2022 Greater Princeton Area Real Estate Market Update

Available: 522 Prospect Avenue, Princeton, NJ 08540 $2,999,000

Mark Twain said it best: “There are three kinds of lies: lies, damned lies, and statistics.”

Within these pages, the statistics on the surface are, in fact, telling many lies. One example is the number of contracts being down across the board—and in some cases, mightily. Hopewell Borough down a whopping 46% is eye-catching, no doubt; but the story is all inventory driven. Not included here is the fact that the number of units listed in Hopewell Borough last year was down 42%. Combine that with the smaller sample size of a small town and the real story is that there were 25 properties listed and 24 contracts last year. That’s an exceptionally busy market by any standard. Look for this trend to continue in 2023. Buyers will be frustrated that a smaller number of sales won’t bring much pricing relief. While the number of sales has decreased, and so, too, has the number of buyers, it’s the constrained supply that keeps values more or less in check. So don’t get sucked in by headlining “lies” that the real estate market is in trouble. Yes, superficially the numbers are in decline, as house sales were down from the epic year that was 2021. But in reality, there’s still a match to be made for almost every well-marketed, properly-priced listing.

If you are thinking of selling, it’s not too late as the market is in serious need of more inventory. And if you’re thinking of buying, look for interest rate volatility to settle down and the market to start to trade on that recalibration. There are opportunities to be had out there and we can help.

Please contact your favorite Callaway Henderson Sotheby’s International Realty agent and let’s get started!

2022 Unrivaled Results

Our average sold listing price is 92% higher than our next closest competitor in Mercer County *

We represented 90% (9/10) of the sellers of closed sales**** ≥ $2,750,000

11,088

100%

249

★

25 ★ ★

We

50

We proudly claim: 14 of the top 50 agents in Mercer County, (100% more than the next office)*** We brought buyers from 8 countries and

We represented sellers of homes sold for as low as

$170,000

$6,285,000

*Out of the Top 12 brokerage firms in Mercer County based on units sold. **Based on dollar volume and/or unit sales. ***Princeton office, based on dollar volume. ****Mercer County, Montgomery Township, East and West Amwell Townships. Source: Bright MLS, GSMLS, and TrendGraphix data for 1/1/22-12/31/22 and public records, as of January 2023. Each office is independently owned and operated.