MARKET UPDATE
2022 SECOND QUARTER Greater Princeton Area Residential Real Estate Market Analysis
Available: 62 Hodge Road, Princeton, NJ 08540 $2,895,000
Thanks for reading our latest quarterly market update, which tells the tale of a market in transition. As we know from experience, markets in transition behave inconsistently and erratically. Amidst a dramatic increase in mortgage rates, a climate of global economic uncertainty, and a continued dearth of inventory, the real estate market is leveling—and the data on these pages indeed tells that story. Take Hopewell Township, for example: The number of sales is down 39% and the average sale price has soared by 26% (to an all-time high), yet it’s taking 27% longer for a home to sell this year... That’s erratic data at its finest! Low inventory is a reflection of people feeling that their home is their safest investment and opting to stay put rather than try to liquidate any gains in equity, which would also require them to buy into this market somewhere. Also contributing to the lack of inventory is the fact that many homeowners are locked in at a 2.5%- 3.5% interest rate on their current home. The idea of ‘buying up’ (going from a starter home to a larger one that is, say, double the price) not only necessitates that they carry double the mortgage debt, but also that they double their interest rate on that additional debt. The prospect of essentially tripling or even quadrupling their current monthly cost is understandably anchoring a lot of would-be ‘move-up’ buyers to sit tight. While many sellers may still face great opportunities to capitalize on recent gains in this market, the right strategy needs to be thoroughly considered. That said, inventory has turned a corner in a few municipalities and is actually starting to increase from its record low levels—which, combined with the cost of money, is putting some downward pressure on pricing and buying opportunities are increasingly emerging. In addition, our proximity to New York City and Philadelphia makes our market stand out as an incredible value and compelling option for many urbanites who are still looking to get out of the city or are otherwise seeking something different. More than ever, the right advice and strategy is needed when buying or selling a home or considering anything in between. Your favorite Callaway Henderson Sotheby’s International Realty agent is up to date on market conditions in your neighborhood and ready to help. Please don’t hesitate to reach out!
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PRINCETON $1 MILLION & UNDER
Available: 10 Bayard Lane #9, Princeton, NJ 08540 $399,000
Units Sold Average Sale Price Days on Market
Q2 2021
Q2 2022
% Change
49
34
- 30.61 %
$773,287
$796,876
+ 3.05 %
24
34
+ 41.67 %
Units Sold Average Sale Price Days on Market
Q2 2021
Q2 2022
% Change
39
35
- 10.26 %
$1,494,810 $1,424,806 77
14
- 4.68 % - 81.82 %
PRINCETON $1 MILLION TO $ 2 MILLION
Available: 601 Lake Drive, Princeton, NJ 08540 $1,995,000
PRINCETON $2 MILLION AND OVER
Available: 522 Prospect Avenue, Princeton, NJ 08540 $3,200,000
Units Sold Average Sale Price Days on Market
Q2 2021
Q2 2022
% Change
11
13
+ 18.18 %
$2,605,000 $2,380,769 106
21
- 8.61 % - 80.19 %
MONTGOMERY TOWNSHIP
Available: 47 Cairns Place, Belle Mead, NJ 08502 $735,000
Units Sold Average Sale Price Days on Market
Q2 2021
Q2 2022
% Change
93
76
- 18.28 %
$736,145
$860,016
+ 16.83 %
25
17
- 32.00 %
Units Sold Average Sale Price Days on Market
Q2 2021
Q2 2022
% Change
20
14
- 30.00 %
$521,665
$694,607
+ 33.15 %
14
12
- 14.29 %
PENNINGTON BOROUGH
Available: 53 North Main Street, Pennington, NJ 08534 $649,000
HOPEWELL BOROUGH
Available: 45 North Greenwood Avenue, Hopewell, NJ 08525 $520,000
Units Sold Average Sale Price Days on Market
Q2 2021
Q2 2022
% Change
19
4
- 78.95 %
$543,952 $600,000 12
7
+ 10.30 % - 41.67 %
Units Sold Average Sale Price Days on Market
Q2 2021
Q2 2022
% Change
100
61
- 39.00 %
$577,684
$725,168
+ 25.53 %
30
38
+ 26.67 %
HOPEWELL TOWNSHIP
Available: 4750 Province Line Road, Princeton, NJ 08540 $2,950,000
WEST WINDSOR TOWNSHIP
Available: 34 Sapphire Drive, Princeton Junction, NJ 08550 $1,275,000
Units Sold Average Sale Price Days on Market
Q2 2021
Q2 2022
% Change
121
76
- 37.19 %
$677,171
761,893
+ 12.51 %
23
12
- 47.83 %
CRANBURY TOWNSHIP
Available: 10 Symmes Court, Cranbury, NJ 08512 $1,100,000
Units Sold Average Sale Price Days on Market
Q2 2021
Q2 2022
% Change
8
9
+ 12.50 %
$659,563
$989,611
+ 50.04 %
29
22
- 24.14 %
WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED
Available: 5 Pollack Court, Cranbury, NJ 08512 (Plainsboro Township) $1,675,000
Units Sold Average Sale Price Days on Market
Q2 2021
Q2 2022
% Change
196
139
- 29.08 %
$623,729
$684,074
+ 9.67 %
32
26
- 18.75 %
Units Sold Average Sale Price Days on Market
Q2 2021
Q2 2022
% Change
116
97
- 16.38 %
$404,740
$473,579
+ 17.01 %
36
22
- 38.89 %
LAWRENCE TOWNSHIP
Available: 5 Edith Drive, Lawrenceville, NJ 08648 $640,000
ROBBINSVILLE TOWNSHIP
SOLD: 4 Sapphire Road, Robbinsville, NJ 08691 $1,275,000
Units Sold Average Sale Price Days on Market
Q2 2021
Q2 2022
% Change
86
55
- 36.05 %
$455,273
$552,897
+ 21.44 %
22
20
- 9.09 %
LAMBERTVILLE
Available: 63 Church Street, Lambertville, NJ 08530 $675,000
Units Sold Average Sale Price Days on Market
Q2 2021
Q2 2022
% Change
21
17
- 19.05 %
$606,762 $604,229 31
20
- 0.42 % - 35.48 %
Units Sold Average Sale Price Days on Market
Q2 2021
Q2 2022
% Change
72
33
- 54.17 %
$964,519
$1,032,141
+ 7.01 %
37
57
+ 54.05 %
SOLEBURY TOWNSHIP, PA
SOLD: 6566 Upper York Road, New Hope, PA 18938 $475,000
ON THE COVER 155 Drakes Corner Road | Princeton, NJ 08540 $4,999,000
EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED. STATISTICS SOURCE: BRIGHT MLS, 4/1/2022 — 6/30/2022, AS OF 7/8/2022 STATISTICAL INFORMATION HAS BEEN PROVIDED BY A THIRD PARTY, BRIGHT MLS, 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.