at the onset of the pandemic. Here’s one takeaway that applies to just about everyone in our market area: if you own a residence in our marketplace and have maintained it with regularity, it’s worth more this year than ever before. Thanks again for engaging with us here—and please, as always, reach out to your favorite Callaway Henderson Sotheby’s International Realty agent with any questions as far as what this information may mean for you and your particular situation. Our agents can keep you apprised of the very latest market activity and trends, as things are changing on a weekly, if not daily, basis.
Significant Sales
While we pride ourselves in offering million-dollar marketing at all price points, we also like to celebrate some of our most noteworthy sales. During Q3 2021, we successfully sold 11 listings priced over $2 million. For 7 of these $2 million-plus sales that closed between July 1 and September 30, we represented both the buyers and the sellers. Two of these sales took place outside of the MLS, but the other 9 are shown below:
991 ROUTE 601 Montgomery Township, NJ Marketed at $3,000,000
5279 PROVINCE LINE ROAD Princeton, NJ Marketed at $2,975,000
176 PARKSIDE DRIVE Princeton, NJ Marketed at $2,950,000
522 PROSPECT AVENUE Princeton, NJ Marketed at $2,895,000
504 WATERVIEW PLACE New Hope, PA Marketed at $2,895,000
64 WILSON ROAD Princeton, NJ Marketed at $2,850,000
151 LIBRARY PLACE Princeton, NJ Marketed at $2,395,000
8 MORVEN PLACE Princeton, NJ Marketed at $2,275,000
19 DERWENT DRIVE Princeton, NJ Marketed at $2,150,000
PRINCETON $1 MILLION & UNDER
Available: 16 Greenview Avenue, Princeton, NJ 08542 $949,000
Units Sold Average Sale Price Days on Market
2020
2021
% Change
65
60
- 7.69 %
$723,665
$785,449
+ 8.54 %
48
31
- 35.42 %
Units Sold Average Sale Price Days on Market
2020
2021
% Change
43
51
+ 18.60 %
$1,478,292 $1,401,121 61
25
- 5.22 % - 59.02 %
PRINCETON $1 MILLION TO $ 2 MILLION
Available: 38 Pardee Circle, Princeton, NJ 08540 $1,730,000
PRINCETON $2 MILLION AND OVER
Available: 46 Westcott Road, Princeton, NJ 08540 $2,250,000
Units Sold Average Sale Price Days on Market
2020
2021
% Change
4
9
+ 125.00 %
$2,243,750 $2,467,722 38
75
+ 9.98 % + 97.37 %
MONTGOMERY TOWNSHIP
Available: 77 Rolling Hill Road, Skillman, NJ 08558 $950,000
Units Sold Average Sale Price Days on Market
2020
2021
% Change
87
109
+ 25.29 %
$645,409 $736,703 48
27
+ 14.15 % - 43.75 %
Units Sold Average Sale Price Days on Market
2020
2021
% Change
21
21
$512,753
$576,073
+ 12.35 %
47
39
- 17.02 %
--
PENNINGTON BOROUGH
Active with Contract: 161 East Delaware Avenue, Pennington, NJ 08534 $628,500
HOPEWELL BOROUGH
Available: 18 Hart Avenue, Hopewell, NJ 08525 $775,000
Units Sold Average Sale Price Days on Market
2020
2021
10
10
$434,840 $448,350 41
39
% Change -+ 3.11 % - 4.88 %
Units Sold Average Sale Price Days on Market
2020
2021
% Change
104
100
- 3.85 %
$565,348
$513,844
- 9.11 %
66
19
- 71.21 %
HOPEWELL TOWNSHIP
Available: 374 Carter Road, Princeton, NJ 08540 $735,000
WEST WINDSOR TOWNSHIP
SOLD: 11 Jewel Road, West Windsor, NJ 08550 (Marketed at $1,115,000)
Units Sold Average Sale Price Days on Market
2020
2021
% Change
104
153
+ 47.12 %
$602,612
719,281
+ 19.36 %
59
18
- 69.49 %
CRANBURY TOWNSHIP
Available: 20 Evans Drive, Cranbury, NJ 08512 $1,285,000
Units Sold Average Sale Price Days on Market
2020
2021
% Change
9
6
- 33.33 %
$741,200
$757,983
+ 2.26 %
60
21
- 65.00 %
WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED
Available: 2324 Windrow Drive, Princeton, NJ 08540 (Plainsboro Township) $399,000
Units Sold Average Sale Price Days on Market
2020
2021
% Change
176
229
+ 30.11 %
$549,376 $652,398 59
25
+ 18.75 % - 57.63 %
Units Sold Average Sale Price Days on Market
2020
2021
% Change
169
153
- 9.47 %
$381,496
$416,360
+ 9.14 %
43
23
- 46.51 %
LAWRENCE TOWNSHIP
Available: 6 Belleview Terrace, Princeton, NJ 08540 $1,125,000
ROBBINSVILLE TOWNSHIP
Available: 24 Wycklow Drive, Robbinsville, NJ 08691 $699,900
Units Sold Average Sale Price Days on Market
2020
2021
% Change
91
100
+ 9.89 %
$442,079 $500,640 45
22
+ 13.25 % - 51.11 %
LAMBERTVILLE
Available: 47 Lincoln Avenue, Lambertville, NJ 08530 $1,290,000
Units Sold Average Sale Price Days on Market
2020
2021
% Change
13
18
+ 38.46 %
$504,374 $556,083 100
41
+ 10.25 % - 59.00 %
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
ON THE COVER 88 Moore Street, Princeton, NJ 08540 $1,575,000
EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED. LISTINGS SUBJECT TO ERRORS, OMISSIONS, PRIOR SALE OR WITHDRAWAL WITHOUT NOTICE. STATISTICS SOURCE: BRIGHT MLS, 7/1/2021 — 9/30/2021, AS OF 10/6/2021 INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED.