November data indicates that the Princeton residential real estate market may be undergoing a recalibration. Units Sold dropped significantly (-33%), while Units Listed (+63%) and Units Pended (+45%) showed material increases. The average Days on Market (DOM) grew by 50% to 39 days—still relatively quick but potentially reflective of a shifting dynamic. It remains a sellers’ market; however, the data points toward a gradual move toward a more balanced market, with increasing inventory and longer transaction timelines.
When comparing November 2024 to November 2019, there were fewer Units Closed (-30%) and Units Listed (-13%), while Units Pended remained flat and Days on Market (DOM) decreased significantly by 41%. It’s remarkable to think that, on average, it once took over two months to sell a property! The stability in Units Pended despite fewer new listings highlights just how efficient the market was this November compared to five years ago.
So, what happened to pricing in November 2024 compared to last year and the past six years? The Average Sale Price (ASP) dropped by 12% year-over-year, while the Median Sale Price (MSP) increased by 5% from November 2023. Over the past six years, the ASP and MSP rose significantly between 2019 and 2021, peaked in 2022, and have since shown signs of decline. While pricing has cooled from the highs of 2022, the rebound in MSP and the narrowing gap between the ASP and MSP in November 2024 potentially signal a market stabilizing after the rapid price increases of the past few years.
Year-to-date, the Princeton residential real estate market has remained active and relatively stable compared to 2023, with a slight 5% decrease in Units Sold, a 3% increase in Units Listed, and Units Pended remaining effectively flat. The market also saw a 10% decrease in DOM. However, when comparing January–November 2024 to the same period in 2019, the market shows notable declines across the board: Units Sold are down by 22%, Units Pended by 19%, Units Listed by 34%, and DOM by 51%. While 2024’s market shows moderate changes from last year, comparing it to 2019 reveals fewer homes sold, reduced inventory, and faster transaction times.
The January-November ASP increased by 6%, and the MSP rose by 5% compared to the same period in 2023. Compared to January-November 2019, the ASP and MSP have increased significantly by 43% 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 41 Active Units between $186,370 and $8,500,000, 14 Active Under Contract Units between $925,000 and $2,498,000, and 14 Pending Units between $599,000 and $2,725,000 in Princeton.
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!
Sylmarie Trowbridge 