MARKET UPDATE
2022 FIRST QUARTER Greater Princeton Area Residential Real Estate Market Analysis
Available: 318 Hopewell Amwell Road, Hopewell, NJ 08525 $3,500,000
With real estate trends making headlines for quite a while now, you likely won’t find the Q1 2022 data found enclosed in these pages to be all that surprising. You would probably expect that low housing inventory has led to a decrease in the number of sales, putting upward pressure on pricing and resulting in properties selling even faster than they did a year ago. Generally speaking, that’s all pretty accurate; however it doesn’t necessarily tell the entire story. Inventory is indeed low—in part because not as many properties are being listed, but in large part due to the fact that properties are selling so quickly that they don’t stick around long enough to be considered ‘inventory’ for more than a few days. Take Princeton and Lawrence Township as examples: The number of properties listed in Princeton in Q1 2022 was down 7.8% from a year ago, while units sold were down 6.5%. In Lawrence Township, listed properties were down only 5.2% and units sold were down a mere 2.5% during the same timeframe. Conversely, in Hopewell Township, the number of properties listed was down a far more substantial 34.8% and units sold were down a whopping 45.7%, painting a far different picture from one town to the next. So, as always, a market trend’s impact on pricing or timing considerations can vary by municipality, neighborhood, or even individual property—making a real estate agent’s expertise more valuable than ever. With rising interest rates, global uncertainty, and the hopeful minimization of the pandemic, look for plenty of converging elements to have a say in the real estate market’s behavior over the next quarter and beyond. The bottom line is that with continued lower inventory, it remains a great time to sell. For buyers, there are still opportunities to be found—although doing so may take additional homework and effort (perhaps more than ever before). Your favorite Callaway Henderson Sotheby’s International Realty agent is ready to help however they possibly can. Please don’t hesitate to reach out!
Callaway Henderson Sotheby’s International Realty Homes Sell for More.*
Callaway Henderson Sotheby’s International Realty: $1,341,884 15% ABOVE ASP
$1,200,968 3% ABOVE ASP
$1,115,231 5% BELOW ASP
$1,109,947 5% BELOW ASP
$1,078,250 $1 Million
8% BELOW ASP
$1,170,680 (Average Sale Price in Princeton)
Don’t leave the value of your biggest asset to chance. CALLAWAYHENDERSON.COM | 609.921.1050 | 4 NASSAU STREET | PRINCETON, NEW JERSEY 08542 *Average List Sold Price ($) in Princeton for companies that sold more than 8 homes in 2021. Source: TrendGraphix: 1/1/2001—12/31/2021, as of 3/15/2022. Each office is independently owned & operated.
PRINCETON $1 MILLION & UNDER
Available: 10 Bayard Lane #9, Princeton, NJ 08540 $449,000
Units Sold Average Sale Price Days on Market
Q1 2021
Q1 2022
% Change
36
41
+ 13.89 %
$668,179
$762,583
+ 14.13 %
55
52
- 5.45 %
Units Sold Average Sale Price Days on Market
Q1 2021
Q1 2022
% Change
19
21
+ 10.53 %
$1,392,439 $1,443,886 84
54
+ 3.69 % - 35.71 %
PRINCETON $1 MILLION TO $ 2 MILLION
Available: 83 Allison Road, Princeton, NJ 08540 $1,600,000
PRINCETON $2 MILLION AND OVER
Available: 18 Katies Pond Road, Princeton, NJ 08540 $3,850,000
Units Sold Average Sale Price Days on Market
Q1 2021
Q1 2022
% Change
7
4
- 42.86 %
$2,224,143 $2,123,750 121
51
- 4.51 % - 57.85 %
MONTGOMERY TOWNSHIP
Available: 5 Congressional Court, Skillman, NJ 08558 $1,725,000
Units Sold Average Sale Price Days on Market
Q1 2021
Q1 2022
% Change
70
40
- 42.86 %
$652,324
$780,747
+ 19.69 %
68
37
- 45.59 %
Units Sold Average Sale Price Days on Market
Q1 2021
Q1 2022
% Change
22
8
- 63.64 %
$505,142
$664,725
+ 31.59 %
34
44
+ 29.41 %
PENNINGTON BOROUGH
Under Contract: 325 South Main Street, Pennington, NJ 08534 $875,000
HOPEWELL BOROUGH
Under Contract: 51 Model Avenue, Hopewell, NJ 08525 $435,000
Units Sold Average Sale Price Days on Market
Q1 2021
Q1 2022
% Change
7
5
- 28.57 %
$610,571
$619,200
+ 1.41 %
97
60
- 38.14 %
Units Sold Average Sale Price Days on Market
Q1 2021
Q1 2022
% Change
70
38
- 45.71 %
$501,765
$589,155
+ 17.42 %
48
56
+ 16.67 %
HOPEWELL TOWNSHIP
Available: 241 Hopewell Amwell Road, Hopewell, NJ 08525 $1,199,000
WEST WINDSOR TOWNSHIP
Under Contract: 6 Clausen Court, West Windsor, NJ 08550 $925,000
Units Sold Average Sale Price Days on Market
Q1 2021
Q1 2022
% Change
72
55
- 23.61 %
$553,794
581,183
+ 4.95 %
40
21
- 47.50 %
CRANBURY TOWNSHIP
Available: 17 Bunker Hill Drive, Cranbury, NJ 08512 $1,500,000
Units Sold Average Sale Price Days on Market
Q1 2021
Q1 2022
% Change
9
3
- 66.67 %
$622,778
$968,167
+ 55.46 %
140
86
- 38.57 %
WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED
Available: 2324 Windrow Drive, Princeton, NJ 08540 (Plainsboro Township) $365,000
Units Sold Average Sale Price Days on Market
Q1 2021
Q1 2022
% Change
114
97
- 14.91 %
$539,012
$562,821
+ 4.42 %
50
53
+ 6.00 %
Units Sold Average Sale Price Days on Market
Q1 2021
Q1 2022
79
77
$352,833 $393,083 45
28
% Change - 2.53 % + 11.41 % - 37.78 %
LAWRENCE TOWNSHIP
Available: 3760 Lawrenceville-Princeton Road, Princeton, NJ 08540 $615,000
ROBBINSVILLE TOWNSHIP
Under Contract: 8 Chase Court, Robbinsville, NJ 08691 $929,900
Units Sold Average Sale Price Days on Market
Q1 2021
Q1 2022
% Change
50
37
- 26.00 %
$469,399
$518,354
+ 10.43 %
48
19
- 60.42 %
LAMBERTVILLE
Available: 1 Elm Street, Lambertville, NJ 08530 $749,000
Units Sold Average Sale Price Days on Market
Q1 2021
Q1 2022
% Change
18
16
- 11.11 %
$425,694
$508,312
+ 19.41 %
63
54
- 14.29 %
Units Sold Average Sale Price Days on Market
Q1 2021
Q1 2022
% Change
39
29
- 25.64 %
$931,236 $1,055,548 93
60
+ 13.35 % - 35.48 %
SOLEBURY TOWNSHIP, PA
Available: 6566 Upper York Road, New Hope, PA 18938 $525,000
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
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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 81 Cleveland Lane, Princeton, NJ 08540 $2,250,000
EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED. STATISTICS SOURCE: BRIGHT MLS & GSMLS, 1/1/2022 — 3/31/2022, AS OF 4/11/2022 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 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 PERCENTAGE CHANGES MAY NOT TRULY REPRESENT OR REFLECT OVERALL MARKET TRENDS.