The selling price of residential properties in Princeton leapt by 9% in 2015, and the average sales price was over $1 million. Those are two of the findings from an analysis of 2015 real estate data by ‘Sig and Syl’ at Princeton’s Calloway Henderson Sotheby’s International Realty.
455 homes in Princeton came on the market in 2015, and they sold quicker than in 2015, with the listings active for an average of just 71 days. The cheapest selling price for a property was $240,000, and the most expensive was $4.3 million. The average sales price is now $1,034,753. April and May were the most active months for new listings Click here for the full analysis.
These high sales prices will come as good news for many homeowners, but show how hard it is for first-time buyers to gain a foothold in the Princeton home market. As prices rise, the opportunities for middle-income and first-time buyers dry up, which risks perpetuating the long-term trend of Princeton becoming more and more exlusive.