Greater Princeton Area Q3 2021 Real Estate Market Update

MARKET UPDATE

2021 THIRD QUARTER Greater Princeton Area Residential Real Estate Market Analysis

Available: 126 Mountain View Road, Princeton, NJ 08540 (Montgomery Township) $3,600,000

Greetings, and thanks for taking the time to read through our latest quarterly market update report!

From a contract perspective, the third quarter of 2021 was as busy as you have undoubtedly heard, with multiple bids being the rule rather than the exception. So much so, in fact, that 77% of all August residential closings in Mercer County sold at or above the asking price...77%(!)

Looking at this metric another way, only 23% of sellers had to negotiate their list price downward.

This is absolutely unprecedented for our marketplace.

That said, we are now well into the Fall—and while things are still unusually busy, there is somewhat of an adjustment toward a more balanced market. Inventory is starting to stick around a bit longer and properties that are not competitively priced are taking longer to sell. Of course the data herein will reflect contract activity from the height of the market, as Q3 closings typically include deals that were struck in June, July, and August. You will actually see some numbers down a bit, most notably in Hopewell and Lawrence Townships. While the activity there is still extremely busy, the relative slowdown is more of a reflection of the fact that these were the first municipalities to soar last year due to urban flight at the onset of the pandemic. Here’s one takeaway that applies to just about everyone in our market area: if you own a residence in our marketplace and have maintained it with regularity, it’s worth more this year than ever before.

Thanks again for engaging with us here—and please, as always, reach out to your favorite Callaway Henderson Sotheby’s International Realty agent with any questions as far as what this information may mean for you and your particular situation. Our agents can keep you apprised of the very latest market activity and trends, as things are changing on a weekly, if not daily, basis.

Significant Sales

While we pride ourselves in offering million-dollar marketing at all price points, we also like to celebrate some of our most noteworthy sales. During Q3 2021, we successfully sold 11 listings priced over $2 million.

For 7 of these $2 million-plus sales that closed between July 1 and September 30, we represented both the buyers and the sellers. Two of these sales took place outside of the MLS, but the other 9 are shown below:

991 ROUTE 601 Montgomery Township, NJ Marketed at $3,000,000

5279 PROVINCE LINE ROAD Princeton, NJ Marketed at $2,975,000

176 PARKSIDE DRIVE Princeton, NJ Marketed at $2,950,000

522 PROSPECT AVENUE Princeton, NJ Marketed at $2,895,000

504 WATERVIEW PLACE New Hope, PA Marketed at $2,895,000

64 WILSON ROAD Princeton, NJ Marketed at $2,850,000

151 LIBRARY PLACE Princeton, NJ Marketed at $2,395,000

8 MORVEN PLACE Princeton, NJ Marketed at $2,275,000

19 DERWENT DRIVE Princeton, NJ Marketed at $2,150,000

PRINCETON $1 MILLION & UNDER

Available: 16 Greenview Avenue, Princeton, NJ 08542 $949,000

Units Sold Average Sale Price Days on Market

2020

2021

% Change

65

60

- 7.69 %

$723,665

$785,449

+ 8.54 %

48

31

- 35.42 %

Units Sold Average Sale Price Days on Market

2020

2021

% Change

43

51

+ 18.60 %

$1,478,292 $1,401,121 61

25

- 5.22 % - 59.02 %

PRINCETON $1 MILLION TO $ 2 MILLION

Available: 38 Pardee Circle, Princeton, NJ 08540 $1,730,000

PRINCETON $2 MILLION AND OVER

Available: 46 Westcott Road, Princeton, NJ 08540 $2,250,000

Units Sold Average Sale Price Days on Market

2020

2021

% Change

4

9

+ 125.00 %

$2,243,750 $2,467,722 38

75

+ 9.98 % + 97.37 %

MONTGOMERY TOWNSHIP

Available: 77 Rolling Hill Road, Skillman, NJ 08558 $950,000

Units Sold Average Sale Price Days on Market

2020

2021

% Change

87

109

+ 25.29 %

$645,409 $736,703 48

27

+ 14.15 % - 43.75 %

Units Sold Average Sale Price Days on Market

2020

2021

% Change

21

21

$512,753

$576,073

+ 12.35 %

47

39

- 17.02 %

--

PENNINGTON BOROUGH

Active with Contract: 161 East Delaware Avenue, Pennington, NJ 08534 $628,500

HOPEWELL BOROUGH

Available: 18 Hart Avenue, Hopewell, NJ 08525 $775,000

Units Sold Average Sale Price Days on Market

2020

2021

10

10

$434,840 $448,350 41

39

% Change -+ 3.11 % - 4.88 %

Units Sold Average Sale Price Days on Market

2020

2021

% Change

104

100

- 3.85 %

$565,348

$513,844

- 9.11 %

66

19

- 71.21 %

HOPEWELL TOWNSHIP

Available: 374 Carter Road, Princeton, NJ 08540 $735,000

WEST WINDSOR TOWNSHIP

SOLD: 11 Jewel Road, West Windsor, NJ 08550 (Marketed at $1,115,000)

Units Sold Average Sale Price Days on Market

2020

2021

% Change

104

153

+ 47.12 %

$602,612

719,281

+ 19.36 %

59

18

- 69.49 %

CRANBURY TOWNSHIP

Available: 20 Evans Drive, Cranbury, NJ 08512 $1,285,000

Units Sold Average Sale Price Days on Market

2020

2021

% Change

9

6

- 33.33 %

$741,200

$757,983

+ 2.26 %

60

21

- 65.00 %

WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED

Available: 2324 Windrow Drive, Princeton, NJ 08540 (Plainsboro Township) $399,000

Units Sold Average Sale Price Days on Market

2020

2021

% Change

176

229

+ 30.11 %

$549,376 $652,398 59

25

+ 18.75 % - 57.63 %

Units Sold Average Sale Price Days on Market

2020

2021

% Change

169

153

- 9.47 %

$381,496

$416,360

+ 9.14 %

43

23

- 46.51 %

LAWRENCE TOWNSHIP

Available: 6 Belleview Terrace, Princeton, NJ 08540 $1,125,000

ROBBINSVILLE TOWNSHIP

Available: 24 Wycklow Drive, Robbinsville, NJ 08691 $699,900

Units Sold Average Sale Price Days on Market

2020

2021

% Change

91

100

+ 9.89 %

$442,079 $500,640 45

22

+ 13.25 % - 51.11 %

LAMBERTVILLE

Available: 47 Lincoln Avenue, Lambertville, NJ 08530 $1,290,000

Units Sold Average Sale Price Days on Market

2020

2021

% Change

13

18

+ 38.46 %

$504,374 $556,083 100

41

+ 10.25 % - 59.00 %

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

ON THE COVER 88 Moore Street, Princeton, NJ 08540 $1,575,000

EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED. LISTINGS SUBJECT TO ERRORS, OMISSIONS, PRIOR SALE OR WITHDRAWAL WITHOUT NOTICE. STATISTICS SOURCE: BRIGHT MLS, 7/1/2021 — 9/30/2021, AS OF 10/6/2021 INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED.