Princeton, NJ Real Estate Report
Click through to see the latest information on the Princeton, NJ Real Estate Market. All 2018 data is through the end of the second quarter.
Princeton’s January 2018 Real Estate Report
It was a light closing month in January with only 12 homes settling.
As depicted in the graphic above the average sales price for homes in Princeton was $1.092 million and the homes that closed took an average of 100 days to settle. (click for a complete list of addresses and prices of the homes that sold in January).
The Princeton sellers whose home closed in January retained 92% of their original asking price. This is a couple of percentage points below the 2017 average.
The most popular model of home sold in January was colonials with 10 of the 12 being that model.
The biggest story in the Princeton real estate market right now is inventory…or lack thereof. The market is in a critical under supply mode. Market conditions favor sellers, especially sellers of homes in the more affordable price brackets.
Here are the latest homes to come on the market in Princeton:
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Princeton, NJ Residential Tax Appeal Seminar
Want to appeal your property taxes?
Not sure of the process? Be our guest at our upcoming Seminar on the Residential Tax Appeal process. If you are a homeowner in Princeton or the greater Princeton area you will want to be at this informative seminar. RSVP is required as seating is limited. Click here to reserve your seat. We look forward to seeing you.
Josh Wilton
Manager, Weichert Princeton
January 2018 Princeton Area Real Estate Market Forecast
Princeton, NJ 2018 Real Estate Forecast
Curious about the market trends in the Princeton, NJ Real Estate markets? Please be our guest tomorrow for our 2018 Market Forecast. We will be covering the new federal tax law as well as forecasting the real estate market in Princeton, West Windsor, Montgomery and other area towns. Click here to RSVP your seat.
Princeton August Real Estate Report
The Princeton real estate market had another stellar month in August with a huge number (43) homes that settled for the month. (Click here for a complete list of homes that sold for the month) The market continues to favor sellers overall in every price bracket.
Here are some insights into the Princeton Market:
- The average sold price for Princeton homes was $1.042 million.
- Sellers retained 94.5% of their original asking price. This is a bit off the nearly 98-100% average YTD though this is due to two homes (20 Green St & 19 Linden selling off their asking prices).
- Despite the over $1 million average price 34% of the homes that closed in August were cash purchases. Conventional loans was the second most popular way to secure financing for Princeton buyers in August.
- The average tax bill for homes that closes was $18,349.
- The average age for homes that closed was 59 years
- For homes that entered the market with an asking price of under $1 million the sellers retained 97.8% of their asking price and sold their homes in 53 days.
- For sellers who started their homes in the $1-2 million price bracket sellers took 141 days to sell their homes and retained 93.7% of their asking price. This group would have higher stats but for two properties (one commercial and one residential) that sold below their asking price.
- For sellers in the luxury price range $2 million plus they retained 93.7% of their asking price and the houses took on average 141 days to sell.
- Colonials were the most popular house to sell in the Princeton market for the month with 48% of the market being of that variety.
Looking for your next Princeton home? Here are the latest houses to hit the market.
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Princeton Real Estate Report, July 2017
Princeton Real Estate Report, July 2017
The Princeton market continued its torrid pace in July with records number of closings taking place across the Princeton region. To view a list of the homes that sold in July click here. Some highlights of July’s activity in Princeton is as follows:
- The average list price for homes that settled in July was $1.095.481 million.
- The average sold price came in at $1.051.629 million.
- The Princeton homes that closed in July retained 95.9% of their original asking price.
- In the under $1 million market the average list price was $781,352 and the average sales price was $774,000.
- Sellers in the under $1 million market retained an incredible 99% of their asking price! This is further proof of the pressure in this price point in Princeton.
- Sellers in the $1.0 to $1.5 million market fared well (with the exception of one particular house…917 Stuart Rd was originally list at $1.65 million and sold for $1.175 million)! Even with this house in the averages sellers in this price group retained an impressive 90%. When you take that one house out of the formula sellers retained 95% of their asking price.
- Sellers in the $2 million plus market had a very strong sales month with 4 homes settling and sellers retaining an incredible 96% of their asking price.
- Overall it took the homes that closed in July 51 days to sell though in the under $1 million market it took only 26.5 days to sell those homes.
- In the over $2 million market it took an average of 171 days to sell.
- Interestingly there were four seller concessions (usually there are none) in Princeton this past month, the largest being $27,500 on 410 Nassau St.
- Four of the homes were sold for cash, this is less then 1/2 the normal amount of cash transactions in the Princeton market. The rest were sold with buyers obtaining conventional loans.
- The average tax bill for these homes was $18,705.
- The average age of the homes sold was a young (for Princeton) 61 years.
- Colonials remained the most popular house sold though there was a spike in Contemporary’s with 4 and the the next most popular design was a ranch with 3.
- All the homes but for 5 had a fireplace and all but 2 had central air.
- 2 of the homes had a swimming pool and none of the homes sold in July in Princeton were new construction (despite it feeling like there are more knock downs then original homes in town.
Looking for your next Princeton home? Below are the latest houses to hit the Princeton Market.
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Princeton, NJ Real Estate Executive Summary 2012-2017
Want to be the Princeton, NJ Real Estate Market Expert? Take a look at this exclusive report detailing home prices in Princeton since 2012. You can compare condo v single family, list to sale price ratio and look at the pricing trends. Enjoy.
Princeton Real Estate Market Report June 2017
The Princeton, NJ Real Estate market continued its red hot pace in June. It took only 39 days for the average Princeton home to go under contract and the average sales price well exceeded $1 million again. Click here for a complete list of all the homes that settled in Princeton including prices and specs.
Here is the breakdown of the Princeton Real Estate Market:
The big story in the markets is inventory, or the lack of it. YTD in Princeton 271 homes have been put on the market vs 309 YTD in 2016, over a 10% decrease. Considering the pace of sales is as high as last year with less inventory we are seeing a continued upward pressure on home prices.
Princeton saw $54.539 million in homes settle in June with 47 houses close. June was the largest closing month of the year so far in both units and dollar volume.
The average sales price for June was $1.160 million.
Sellers retained 98.4% of their original asking price.
An incredible 20 of the homes that closed in June in Princeton were purchased with cash. That is 42% of the buyers in June paid cash for their homes.
The average tax bill for Princeton homes that closed in June was $20,020.
The average number of of bedrooms was 4 and bathrooms 3.
Colonials were again the most popular home bought with 25 of the overall market or 53% of the closings.
Want to see the latest listings to hit the Princeton Market? Take a look at the houses that hit the market in the last 7 days:
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