Available: 123 Abernethy Drive, Trenton, NJ 08618 $380,000
Depending on who you ask about real estate market conditions in the Greater Princeton Area, you will likely get a variety of different answers. Generally speaking, inventory is rising and price appreciation is starting to level off. This should not be surprising to those familiar with our local market, where historically low inventory and sharply rising interest rates have fairly dramatically impacted sales activity and pricing for the past couple of years. The resulting “return to normalcy” (at least to some degree) is a welcome relief for many buyers. If interest rates settle in the 5% range in the next 3 to 6 months, we can expect a potentially very busy spring market as we head into 2025.
For now, the enclosed data supports the above-mentioned trends. Across most local municipalities and price points, opportunities are emerging for buyers and sellers are smart to return to more conservative pricing strategies. While multiple bid situations are still occurring on highly desirable, compellingly priced listings, many properties’ buyer pools lack the depth that we’ve become accustomed to seeing over the past few years.
As always, thank you for your interest and please let us know if you have any questions. Whether you’re thinking of selling, buying, or just curious, your favorite Callaway Henderson Sotheby’s International Realty agent is here to help!
