Amazingly, in January 2024, with -50% fewer Units Listed, Units Pended only decreased by -31% compared to January 2023. It is even more incredible to see that with -69% fewer Units Listed, the same number of Units Pended (11) in January 2024 compared to January 2019. It’s no wonder the January 2024 Days On Market (DOM) was only 28 Days, and multiple bid situations continue. While the story of resilience continues for Princeton residential real estate, we undoubtedly need new inventory.

While January 2024 experienced the fewest number of Units Sold, Units Listed, and DOM in the last five years, Units Pended was not the lowest number. Even with the lower inventory, the market is very productive. For example, 75% of Units Listed in January also went under contract in the same month. 

The January 2024 Average Sale Price (ASP) was 10% lower than in January 2023 but was the second highest since 2019 (pre-pandemic). The decrease in the January 2024 ASP compared to January 2023 was probably due to the composition of sales. In January 2024, most sales occurred in the under $1M price range, whereas in January 2023, most sales were in the $1M-$2.5M range. The competition for available inventory has caused consistent Average Sale Price increases.

So what is happening now? There are currently only 21 Active Units between $409,000 and $3,950,000, 13 Active Under Contract Units between $462,900 and $12,000,000, and 13 Pending Units between $315,000 and $2,589,000 in Princeton. Lastly, one of the five properties introduced thus far in February is already under contract.

If you are considering selling your house but have been on the fence, now may be the time to list. Local and out-of-town buyers are looking to purchase a home, and it would be an honor to provide you with a competitive market analysis for your property. 

As always, if you are thinking about buying, selling, or want to learn more about the Princeton area real estate market, please don’t hesitate to call (917-396-5880) or email!