MARKET UPDATE
2021 YEAR END Greater Princeton Area Residential Real Estate Market Analysis
Available: 274 Carter Road, Princeton, NJ 08540 (Lawrence Township) $5,999,000
Thank you for reading our year-end market report. We consider ourselves “real estate nerds” and if you’ve gotten this far, perhaps you are one, too… Welcome! This past year has supplied us with plenty of data to go around, and pretty much everyone knows that, generally speaking, real estate markets are up—way up. The Greater Princeton Area is no exception. Within this report, you will see that the number of closings and prices are up, while time on the market is down—in some cases dramatically. The natural question, and one we have been asked for a while now, is: “How long can this continue?” The answer is impossible to predict with exact precision, but we can tell you that a “leveling off” of the market would be considered by many to be expected—and perhaps even healthy. It’s important to recognize, however, a fundamental difference between now and 2007, the last time prices had seen increases of this magnitude: 15 years ago, the market was filled with overleveraged buyers and speculative investors, while many of today’s purchasers are cash buyers looking to satisfy genuine lifestyle needs. Markets should expect a gradual stabilization of prices this year, as opposed to having them rise as much as 15% in some municipalities (we’re looking at you, Hopewell Borough). Look for pricing to once again get off to a fast start as the continued lack of inventory juxtaposes strong buyer demand; but by year’s end, it should adjust to more reasonable and sustainable yearover-year growth. Interest rates, supply, and, of course, the remaining days of the pandemic will all have a hand in how things play out. There’s a lot to consider beyond the data in the pages to follow, and your favorite Callaway Henderson Sotheby’s International Realty agent is ready, willing, and able to help. Whether you’re buying, selling, or just curious, please put us to work! In the meantime, we hope you and yours stay safe and healthy.
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 2021, there were six MLS-listed properties that sold at/above $3 million in our local market area (pictured below). We represented 6 out of the 6 sellers, and 4 out of the 6 buyers. Source: Bright MLS and GSMLS closed sales in Mercer County, Montgomery Township, East and West Amwell: 1/1/21—12/31/21, as of 1/10/22
CARTER ROAD Hopewell Township, NJ Marketed at $6,250,000
EAST PROSPECT STREET Hopewell Township, NJ Marketed at $4,200,000
CRADLE ROCK ROAD Princeton, NJ Marketed at $3,950,000
LEONARD COURT Princeton, NJ Marketed at $3,750,000
SADDLE SHOP ROAD East Amwell Township, NJ Marketed at $3,400,000
WILSON ROAD Princeton, NJ Marketed at $2,850,000
PRINCETON $1 MILLION & UNDER
Available: 243 Guyot Avenue, Princeton, NJ 08540 $835,000
Units Sold Average Sale Price Days on Market
2020
2021
% Change
166
193
+ 16.27 %
$711,018
$754,141
+ 6.06 %
67
34
- 49.25 %
Units Sold Average Sale Price Days on Market
2020
2021
% Change
102
139
+ 36.27 %
$1,414,606 $1,431,440 121
78
+ 1.19 % - 35.54 %
PRINCETON $1 MILLION TO $ 2 MILLION
Under Contract: 144 Drakes Corner Road, Princeton, NJ 08540 $1,895,000
PRINCETON $2 MILLION AND OVER
Available: 16 Katies Pond Road, Princeton, NJ 08540 $8,500,000
Units Sold Average Sale Price Days on Market
2020
2021
% Change
10
37
+ 270.00 %
$2,660,100 $2,413,311 116
142
- 9.28 % + 22.41 %
MONTGOMERY TOWNSHIP
Available: 80 Squirrel Drive, Skillman, NJ 08558 $1,250,000
Units Sold Average Sale Price Days on Market
2020
2021
% Change
295
389
+ 31.86 %
$627,338
$714,528
+ 13.90 %
73
42
- 42.47 %
Units Sold Average Sale Price Days on Market
2020
2021
% Change
57
77
+ 35.09 %
$506,062 $524,448 81
30
+ 3.63 % - 62.96 %
PENNINGTON BOROUGH
Available: 304 Burd Street, Pennington, NJ 08534 $1,075,000
HOPEWELL BOROUGH
Under Contract: 18 Hart Avenue, Hopewell, NJ 08525 $745,000
Units Sold Average Sale Price Days on Market
2020
2021
% Change
34
41
+ 20.59 %
$464,266 $534,966 58
35
+ 15.23 % - 39.66 %
Units Sold Average Sale Price Days on Market
2020
2021
% Change
330
359
