MARKET UPDATE
2023 THIRD QUARTER Greater Princeton Area Residential Real Estate Market Analysis
Available: 245 Lambertville Headquarters Road, Stockton, NJ 08559 (Delaware Township) $2,400,000
The overall conditions impacting the Greater Princeton Area housing market have remained largely unchanged as we look back through the first nine months of the year. An extraordinary combination of historically low inventory and continued strong buyer demand is maintaining a competitive landscape, resulting in quick sales with sustained elevated pricing. Remarkably, this continues on in the face of significantly higher mortgage rates, which not only affect buyers’ purchasing power but also create an issue for would-be sellers who have to weigh the idea of giving up an interest rate in the 3% range as part of their decision process of whether or not to enter the marketplace. A new question is emerging for such property owners to consider: “What’s more important: your interest rate or your untapped equity?” Right now, many homeowners have ‘paper gains’ that won’t be realized until or unless they sell their property—and for some, accessing that equity is becoming the priority. Look for the impact of this notion to grow as inventory rises. Sellers still have time to take advantage of current pricing levels, and buyers are already starting to see some inventory increases in the year-over-year data, which may indicate some relief on the horizon. As always, thank you for staying on top of the market 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!
PRINCETON (OVERALL)
Available: 12 Boudinot Street, Princeton, NJ 08540 $2,650,000
Units Sold Average Sale Price Days on Market
Q3 2022
Q3 2023
% Change
83
83
--
$1,348,228 $1,359,213 32
31
+ 0.81 % - 3.13 %
PRINCETON UNDER $1 MILLION
Available: 39 Quarry Street, Princeton, NJ 08540 $599,000
Units Sold Average Sale Price Days on Market
Q3 2022
Q3 2023
% Change
31
36
+ 16.13 %
$780,406 $844,469 27
37
+ 8.21 % + 37.04 %
Units Sold Average Sale Price Days on Market
Q3 2022
Q3 2023
% Change
40
35
- 12.50 %
$1,483,235 $1,384,140 24
23
- 6.68 % - 4.17 %
PRINCETON $1 MILLION TO $ 2 MILLION
Available: 348 Cherry Valley Road, Princeton, NJ 08540 $1,995,000
PRINCETON $2 MILLION AND OVER
Available: 91-93 Edgerstoune Road, Princeton, NJ 08540 $4,250,000
Units Sold Average Sale Price Days on Market
Q3 2022
Q3 2023
% Change
10
12
+ 20.00 %
$2,493,100 $2,933,381 72
33
+ 17.66 % - 54.17 %
MONTGOMERY TOWNSHIP
Available: 1459 Great Road, Skillman, NJ 08558 (Montgomery Township) $6,250,000
Q3 2022
Q3 2023
% Change
70
71
+ 1.43 %
Average Sale Price
$873,429
$916,544
+ 4.94 %
Days on Market
22
23
+ 4.55 %
Units Sold
Units Sold Average Sale Price Days on Market
Q3 2022
Q3 2023
% Change
19
7
- 63.16 %
$640,342 $670,343 20
20
+ 4.69 % --
PENNINGTON BOROUGH
SOLD: 29 East Welling Avenue, Pennington, NJ 08534 $820,000
HOPEWELL BOROUGH
Under Contract: 121 West Broad Street, Hopewell, NJ 08525 $675,000
Units Sold Average Sale Price Days on Market
Q3 2022
Q3 2023
% Change
8
11
+ 37.50 %
$486,250 $680,409 17
17
+ 39.93 % --
Q3 2022
Q3 2023
% Change
73
53
- 27.40 %
Average Sale Price
$730,049
$716,307
- 1.88 %
Days on Market
28
30
+ 7.14 %
Units Sold
HOPEWELL TOWNSHIP
Available: 58 Woosamonsa Road, Pennington, NJ 08534 (Hopewell Township) $2,200,000
WEST WINDSOR TOWNSHIP
Under Contract: 24 Cartwright Drive, Princeton Junction, NJ 08550 (West Windsor Township) $990,000
Q3 2022
Q3 2023
% Change
110
75
- 31.82 %
Average Sale Price
$762,927
$874,350
+ 14.60 %
Days on Market
17
14
- 17.65 %
Units Sold
CRANBURY TOWNSHIP
Available: 165 North Main Street, Cranbury, NJ 08512 $999,000
Q3 2022
Q3 2023
% Change
10
14
+ 40.00 %
Average Sale Price
$931,090
$837,250
- 10.08 %
Days on Market
28
48
+ 71.43 %
Units Sold
WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED
Under Contract: 10 Symmes Court, Cranbury, NJ 08512 $795,000
Q3 2022
Q3 2023
% Change
197
150
- 23.86 %
Average Sale Price
$709,527
$770,824
+ 8.64 %
Days on Market
33
25
- 24.24 %
Units Sold
Q3 2022
Q3 2023
% Change
97
81
- 16.49 %
Average Sale Price
$462,120
$459,767
- 0.51 %
Days on Market
21
17
- 19.05 %
Units Sold
LAWRENCE TOWNSHIP
Available: 4658 Province Line Road, Princeton, NJ 08540 (Lawrence Township) $1,495,000
ROBBINSVILLE TOWNSHIP
SOLD: 7 Garnet Lane, Robbinsville, NJ 08691 $1,650,000
Q3 2022
Q3 2023
% Change
72
58
- 19.44 %
Average Sale Price
$570,053
$681,478
+ 19.55 %
Days on Market
18
19
+ 5.56 %
Units Sold
LAMBERTVILLE
Available: 47 Lincoln Avenue, Lambertville, NJ 08530 $995,000
Q3 2022
Q3 2023
% Change
20
21
+ 5.00 %
Average Sale Price
$554,100
$635,476
+ 14.69 %
Days on Market
36
38
+ 5.56 %
Units Sold
Q3 2022
Q3 2023
% Change
8
8
--
Average Sale Price
$721,425
$661,563
- 8.30 %
Days on Market
19
63
+ 231.58 %
Units Sold
NEW HOPE BOROUGH, PA
Available: 85 Kiltie Drive, New Hope, PA 18938 $1,245,000
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 90 Olden Lane | Princeton, NJ 08540 $2,750,000
EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED. STATISTICS SOURCE: BRIGHT MLS & GSMLS, 7/1/2023 — 9/30/2023, AS OF 10/10/2023 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.