As a New Jersey real estate agent, one of the most frequent questions I am asked is: “How is Princeton real estate?” There are certain general trends that could be applied to Princeton homes for sale in general, but the best way to answer this question is to look at each Princeton neighborhood separately, since the answer could be different in different parts of Princeton.
This article is focused on Princeton Ridge – one of the beautiful neighborhoods in Princeton. Read:
Places to live in Princeton – Princeton Ridge Neighborhood/Development
Those of you who follow the Princeton real estate blog may know that I am a bit impartial to Princeton Ridge – not only because it’s beautiful,but also because I live here and am the VP of the Neighborhood Association.
This real estate analysis and market report is for homes sold in Princeton Ridge, Princeton NJ from 2003 to 2008 (based on Trend MLS -9/23/08-deemed accurate but not guaranteed).
Princeton Real Estate – Prices of homes sold 2003-2008 in Princeton Ridge
This year the average price of the homes sold in Princeton Ridge is $1,326,250, which is 22% lower then in 2007 and less then the average price in 2004. Although this price of homes sold in Princeton Ridge represents a big decline, it comes on the heals of the 11% increase last year. Real estate prices in Princeton Ridge in 2007 were the highest since 2003. This is an interesting fact, considering 2007 was a year when prices for many Princeton homes for sale have declined.
Princeton Real Estate – Days On The Market (DOM) in Princeton Ridge
Days on the market helps answer the question of how long it takes to sell a house in Princeton. In 2008 the average DOM was 213 days significantly higher then 70 days in the previous year 2007. At the peak of the housing boom the Princeton homes for sale in Princeton Ridge sold in 2-3 weeks.
Read:How long does it take to sell a house in Princeton?
Are Princeton homes for sale selling fast?
Sales in Princeton Ridge
While there has been a reduction in the number of homes sold in other parts of Princeton real estate, in Princeton Ridge neighborhood the reverse took place. There were 4 sales in 2008 to date, compared to 2 in 2007 and 1 in 2006.
My view is that the increase in number of properties sold in this neighborhood is more a reflection of the demographics then economics. The large homes in Princeton Ridge attracted families with children.
Now with many children out in college, the homeowners are downsizing.
Houses Sold in Princeton Ridge 2003 – 2008
230 Arreton Rd, Princeton, NJ
15 Pettit Pl, Princeton, NJ
230 Arreton Rd, Princeton, NJ140 Arreton Rd, Princeton, NJ
61 Fitch Way, Princeton, NJ
155 Arreton Rd, Princeton, NJ
64 Pettit Pl, Princeton, NJ
44 Fitch Way, Princeton, NJ