Central Princeton has seen a 32% increase in property values since 2004. The price jump downtown, which greatly surpasses anything else in the local area, was revealed in data published by ‘The Washington Post’ last week. By taking a long-range view of property prices, the study goes beyond the effects of the crash of 2008, and subsequent recovery. Compared to the former Township, which posted gains of 14% over the same period, the downtown area, which was formerly known as ‘Princeton Borough’ is showing much more significant price increases. This reflects the growing demand for walkability among home-buyers, particularly in amenity-rich places like Princeton.
The increases in home values in central Princeton are not part of a regional trend. In fact, property values hardly changed at all in the New Brunswick area between 2004 – 2016, and decreases of 10% – 30% have been seen in Trenton. Around Princeton, however, there is a distinct ‘ring’ of increasing property values, centered around the downtown area.
The increasing property values suggest that the economy around Princeton is doing well and home demand is strong. Other parts of New Jersey may be struggling, but the local economy, boosted by a growing Princeton University and corporate investments around the Route 1 corridor, is doing great. Of course the surge in property values will also create challenges for people working in the local area, especially those on limited incomes.
Read the full report at the Washington Post here.