It is remarkable that while there were 28% fewer listings (23 vs. 32) in June 2024 compared to June 2023, there was only a 12% decrease in Units Pending. In fact, of the 23 properties listed, just eight remain Active, and the Days On Market (DOM) of the 13 listings already under contract, pending, or closed was only 12 days. Other decreases in June 2024 relative to June 2023 occurred in DOM (-21%, 34 vs. 43), the Average Sale Price (-5%, $1,565,332 vs. $1,652,048), and the Median Sale Price (-14%, $1,380,000 vs. $1,600,000). Units Closed experienced a 28% increase compared to June 2024 (37 vs. 29). On average, the market quickly absorbed new listings, and properties traded 5.3% above their asking prices.

Units Sold were effectively flat (37 vs. 38) in June 2024 compared to June 2019 (pre-pandemic), while Units Listed (-34%), Units Pending (-27%), and DOM (-53%) all experienced double-digit decreases. Most notable were the significant increases in the Average Sale Price (+39%) and Median Sale Price (28%) in June 2024 relative to June 2019. The June 2024 increases in the ASP and MSP relative to June 2019 are extraordinary.

Let’s take a step back and look at June 2024 in the context of the last six years. Last month, Princeton experienced the fewest Units Listed and Pending while seeing the third-highest Units Sold and the second-quickest DOM. The lower inventory levels affected the number of Units Pended, but Units Sold were relatively high and properties sold fairly quickly.

While multiple bid situations continue, especially for appropriately priced properties, the June 2024 Average (-5%) and Median (-14%) Sale Prices decreased compared to June 2023. The competition for available inventory is maintaining relatively high Average and Median Sales Prices.

How is Princeton performing year-to-date (YTD)? Units Sold (+2%), Units Listed (+2%), and Units Pended (+8%) increased, while DOM decreased by 14% compared to January 2023-June 2023. As for January-June 2024 versus January-June 2019, Units Sold (-18%), Units Listed (-40%), Units Pended (-17%), and Days On Market (-55%) all decreased. The market has been very productive year-to-date, especially given the inventory levels.

The January-June 2024 ASP was effectively flat, and the MSP was slightly higher (2%) versus January-June 2023. Relative to January-June 2019, the January-June 2024 ASP and MSP significantly increased +46% and +50%, respectively. Please note that the data I share includes properties sold via BrightMLS. Every year, sales occur outside BrightMLS. For both consistency and to present timely information, I exclude the data associated with these off-market sales in my analysis.

So what is happening now? There are currently only 48 Active Units between $599,000 and $5,950,000, 20 Active Under Contract Units between $375,000 and $12,000,000, and 32 Pending Units between $375,000 and $2,995,000 in Princeton. Lastly, 5 properties have been introduced thus far this month.

If you are considering selling your house but have been on the fence, now may be the time to list. The Princeton residential real estate market is busy with both local and out-of-town buyers 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 or selling or want to learn more about the Princeton area real estate market, please don’t hesitate to call (917-396-5880) or email me!