Princeton NJ is a highly coveted and ideal place to live because it offers dozens of amenities and things to do for families and individuals alike. Some favorite things include the Princeton University Art Museum, the beautiful public library, and the McCarter Theatre Center. Just miles away from the Princeton Junction train station, it is great for commuters to NYC.
Princeton NJ home market trends show an increase of a total of $18 (5%) in the average price per square foot over the past 6 months. The average sales price over that same period rose from $929,281 to $938,145, while the median rent for this area is $1,563.
The average time on market for properties in Princeton New Jersey is 74 days and buyers can expect to pay 98% of the seller’s asking price. (All of this is represented in detail with the help of graphs below)
Here is the November 2020 Princeton NJ market report. WolfPack Home believes in transparency and providing our clients/customers the true statistics.
Following is a catch-up of what you will find in the whole report, check out what you will see:
- Sales
- Price
- Market Time
- Market Hotness
- Median Sales Price
- Average Price Per Square Foot
Please note that all these graphs are informative, you can scroll over each one of them and read carefully.
1. Sales
Approximately 20 homes were sold in the month of November 2020. On average the sales price was 2% above the listing price.
• Price
Average sales price in November 2020 was $938,145, it was down from $1,229,236 in October and up from $929,281 in December of 2019. For buyers, the phase was clearly an opportunity; each year prices fluctuate and buyers must keep an eye on the market trends to know which time can be most beneficial for purchase.
• Market Time
Average days on market for homes in Princeton NJ in November 2020 was 44, down from 53 in October 2020.
• Market Hotness
• Number of Homes Sold
As you can see in the above graph, sales have been up and down in 2020. July had the highest number of sales, in August it dipped lower, September had an upturn, then the expected lessening with the fall season. This graph only demonstrates the number of homes sold in Princeton NJ.
The statistics show the ups and downs. It is important for sellers and buyers to watch these trends in the real estate market. With the new year coming, we will keep you informed of the market stats.
• Median Sale Price
As you can see in the above graph, in the month of November 2020, the sale price was more than $900,000. October 2020 showed the highest median sale price, Princeton home sellers grabbed the opportunity. Sales are expected to increase again as the spring season begins.
• Average Price Per Square Foot
As it is visible from the above graph, in the month of July 2020, the average price per square foot was the highest, almost reaching $420 per SF. In November 2020, it dropped down to $350 per SF.
Conclusion
Keep checking these market stats; we will provide them each month. To discuss how these trends affect selling your home, please call Nicole at The WolfPack Homes Team of Berkshire Hathaway Fox & Roach to discuss an optimum sales strategy at 609-610-5789. Looking for the top Realtor in Princeton? We have the #1 market share in the local area!
