Sotheby's International Realty® 2021 Luxury Outlook

A. BRADLEY NELSON

Chief Marketing Officer Sotheby's International Realty

AVIEWFROM PRINCETON, NJ Here in the Greater Princeton Area, the 2020 market was fueled by local buyers looking for more space to spread out: home offices to facilitate working for home or remote schooling and gyms, pools, or larger yards to expand at-home leisure and recreational options. The notion of ?urban flight?was also very real, with a surge in buyers coming from nearby New York City and Philadelphia metro markets. In fact, the number of buyers we worked with from these cities increased 114%versus 2019.

The benchmark price for ?luxury? property in our market is generally accepted to be $2 million or more.

According to Bright MLSand our knowledge of off-market sales, there were 18 sales over $2 million in Mercer County and Montgomery Township in 2020. While this represents the lowest number of luxury home sales in our market since 2014, the number of sales over $3million (5) is the highest it?s been since 2015.

RECENTMARKETMOVERS 15of the 18 sales over $2 million in 2020 were in Princeton, with the remaining three in Hopewell Township. Of the 5sales over $3 million, just one was in Hopewell Township? including our local market area?s highest sale of the year at $4.2 million. Within Princeton, the areas most popular with high-end buyers include the Western Section and the Hun School neighborhood for their proximity to town and grandl-scaled homes with numerous amenities. There was a fairly eclectic mix of property types represented? from exquisitely refinished historic homes to new construction, and from in-town single family homes on half an acre to a 101-acre farm estate.

JUDSON R. HENDERSON

36% Our average sold listing price was 36% higher in 2020 than that of our next closest competitor in Mercer County.

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{FEATURED PROPERTY IMAGE PHOTO CREDIT}

Broker of Record Callaway Henderson Sotheby's International Realty CallawayHenderson.com

JUNIPER MEADOW FARM HOPEWELL TOWNSHIP, NJ

This enchanting, 10 1-acre equestrian estate offering a self-contained luxury escape only 57 miles from Manhattan with a spring-fed pond, fully outfitted 10 -stall barn, 3BR guest house, and saltwater pool with pool house sold in 2020 for $4.2 million.