MARKET UPDATE
2023 YEAR END Greater Princeton Area Residential Real Estate Market Analysis
Available: 206 Hopewell Amwell Road, Hopewell, NJ 08525 $995,000
Thank you for reading this year-end summary. To be candid, we are happy it brings 2023 to a close as far as real estate is concerned. Generally speaking, the market was exhausting last year. A dramatic lack of inventory provided limited opportunities for buyers, while activity, although decreased, was still hectic with multiple bids remaining at an unusually high level. There were fewer buyers, yes; but even fewer homes to sell, so the pricing dynamic remained elevated and provided no relief—especially for interest rate-sensitive buyers. Beyond the data within the attached pages, indications suggest that a return to balance is underway. More inventory came on in the 4th quarter in most local municipalities, which will help buyers as the spring market quickly approaches. That said, if you are thinking of selling, it’s not too late as the market is still in serious need of more inventory and pricing, while most likely won’t continue to increase in 2024, is expected to remain elevated as it flattens out. And if you’re thinking of buying, look for interest rate volatility to settle down and for the market to start trading on that recalibration. In fact, as of this printing, interest rates are already a full percentage point below their 2023 peak. 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!
PRINCETON (OVERALL)
Available: 90 Olden Lane, Princeton, NJ 08540 $2,750,000
Units Sold
2022
2023
% Change
300
239
- 20.33 %
Average Sale Price $1,263,906 $1,399,770
+ 10.75 %
Days on Market
+ 19.05 %
42
50
PRINCETON $1 MILLION & UNDER
Available: 68 Lovers Lane #6, Princeton, NJ 08540 $429,000
2022
2023
% Change
133
89
- 33.08 %
Average Sale Price
$779,368
$782,892
+ 0.45 %
Days on Market
41
44
+ 7.32 %
Units Sold
Units Sold Average Sale Price Days on Market
2022
2023
% Change
133
107
- 19.55 %
$1,456,804 $1,410,398 41
38
- 3.19 % - 7.32 %
PRINCETON $1 MILLION TO $ 2 MILLION
Available: 17 Armour Road, Princeton, NJ 08540 $1,695,000
PRINCETON $2 MILLION AND OVER
Available: 193 Elm Road, Princeton, NJ 08540 $3,950,000
Units Sold Average Sale Price Days on Market
2022
2023
% Change
33
43
+ 30.30 %
$2,457,152 $2,650,117 46
90
+ 7.85 % + 95.65 %
MONTGOMERY TOWNSHIP
Under Contract: 429 Township Line Road, Belle Mead, NJ 08502 (Montgomery Township) $749,000
2022
2023
% Change
281
207
- 26.33 %
Average Sale Price
$819,067
$886,704
+ 8.26 %
Days on Market
30
31
+ 3.33 %
Units Sold
Units Sold Average Sale Price
2022
2023
% Change
48
32
- 33.33 %
$646,014 $664,450
Days on Market
21
36
+ 2.85 % + 71.43 %
PENNINGTON BOROUGH
Under Contract: 2 Queens Lane, Pennington, NJ 08534 $995,000
HOPEWELL BOROUGH
Under Contract: 101 West Broad Street, Hopewell, NJ 08525 $725,000
2022
2023
% Change
22
28
+ 27.27 %
Average Sale Price
$531,182
$595,786
+ 12.16 %
Days on Market
46
29
- 36.96 %
Units Sold
2022
2023
% Change
224
245
+ 9.38 %
Average Sale Price
$686,391
$706,997
+ 3.00 %
Days on Market
42
42
---
Units Sold
HOPEWELL TOWNSHIP
Available: 58 Woosamonsa Road, Pennington, NJ 08534 (Hopewell Township) $2,200,000
WEST WINDSOR TOWNSHIP
Available For Rent: 3 Dey Farm Road, Princeton Junction, NJ 08550 $13,500/month
Units Sold Average Sale Price Days on Market
2022
2023
% Change
299
202
- 32.44 %
$709,624 $849,604 20
18
+ 19.73 % - 10.00 %
CRANBURY TOWNSHIP
Available: 165 North Main Street, Cranbury, NJ 08512 $999,000
Units Sold Average Sale Price Days on Market
2022
2023
% Change
32
29
- 9.38 %
$903,528 $790,883 40
49
- 12.47 % + 22.50 %
WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED
SOLD: 8 Ellsworth Drive, West Windsor, NJ 08550 $1,170,000
2022
2023
% Change
554
411
- 21.19 %
Average Sale Price
$653,242
$734,001
+ 12.36 %
Days on Market
40
37
- 7.50 %
Units Sold
2022
2023
% Change
365
289
- 20.82 %
Average Sale Price
$438,674
$463,801
+ 5.73 %
Days on Market
30
32
+ 6.67 %
Units Sold
LAWRENCE TOWNSHIP
Available: 272 Carter Road, Princeton, NJ 08540 (Lawrence Township) $4,850,000
ROBBINSVILLE TOWNSHIP
SOLD: 7 Garnet Lane, Robbinsville, NJ 08691 $1,650,000
2022
2023
% Change
207
170
- 17.87 %
Average Sale Price
$540,284
$633,176
+ 17.19 %
Days on Market
19
20
+ 5.26 %
Units Sold
LAMBERTVILLE
Available: 5 Ferry Street, Lambertville, NJ 08530 $535,000
2022
2023
% Change
60
52
- 13.33 %
Average Sale Price
$539,440
$618,658
+ 14.69 %
Days on Market
42
54
+ 28.57 %
Units Sold
2022
2023
% Change
142
125
- 11.97 %
Average Sale Price
$990,518
$974,820
- 1.58 %
Days on Market
55
49
- 10.91 %
Units Sold
SOLEBURY TOWNSHIP, PA
Available Lot: 3705 Windy Bush Road, New Hope, PA 18938 (Solebury Township) $365,000
This Is Where Luxury Lives One-of-a-kind townhomes and condominiums in the heart of downtown Princeton. Own or rent to live in the center of it all.
TO OWN: 609.921.1050 ❖ TO RENT: 609.921.2333 | PALMERSQUARERESIDENCES.COM
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Callaway Henderson Sotheby’s International Realty
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Callaway Henderson Sotheby’s International Realty
Callaway Henderson Sotheby’s International Realty
@calhensir
ON THE COVER 179 Stony Brook Road | Hopewell, New Jersey 08525 (Hopewell Township) $1,950,000
EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED. STATISTICS SOURCE: BRIGHT MLS & GSMLS, 1/1/2023 — 12/31/2023, AS OF 1/15/2024 STATISTICAL INFORMATION HAS BEEN PROVIDED BY THIRD PARTIES, BRIGHT MLS & GSMLS, 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 CONTAINED HEREIN 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 TRENDS REFLECTED BY PERCENTAGE CHANGES MAY NOT TRULY REPRESENT OVERALL MARKET TRENDS.