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Princeton Real Estate

Princeton August Real Estate Report

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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

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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

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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

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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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The #WeichertEvolution, A New Day For Your Personal Real Estate Brand

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Its 2017, your persona brand matters more then ever. Have you heard about the #WeichertEvolution? The nations largest privately owned real estate company is embarking on a whole new journey to support sales associates marketing like never before. The time is right to build your personal brand with Weichert. Call Josh Wilton for a confidential interview. 609-577-6786.

Here are a few samples of the different design options that feature you more then ever before.

 

 

Princeton, NJ Homes Sales Activity by Price Point

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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

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The Princeton, NJ Real Estate market continues to be brisk, marked by a lack of inventory and high demand.

Click here to be taken to the list of homes, addresses and individual prices or check out the latest Princeton market stats below.

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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Lawrenceville, NJ Real Estate Market Report

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The Lawrenceville, NJ real estate market continues to perform well! All the major indicators are healthy. Inventory is down in all the Mercer County markets and demand continues to be high and Lawrence is no exception.

A great indicator in Lawrence is that despite the fact that closings (volume of homes sold) is up 34% price per square foot is up, average sales price is up, and sellers are retaining 95.4% of their asking price.

Want to look at more homes for sale in Lawrenceville? See below.


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Princeton, NJ Rental Report, March 2017

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The Princeton rental market remains very healthy with high demand and limited inventory being the defining factor for the market. Just as in the Princeton home market there is not enough inventory to meet demand, despite the high number of rental units that have come to the market.

 

 

Here are some quick insights into the rental homes that closed in Princeton in March 2017:

  • The average rental was on the mark for 107 days. This ‘days on market’ is higher then we normally see,  though there were a couple of homes that settled after a number of price reductions as they were aggressively priced from the start.
  • The average interior square footage was 1,821 square feet.
  • Landlords were able to retain 93% of their asking price. This is also a bit lower then the norm which has been close to 100% though as mentioned above a couple of Princeton landlords had homes that were priced above the market. Once they were reduced they rented quickly.
  • The Princeton homes that rented in March had an average of 3 bedrooms and 2 baths. 

What is the future for the Princeton rental market? We will continue to see increasing rents and landlords being very aggressive on pricing. Call the Weichert, Princeton office at 609-921-1900. We lead the market in Princeton home sales and rentals. Take a look at a few more Princeton rentals that are currently on the market.


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John Burke

Broker/Sales Person

Weichert, Realtors
350 Nassau St,
Princeton, NJ 08540
Office: (609) 921-1900

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