Winter is a quiet time in the real estate market and a good point to take a look at how the market is working out. There’s a sense that the Princeton property market has been picking up in the last year or two, but how much did home prices rise by last year?
The amazing ‘Moving To Princeton‘ blog, operated by ‘Sig and Syl’ from Callaway Henderson realty, provides regular, detailed analysis of goings-on in the Princeton real estate market. Each month, they discuss how many properties have sold, what the selling prices were, and place that in the context of the overall market.
So, what happened in 2013? In Princeton, the average sales price of a home was up 7%, to a staggering $930,518! The number of homes changing hands was also up by 17%! And the number of days that it took to sell a property decreased by 32%. In short, the Princeton real estate market is on fire right now, and the boom seems set to continue with a very large number of pending units about to close at the turn of the year.
This is all great news if you like counting up how much imaginary money is locked up in your house, but on the other hand it’s pretty terrible if you’re a young family trying to get a first foothold on the property ladder. Once again we see an indication that Princeton needs to do far more to preserve and expand availability at the low end of the market- assuming that is, that the town cares about preserving a mix of residents of different income levels…
What’s your view? Are you pleased that property prices are shooting up in Princeton? Let us know in the comments!