2023 SECOND QUARTER
Real Estate Market Analysis
Greater Princeton Area Residential
MARKET UPDATE
What’s the biggest cliché in real estate? We all know that until now it’s been “Location, location, location.” In 2023 that just might be due to change, as we now find ourselves continuously reciting a new three-word mantra: “Inventory, inventory, inventory.”
Yes, real estate is “down” technically, if the benchmark for that determination is based solely upon the number of transactions. However, the lack of sales is essentially inventory driven; reduced sales activity is directly linked to fewer homes being available for sale. Locally, listings are down across the board (with the notable exception of Hopewell Township), and the number of sales is also down across the board (again, except in Hopewell Township, which only furthers the point). A byproduct of this dynamic is that even though sales are “down,” the market remains a hypercompetitive environment for buyers, driving prices even higher. Buyers looking for relief due to higher interest rates and a few years of price appreciation are not necessarily finding it. So if you are a property owner, now remains a great time to sell, even in the dog days of summer. We are in need of inventory—almost desperately. If you are a buyer, some opportunities have indeed emerged, but finding them—and getting the right guidance—is critical.
As always, thanks very much for engaging with us and please let us know if you have any questions. Your favorite Callaway Henderson Sotheby’s International Realty agent is here to help!
Available: 35 Hewitt Road, Stockton, NJ 08559 (Delaware Township) $2,200,000
PRINCETON (OVERALL) Units Sold Average Sale Price Days on Market Q2 2022 Q2 2023 % Change 82 - 19.51 % $1,308,985 66 $1,545,256 + 18.05 % 23 40 + 73.91 % Available: 130 Hodge Road, Princeton, NJ 08540 $4,750,000
PRINCETON $1 MILLION & UNDER Units Sold Average Sale Price Days on Market Q2 2022 Q2 2023 % Change 34 - 47.06 % $796,876 18 $769,111 - 3.48 % 34 36 + 5.88 % Available: 16 Greenview Avenue, Princeton, NJ 08540 $995,000
PRINCETON $1 MILLION TO $ 2 MILLION Units Sold Average Sale Price Days on Market Q2 2022 Q2 2023 % Change 35 - 8.57 % $1,424,806 32 $1,482,652 + 4.06 % 14 33 + 135.71 % Available: 7 Evelyn Place, Princeton, NJ 08540 $1,950,000
PRINCETON $2 MILLION AND OVER Units Sold Average Sale Price Days on Market Q2 2022 Q2 2023 % Change 13 + 23.08 % $2,380,769 16 + 6.84 % 21 57 + 171.43 % $2,543,625 Available: 225 Mountain Avenue, Princeton, NJ 08540 $3,350,000
MONTGOMERY TOWNSHIP Units Sold Average Sale Price Days on Market Q2 2022 Q2 2023 % Change 76 - 22.37 % $860,016 59 $896,269 + 4.22 % 17 23 + 35.29 % Available: 17 Maidstone Court, Skillman, NJ 08558 (Montgomery Township) $1,150,000
Units Sold Average Sale Price Days on Market Q2 2022 Q2 2023 % Change 14 + 7.14 % $694,607 15 $667,667 - 3.88 % 12 31 + 158.33 % Under Contract: 32 Baldwin Street, Pennington, NJ 08534 $825,000
PENNINGTON BOROUGH
HOPEWELL BOROUGH
Q2 2022 Q2 2023 % Change 4 + 25.00 % $600,000 5 $601,800 + 0.30 % 7 10 + 42.86 %
Units Sold Average Sale Price Days on Market
Under Contract: 29 Columbia Avenue, Hopewell, NJ 08525 $595,000
HOPEWELL
Units Sold Average Sale Price Days on Market Q2 2022 Q2 2023 % Change 61 + 9.84 % $725,168 67 $684,656 - 5.59 % 38 34 - 10.53 % Available: 187 Pennington Harbourton Road, Pennington, NJ 08534 (Hopewell Township) $799,000
TOWNSHIP
WEST WINDSOR TOWNSHIP Units Sold Average Sale Price Days on Market Q2 2022 Q2 2023 % Change 76 - 28.95 % $761,893 54 799,034 + 4.87 % 12 17 + 41.67 % Available: 1 Dey Farm Road, West Windsor, NJ 08550 $4,400,000
CRANBURY TOWNSHIP Units Sold Average Sale Price Days on Market Q2 2022 Q2 2023 % Change 9 - 22.22 % $989,611 7 $633,088 - 36.03 % 22 32 + 45.45 % Available: 165 North Main Street, Cranbury, NJ 08512 $1,100,000
WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED Units Sold Average Sale Price Days on Market Q2 2022 Q2 2023 % Change 139 - 25.90 % $684,074 103 $678,133 - 0.87 % 26 37 + 42.31 % Available:
08536 $599,000
70 Ashford Drive, Plainsboro, NJ
Units Sold Average Sale Price Days on Market Q2 2022 Q2 2023 % Change 97 - 21.65 % $473,579 76 $501,282 + 5.85 % 22 28 + 27.27 % Available: 4525 Province Line Road, Princeton, NJ 08540 (Lawrence Township) $3,750,000
LAWRENCE TOWNSHIP
ROBBINSVILLE TOWNSHIP Units Sold Average Sale Price Days on Market Q2 2022 Q2 2023 % Change 55 - 20.00 % $552,897 44 $605,414 + 9.50 % 20 12 - 40.00 %
Under Contract: 7 Garnet Lane, Robbinsville, NJ 08691 $1,750,000
LAMBERTVILLE Units Sold Average Sale Price Days on Market Q2 2022 Q2 2023 % Change 17 - 35.29 % $604,229 11 $609,128 + 0.81 % 20 40 + 100.00 % Available: 47 Lincoln Avenue, Lambertville, NJ 08530 $1,190,000
Units Sold Average Sale Price Days on Market Q2 2022 Q2 2023 % Change 33 + 15.15 % $1,032,141 38 $839,282 - 18.69 % 57 35 - 38.60 % SOLEBURY TOWNSHIP, PA Under Contract: 247 Creekside Drive, New Hope, PA 18938 (Solebury Township) $839,000
One-of-a-kind townhomes and condominiums in the heart of downtown Princeton. Own or rent to live in the center of it all. This Is Where Luxury Lives TO OWN: 609.921.1050 ❖ TO RENT: 609.921.2333 | PALMERSQUARERESIDENCES.COM
