October proved to be another active month for Princeton residential real estate, with notable increases in Units Sold (+28%) and Units Pended (+5%) compared to October 2023. While there wasn’t a change in the number of new listings, the Average Days on Market (DOM) dropped by an impressive 58%, from 64 to just 27 days. However, both the Average Sale Price (-5%) and Median Sale Price (-7%) experienced declines relative to the same period last year, suggesting a market transition. More properties were sold and pended, and the market quickly absorbed new listings at slightly lower prices than in October 2023.

When comparing October 2024 to October 2019, the flat number of Units Closed, the 11% increase in Units Pended, and the 41% decrease in Units Listed illustrate the extraordinary efficiency of the current market. This productivity likely contributed to the 39% increase in the Average Sale Price, the 51% increase in the Median Sale Price, and the 53% reduction in the DOM. While the number of Units Sold remained the same compared to October 2019, there were substantial price increases, fewer listings, and properties sold faster.

Year-to-date, the market remains effectively flat compared to last year, with Units Sold down by 2%, Units Listed up by 1%, and Units Pended down by 1%. However, when comparing January–October 2024 to the same period in 2019, Units Sold have dropped by 21%, Units Listed have decreased by 36%, and Units Pended are down by 20%, while DOM has reduced by 51%. The shrinking inventory and consistent buyer activity have led to quicker sales than January-October 2023. 

The January-October 2024 Average Sale Price (ASP) increased by 6%, and the Median Sale Price (MSP) rose by 5% compared to January-October 2023. Relative to January-October 2019, the January-October 2024 ASP and MSP have materially increased by 46% and 48%, respectively. While price growth may have slowed slightly in 2024 compared to previous years, home values are still rising. 

The January-October 2024 Average Sale Price (ASP) increased by 6%, and the Median Sale Price (MSP) rose by 5% compared to January-October 2023. Relative to January-October 2019, the January-October 2024 ASP and MSP have materially increased by 46% and 48%, respectively. While price growth may have slowed slightly in 2024 compared to previous years, home values are still rising.

So what is happening now? There are currently only 51 Active Units between $186,370 and $8,500,000, 19 Active Under Contract Units between $749,000 and $2,725,000, and 13 Pending Units between $550,000 and $2,050,000 in Princeton. Lastly, there have been 8 properties introduced thus far in November.

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.

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!