+ 8.79 %
$545,687
$572,064
+ 4.83 %
104
40
- 61.54 %
HOPEWELL TOWNSHIP
Available: 196 Reservoir Road, Hopewell, NJ 08525 $1,395,000
WEST WINDSOR TOWNSHIP
SOLD: 97 Penn Lyle Road, Princeton Junction, NJ 08550 $1,325,000
Units Sold Average Sale Price Days on Market
2020
2021
% Change
311
453
+ 45.66 %
$591,124
669,857
+ 13.32 %
66
32
- 51.52 %
CRANBURY TOWNSHIP
SOLD: 20 Evans Drive, Cranbury, NJ 08512 $1,247,500
Units Sold Average Sale Price Days on Market
2020
2021
% Change
36
33
- 8.33 %
$798,721
$708,812
- 11.26 %
80
63
- 21.25 %
WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED
Available: 2324 Windrow Drive, Princeton, NJ 08540 (Plainsboro Township) $381,000
Units Sold Average Sale Price Days on Market
2020
2021
% Change
523
703
+ 34.42 %
$552,359 $623,406 72
43
+ 12.86 % - 40.28 %
Units Sold Average Sale Price Days on Market
2020
2021
% Change
438
481
+ 9.82 %
$371,489
$399,248
+ 7.47 %
87
47
- 45.98 %
LAWRENCE TOWNSHIP
Available: 4370 Province Line Road, Princeton, NJ 08540 $2,850,000
ROBBINSVILLE TOWNSHIP
SOLD: 44 Wycklow Court, Robbinsville, NJ 08691 $743,000
Units Sold Average Sale Price Days on Market
2020
2021
% Change
254
297
+ 16.93 %
$421,472
$473,675
+ 12.39 %
50
29
- 42.00 %
LAMBERTVILLE
Available: 47 Lincoln Avenue, Lambertville, NJ 08530 $1,290,000
Units Sold Average Sale Price Days on Market
2020
2021
% Change
78
71
$453,010
$501,608
+ 10.73 %
82
48
- 41.46 %
- 8.97 %
Units Sold Average Sale Price Days on Market
2020
2021
% Change
182
198
- 8.79 %
$886,930
$973,073
+ 9.71 %
135
56
- 58.52 %
SOLEBURY TOWNSHIP, PA
SOLD: 3307 Windy Bush Road, New Hope, PA 18938 $1,452,000
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
Local Ownership • Global Connections • Remarkable Agents
2021 Unrivaled Results
₆
#1
We proudly claim:
higher than our next closest competitor in Mercer County *
in Princeton, Pennington, Hopewell Borough & Township, Montgomery Township, Rocky Hill, Lambertville, East & West Amwell Townships**
of the top 10 agents in Mercer County, 6/12 in Princeton, 5/5 in Montgomery, and 2/3 in Hopewell and Lambertville
We represented
We represented
257
of the sellers of closed sales in our local market area ≥ $2 million
(6/6) of the sellers of closed sales ≥ $3 million
No other firm had more than 17%***
(and 4/6 of the buyers)***
in the Bahamas, Egypt, Italy, NYC, Florida, South Carolina, the Jersey Shore & more
10,350
135,487
450,158
social media followers from around the world
unique visitors to callawayhenderson.com
views of our high-definition listing videos in 2021
(Facebook, Twitter, Instagram, Pinterest, LinkedIn & YouTube)
(up 16% year-over-year)
We brought buyers from
We proudly supported
Our average sold listing price is
69% 75%
9
30
countries and
states & territories
MARKET SHARE
100%
referrals placed and received
(up 65% year-over-year)
50
local non-profit organizations, making charitable contributions from every closing
We represented sellers of homes sold for as low as
$78,000 and as high as
$6,292,500
*Out of the Top 10 brokerage firms in Mercer County. **Based on dollar volume and/or unit sales. ***Mercer County, Montgomery Township, East and West Amwell Townships. Source: Bright MLS, GSMLS, and TrendGraphix data for 1/1/21—12/31/21 and public records, as of January 2022. Each office is independently owned and operated.
ON THE COVER 12 Battle Road, Princeton, NJ 08540 $3,500,000
EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED. STATISTICS SOURCE: BRIGHT MLS & GSMLS, 1/1/2021 — 12/31/2021, AS OF 1/10/2022 STATISTICAL INFORMATION HAS BEEN PROVIDED BY THIRD PARTIES, BRIGHT MLS & GSMLS, AND IS GENERALLY DEEMED TO BE RELIABLE; HOWEVER, CALLAWAY HENDERSON SOTHEBY’S INTERNATIONAL REALTY HAS NOT VERIFIED THIS INFORMATION AND DOES NOT MAKE ANY REPRESENTATION ABOUT ITS ACCURACY OR COMPLETENESS. ALL INFORMATION CONTAINED HEREIN IS SUBJECT TO ERRORS, OMISSIONS AND CHANGES, INCLUDING BUT NOT LIMITED TO A CHANGE IN PRICE OR THE PRIOR SALE OR WITHDRAWAL OF A PROPERTY FROM THE MARKET WITHOUT NOTICE. DUE TO THE RELATIVELY SMALL AMOUNT OF DATA PROVIDED FOR SOME AREAS, SOME TRENDS REFLECTED BY PERCENTAGE CHANGES MAY NOT TRULY REPRESENT OVERALL MARKET TRENDS.