2024 FIRST QUARTER Greater Princeton Area Residential Real Estate Market Analysis MARKET UPDATE
Available: 10 Ironwood Road, Skillman, NJ 08558 (Montgomery Township) $925,000
With daffodils past their peak, trees in bloom, and lawnmowers out in full force, spring is officially underway in the Greater Princeton Area. And with that, our real estate market gears up for the busy spring season as well. While contracts remained at a slower pace during Q1 2024 due to low inventory, we are beginning to see signs of that leveling off with more properties for sale versus last year in some municipalities.
Bidding wars continue for properties that are in good condition and strategically priced, while buyers are willing to let houses sit for a while that need some work or aren’t competitively priced.
What you will learn in these pages is that the data remains highly specific to each municipality. The number of sales remains down in Princeton, for example, but so, too, does inventory. Hopewell Township activity has started off slowly in 2024—but that’s after a year of increased sales in 2023, which was unique to that municipality. As interest rates remain elevated and hopes for near-term relief seem less likely, buyers are beginning to adjust to the new normal of 6-7% (as opposed to the 3% range that is now a distant memory).
As always, we greatly appreciate your continued interest in our marketplace. Please know that your favorite Callaway Henderson Sotheby’s International Realty agent is standing by, ready to help, however and whenever needed!
PRINCETON (OVERALL) Units Sold Average Sale Price Days on Market Q1 2023 Q1 2024 % Change 37 - 24.32 % $1,303,517 28 $1,275,464 - 2.15 % 49 52 + 6.12 % Available: 111 Victoria Mews, Princeton, NJ 08542 $1,450,000
PRINCETON $1 MILLION & UNDER Units Sold Average Sale Price Days on Market Q1 2023 Q1 2024 % Change 15 - 33.33 % $758,474 10 $767,600 + 1.20 % 41 23 - 43.90 % Available: 710 Prospect Avenue, Princeton, NJ 08540 $995,000
PRINCETON $1 MILLION TO $ 2 MILLION Units Sold Average Sale Price Days on Market Q1 2023 Q1 2024 % Change 17 - 17.65 % $1,383,118 14 $1,391,929 + 0.64 % 29 38 + 31.03 % Available: 27 Bank Street, Princeton, NJ 08540 $1,350,000
PRINCETON $2 MILLION AND OVER Units Sold Average Sale Price Days on Market Q1 2023 Q1 2024 % Change 5 - 20.00 % $2,668,000 4 - 19.88 % 139 177 + 27.34 % $2,137,500 Available: 133 Winant Road, Princeton, NJ 08540 $2,695,000
MONTGOMERY TOWNSHIP Units Sold Average Sale Price Days on Market Q1 2023 Q1 2024 % Change 38 - 21.05 % $762,313 30 $679,328 - 10.89 % 51 43 - 15.69 % Available: 2 Moselem Springs Court, Skillman, NJ 08558 (Montgomery Township) $1,195,000
Units Sold Average Sale Price Days on Market Q1 2023 Q1 2024 % Change 2 + 350.00 % $599,504 9 $745,511 + 24.35 % 13 31 + 138.46 % Under Contract: 39 North Main Street, Pennington, NJ 08534 $950,000
PENNINGTON BOROUGH
HOPEWELL BOROUGH Units Sold Average Sale Price Days on Market Q1 2023 Q1 2024 % Change 4 --$381,250 4 $692,500 + 81.64 % 59 26 - 55.93 % Under Contract: 3 Pierson Place, Hopewell, NJ 08525 $459,000
HOPEWELL TOWNSHIP
Units Sold Average Sale Price Days on Market Q1 2023 Q1 2024 % Change 49 - 14.29 % $737,690 42 $578,807 - 21.54 % 64 29 - 54.69 % Available: 58 Woosamonsa Road, Pennington, NJ 08534 (Hopewell Township) $2,100,000
WEST WINDSOR TOWNSHIP Units Sold Average Sale Price Days on Market Q1 2023 Q1 2024 % Change 33 - 9.09 % $795,273 30 $750,101 - 5.68 % 22 18 - 18.18 % Under Contract: 48 Reed Drive South, West Windsor, NJ 08550 $1,125,000
CRANBURY TOWNSHIP Units Sold Average Sale Price Days on Market Q1 2023 Q1 2024 % Change 1 + 300.00 % $850,000 4 $852,339 + 0.28 % 22 108 + 390.91 % SOLD: 165 North Main Street, Cranbury, NJ 08512 $949,000
WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED
Units Sold Average Sale Price Days on Market Q1 2023 Q1 2024 % Change 67 - 1.49 % $693,275 66 $674,615 - 2.69 % 38 41 + 7.89 % Available: 1 Dey Farm Road, West Windsor, NJ 08550 $3,750,000
Units Sold Average Sale Price Days on Market Q1 2023 Q1 2024 % Change 58 - 17.24 % $384,112 48 $475,034 + 23.67 % 54 36 - 33.33 % Available: 272 Carter Road, Princeton, NJ 08540 (Lawrence Township) $4,850,000
LAWRENCE TOWNSHIP
ROBBINSVILLE TOWNSHIP Units Sold Average Sale Price Days on Market Q1 2023 Q1 2024 % Change 21 + 19.05 % $569,786 25 $698,990 + 22.68 % 30 30 Available: 107 Voelbel Road, Hightstown, NJ 08520 (Robbinsville Township) $650,000
LAMBERTVILLE Units Sold Average Sale Price Days on Market Q1 2023 Q1 2024 % Change 14 - 50.00 % $506,143 7 $709,071 + 40.09 % 94 36 - 61.70 % Available: 12 North Main Street, Lambertville, NJ 08530 $995,000
Units Sold Average Sale Price Days on Market Q1 2023 Q1 2024 % Change 24 + 4.17 % $936,808 25 $1,237,090 + 32.05 % 73 37 - 49.32 %
TOWNSHIP, PA Available: 315 Fieldstone Drive, New Hope, PA 18938 (Solebury Township) $565,000
SOLEBURY
This Is Where Luxury Lives TO OWN: 609.921.1050 ❖ TO RENT: 609.921.2333 | PALMERSQUARERESIDENCES.COM
One-of-a-kind townhomes and condominiums in the heart of downtown Princeton. Own or rent to live in the center of it all.
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STATISTICS SOURCE: BRIGHT MLS & GSMLS, 1/1/2024 — 3/31/2024, AS OF 4/12 /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.
ON THE COVER 193 Elm Road | Princeton, New Jersey 08540
$3,600,000
