Q3 2022 Greater Princeton Area Real Estate Market Update

While still feeling the impact of continued record low inventory, the greater Princeton area real estate market seems to be finding its post-pandemic footing. The fact of the matter is that it remains extremely busy for both buyers and sellers alike. National policy that has resulted in a quick and significant rise in interest rates has potentially backfired by creating such limited inventory that pricing has yet to temper in most markets. This rise in rates created an environment where many property owners would rather sit tight with their existing 3% interest rate than sell and buy something else with a 6% rate. The unintended consequence of this is severely limited inventory, which is pricing some buyers out of the market entirely. That said, the data that you will see here is, for the most part, consistent with national headlines claiming that things have “slowed down.” However, it’s important to recognize that the relative slowdown is in comparison with 2021, which was a recordbest year for most markets, and that the reduced contract activity essentially mirrors the reduced inventory levels. Even in September, many local markets had more new sales contracts than new listing inventory.

So, if you are a seller, you have probably not yet “missed your chance.” And if you are a buyer, there are indications that more inventory is on the way, in spite of these macro conditions. Now, more than ever, just make sure you have done your research. Please leverage the expertise of your favorite Callaway Henderson Sotheby’s International Realty agent and let us know how we can help. We have detailed, real-time analytics for most local municipalities and we’re ready to share our knowledge and experience with you!

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