SECOND
Available: 32 Hodge Road, Princeton, NJ 08540 $3,500,000
That’s a wrap! The first half of 2024 is in the rearview mirror and the third quarter is underway. With temperatures expected to be around 100°F this week, it’s hard to believe that we’ll be back to sweater weather by this quarter’s end. This means that the spring market is largely behind us and we now have our first meaningful chunk of data to examine.
There are parts of the country that are feeling the slowing impact of 7% mortgage rates. Combined with record-high home prices, rising inventory, and increasing days on market, this has turned many markets sideways. We are pleased to inform you that the Greater Princeton Area is NOT one of these marketplaces. To be clear, inventory remains near historic lows—but it is off last year’s bottom in almost every local municipality. And affordability is still a critical issue as some buyers wait for interest rate relief to arrive, perhaps as soon as September. That said, well-priced properties remain in demand and turn-key condition is still an important distinction driving buyer desirability. The average sale prices within this report are somewhat staggering. So much so that some homeowners have decided that their increased equity outweighs their low interest rate as a determining factor of whether or not to sell. Look for this trend to continue as time goes on—especially if interest rates approach 6%. Increased inventory coupled with affordability strengthening could make for a very interesting market over the coming months. Moreover, the real estate industry as a whole will be incorporating some changes to its business practices in August. Much more to come on that!
In the meantime, enjoy the summer and please know that your favorite Callaway Henderson Sotheby’s International Realty agent is standing by, ready to help!
