2023 FIRST QUARTER Greater Princeton Area Residential Real Estate Market Analysis MARKET UPDATE
With the Spring 2023 real estate market now firmly underway, we are pleased to present our Q1 market summary and very much appreciate your interest.
Generally speaking, the national real estate market is down—and in some cases fairly significantly. While the Greater Princeton Area isn’t coming through unscathed, the story here is certainly better than most headlines would suggest. Yes, the total number of transactions is down—but in many local municipalities, contracts are outpacing inventory. As such, pricing is actually up a bit across the board and buyers waiting for bargains have been largely disappointed. Multiple bidding situations are still commonplace, much more so than we ever saw in pre-pandemic years, yet there are signs of leveling off. Some properties are taking a few days or even weeks longer to sell, others are not selling for full price, and some sellers are even having to reduce their asking prices. In summary, the data within these pages reveals that it’s still a seller’s market, for the most part, with opportunities having emerged for some buyers.
We are happy to report that Callaway Henderson Sotheby’s International Realty continues to lead the way with increased market share in Mercer County year-to-date. Our clients realize that in times of uncertainty, buyers and sellers need the right advice, a proven track record, and a marketing plan with a comprehensive digital strategy and international reach.
We look forward to helping however we can. Please contact your favorite Callaway Henderson Sotheby’s International Realty agent, who looks forward to the opportunity to assist you.
Available: 91-93 Edgerstoune Road, Princeton, NJ 08540 $4,250,000
PRINCETON (OVERALL) Units Sold Average Sale Price Days on Market 2022 2023 % Change 66 - 43.94 % $1,053,430 37 $1,303,517 + 23.74 % 53 49 - 7.55 % Available: 27 Westcott Road, Princeton, NJ 08540 $2,750,000
PRINCETON $1 MILLION & UNDER Units Sold Average Sale Price Days on Market 2022 2023 % Change 41 - 63.41 % $762,583 15 $758,474 - 0.54 % 52 41 - 21.15 % Available: 5 Coventry Farm Lane, Princeton, NJ 08540 $833,750
PRINCETON $1 MILLION TO $ 2 MILLION Units Sold Average Sale Price Days on Market 2022 2023 % Change 21 - 19.05 % $1,443,886 17 $1,383,118 - 4.21 % 54 29 - 46.30 % Available: 9 Adams Drive, Princeton, NJ 08540 $1,499,000
PRINCETON $2 MILLION AND OVER Units Sold Average Sale Price Days on Market 2022 2023 % Change 4 + 25.00 % $2,123,750 5 + 25.63 % 51 139 + 172.55 % $2,668,000 Available: 155 Drakes Corner Road, Princeton, NJ 08540 $5,000,000
MONTGOMERY TOWNSHIP Units Sold Average Sale Price Days on Market 2022 2023 % Change 40 - 5.00 % $780,747 38 $762,313 - 2.36 % 37 51 + 37.84 % Available: 404 County Route 518, Skillman, NJ 08558 (Montgomery Township) $589,000
PENNINGTON BOROUGH Units Sold Average Sale Price Days on Market 2022 2023 % Change 8 - 75.00 % $664,725 2 $599,504 - 9.81 % 44 13 - 70.45 % Available: 128 Voorhees Avenue, Pennington, NJ 08534 $775,000
HOPEWELL BOROUGH Units Sold Average Sale Price Days on Market 2022 2023 % Change 5 - 20.00 % $619,200 4 $381,250 - 38.43 % 60 59 - 1.67 % Under Contract: 13 Eaton Place, Hopewell, NJ 08525 $485,000
HOPEWELL TOWNSHIP Units Sold Average Sale Price Days on Market 2022 2023 % Change 38 + 28.95 % $589,155 49 $737,690 + 25.21 % 56 64 + 14.29 % Available: 179 Stony Brook Road, Pennington, NJ 08534 (Hopewell Township) $2,250,000
WEST WINDSOR TOWNSHIP Units Sold Average Sale Price Days on Market 2022 2023 % Change 55 - 40.00 % $581,183 33 795,273 + 36.84 % 21 22 + 4.76 %
Under Contract: 32 Pleasant Valley Way, West Windsor, NJ 08550 $1,350,000
CRANBURY TOWNSHIP Units Sold Average Sale Price Days on Market 2022 2023 % Change 3 - 66.67 % $968,167 1 $850,000 - 12.21 % 86 22 - 74.42 % Available: 10 Symmes Court, Cranbury, NJ 08512 $950,000
WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED Units Sold Average Sale Price Days on Market 2022 2023 % Change 97 - 30.93 % $562,821 67 $693,275 + 23.18 % 53 38 - 28.30 % Available: 1 Dey Farm Road, West Windsor, NJ 08550 $4,400,000
Units Sold Average Sale Price Days on Market 2022 2023 % Change 77 - 24.68 % $393,083 58 $384,112 - 2.28 % 28 54 + 92.86 % Available: 272 Carter Road, Princeton, NJ 08540 (Lawrence Township) $4,850,000
LAWRENCE TOWNSHIP
ROBBINSVILLE TOWNSHIP Units Sold Average Sale Price Days on Market 2022 2023 % Change 37 - 43.24 % $518,354 21 $569,786 + 9.92 % 19 30 + 57.89 %
Under Contract: 3 Aidan Court, Robbinsville, NJ 08691 $1,495,000
LAMBERTVILLE Units Sold Average Sale Price Days on Market 2022 2023 % Change 16 - 12.50 % $508,312 14 $506,143 - 0.43 % 54 94 + 74.07 % Available: 200 South Franklin Street, Lambertville, NJ 08530 $645,000
Units Sold Average Sale Price Days on Market 2022 2023 % Change 29 - 17.24 % $1,055,548 24 $936,808 - 11.25 % 60 73 + 21.67 % SOLEBURY TOWNSHIP, PA SOLD: 7034 Ely Road, New Hope, PA 18938 (Solebury Township) $555,000
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