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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2018 Princeton Area Real Estate Market Forecast (in Mandarin)
Princeton Real Estate Market Update Seminar, December 2017
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 Market Report, May 2017
May was another blistering month for the Princeton Real Estate Market. The big story in Princeton is the lack of supply of homes for sale. YTD through May 2017 230 homes were put on the the market in Princeton vs 275 homes through May of last year, a 16% decrease. This lack of inventory continues to drive the overall market.
A quick breakdown of the homes that Sold in Princeton is as follows (click here for full list):
23 homes sold for over $25+ million in total sales volume.
The average sold price was $1.050 million.
An incredible 11 of the 23 homes that closed were paid in cash.
Houses that closed in May sold in a scorching 29 days.
Overall Princeton sellers retained 97.1% of their asking price.
In homes that were priced between $350-$600 sellers retained 98.2% of their original asking price.
In homes that were priced $600-$999 sellers retained 99% of their asking price.
In homes that were priced $1-2 million sellers retained 97% of their asking price.
In homes that were priced $2 million or more, sellers retained 93% of their asking price.
The average taxes for the Princeton sold homes in May was $18,278.
The average home was 56 years of age.
55% of the closed homes in Princeton in May were colonials, making it the most popular style of home sold YTD.
To preview some of the homes that have just hit the market in Princeton take a look below.
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Princeton, NJ Homes Sales Activity by Price Point
Where is the hottest spot in the Princeton, NJ Real Estate market?
If you break down the homes that sold in Princeton by price you can see the that the under $1 million market is the hottest part of the market.
In Princeton, homes under $1 million sold in an incredible 17.5 days and retained over 98% of their asking price.
For Princeton sellers $1-2 million homes took 121 days to sell and they retained 97% of their asking price.
For Princeton sellers $2 million+ the homes took an average of 241 days to sell and the sellers retained only 87% of their asking price.
Want to see Princeton homes for sale under $1 million? Take a look below.
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Princeton Market Update April 2017
The Princeton, NJ Real Estate market continues to be brisk, marked by a lack of inventory and high demand.
The average time it took to sell a home was 87 days.
The average sold price was $1.203 million, which is up over $200k from March closings.
Overall Sellers retained 94.9% of their asking price.
For Princeton homes under $1 million sellers sold in an incredible 17.5 days and retained over 98% of their asking price.
For Princeton sellers $1-2 million homes took 121 days to sell and they retained 97% of their asking price.
For Princeton sellers $2 million+ the homes took an average of 241 days to sell and the sellers retained only 87% of their asking price.
Colonials were the most popular style, accounting for 10 of the 17 closed homes.
The average annual tax bill for the April closed homes in Princeton was $21,000. The highest annual taxes were over $65,000 and the lowest $5,196.
5 of the 17 sold homes were bought with cash. The 12 homes that sold via mortgages all were conventional financing.
The Princeton swim clubs will be busy this summer as only one of the 12 houses that sold in April have in ground pools.
Take a look below for additional Princeton homes for sale.
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Weichert, Princeton leads the Princeton Real Estate Market
Who is the market leader in the Princeton, NJ Real Estate market? Weichert, Realtors is. We have the best internet strategy, the best marketing platform, the best Open House program and the best Associates. We sell Princeton. Call us to find out how we can help you buy and sell in the Princeton market. 609-921-1900.
