New Jersey Real Estate Agent

Looking for Hopewell New Jersey homes for sale for $300,000? Less then $500,000? Buyers interested in homes for sale in Hopewell find a large selection of homes in the lower price ranges in a variety of styles.

These homes are on the market for $300,000-$500,000:

Princeton Real Estate has released its report on the real estate in Hopewell, examining 2008 and the previous five years. If you are considering selling your home this year, or are wondering if this is a good opportunity to buy, this report is for you.

Hopewell Real Estate Market – Key Points

Hopewell Real Estate Market Reports

• The average price of house sold in 2008 in Hopewell Township and Hopewell Borough (combined) was $518,579 and has decreased 9% compared to 2007.

• The highest average price in the last five years was in 2005, and has declined 9% since that time.

• The numbers of houses sold in 2008 has declined 17% compared to 2007 and 38% compared to the high of 2005.

• Average price has declined 2% cumulatively since 2004.

• Days on the market (93 in 2008) has declined 10% compared to 2007. It may indicates that sellers of the homes that sell price them more realistically then the year before and therefore selling them faster. The present number is 37% higher then in 2004.

Whether you are considering buying or selling Hopewell real estate, it is important to consider how the market here compares to the surrounding communities.

Here are few comparisons.

Montgomery Township real estate homes for sale sold

Average home price in 2008 declined 7% compared to 2007;
Average home price declined 9% compared to the high of 2005.
Average house price has increased cumulatively 5% since 2004.
Number of houses sold in 2008 has decreased 16% since 2007.

Pennington Real Estate  homes for sale sold

Average price in 2008 has increased 14% compared to 2007.
Average price in 2008 has declined 9% compared to the high of 2005.
Average price has increased 10% cumulatively since 2004.
Number of homes sold in 2008 has decreased 23% compared to 2007.

Princeton real estate homes for sale sold

Average price in 2008 increased 10% compared to 2007
Average price increased every year since 2004. The cumulative increase is 15%.
The number of houses sold in 2008 has declined 22%
Days on the market increased 4% compared to 2007.

If you are interested in learning what your Hopewell house is worth in today’s market call us at 609-553-4175 or submit your information at What is my home worth?

Want to look for your Hopewell home? Click on the link below.

Hopewell Homes For Sale

New Jersey real estate buyers are interested in Luxury Hopewell real estate because of the selection of beautiful new and older estate homes. These are the luxury homes listing in Hopewell NJ.

Luxury New Jersey real estate in Hopewell is very much of interest to my clients and readers who live there or are considering purchasing a home in the Hopewell  Borough and Hopewell Township. This article provides details on the condition of the Hopewell real estate for houses sold in Hopewell in the price range of $1.5 million – $2 million. If you are considering selling your luxury home in Hopewell understanding this information could help you make intelligent and informed decisions.

Luxury Hopewell Real Estate – Summary

My the recent article “Hopewell luxury real estate 2003- 2008″ provided a summary of what happened to the the market in the $1.5million – $2million price range. “The largest number of Hopewell homes sold in the $1.5 -$2.5 million range, was in 2005. So far in 2008 there were 3 homes sold in this price range and only 1 of then was over $2 million. The biggest decline is in the $1,700,000 – $1,999,999 price range with no houses sold in 2008 compared to 4 houses sold in 2007 and 2006. At the top of the range- $2.Million- $2.5 Million there was 1 house sold in Hopewell in each of the last three years.”

This article examines in detail the history of the price declines of luxury real estate in Hopewell over the last 5 years and provides the breakdown for the number of houses sold in various luxury price ranges.*

Luxury Hopewell Real Estate – Price History 2003-2008

The unfortunate news is that the prices for luxury Hopewell homes for sale have declined approximately 26% since the high in 2004. Here are the details for the prices of luxury homes sold in Hopewell in the $1.5mm-$2.5mm price range.

Year Median Price % Change Houses Sold

2003    1,847,500                                    6
2004    2,100,000            14%                 5
2005    1,995,000            -5%                 9
2006    1,870,399            -6%                 6
2007    1,772,500            -5%                 6
2008    1,550,000            -13%               3

Luxury Hopewell Real Estate – Number Of Houses Sold
The biggest decline in the number of houses sold was in the price range of $2 million – $2.5 million -with only one house sold a year in the last three years, compared to 4 in 2004. Here are the details of the number of luxury houses sold in Hopewell broken down by price range.

Year $1.5mm – $1.699mm $1.7mm – $1.999mm $2mm – $2.5mm
2003        2                                         3                                   1
2004        1                                         1                                   3
2005        2                                         3                                   4
2006        1                                         4                                   1
2007        1                                         4                                   1
2008        2                                         -                                    1

Hopewell Luxury Homes For Sale – Conclusion
If you are seller considering selling your home in this market in Hopewell you have to be prepared to face the hard truth – this is a slow market. I work with clients to understand their situation and give them facts to decide if this is the right time to sell for them. Be cautions of people saying “now is the right time to sell”. There is no one answer that fits all, but understanding reality is critical for everyone.
What is especially important for prospective home sellers is to understand why the homes that were on the market didn’t sell. For those who have to sell this history could be the key to success.

Call me 609-553-4175 or e-mail fsechzer@yahoo.com if you would like to receive the details on the unsold properties, have questions about this article or would like to understand what is the best course for you now.

P.S. As a follow up to this article I was asked if the decline in Hopewell homes sales in the $2million- $2.5 million price range is due to fewer houses being on the market or a lack of buyers. Here are the statistics to help answer this question:

2005 -Homes Listed- 7  Homes Sold – 4

2006 Homes Listed – 7  Homes Sold – 1

2007  Homes Listed -8  Homes Sold – 1

2008  Homes Listed -3  Homes Sold – 1

After 2005, the number of luxury homes sold in Hopewell has declined, even though the number of the houses listed remained the same. By 2008 the number of homes listed has declined as well. This could be a response of the sellers of Hopewell luxury homes who do not think they could sell in this market.

To check what Hopewell homes for sale are on the market now (in the MLS), click on the link below:

Luxury Hopewell Homes For Sale -$1,500,000 – $2,500,000 – Princeton Area Luxury Real Estate

* Data is based on Trend MLS 09/28/2008 is considered accurate but not guaranteed.

Luxury Hopewell real estate is a subset of luxury real estate in the greater Princeton, NJ. This article focuses on trends in prices, days on the market and other statistics for luxury Hopewell real estate.

Hopewell homes for sale do not get  as much coverage as the Princeton real estate, in part, because many buyers are more familiar with Princeton and often start their search there.  Luxury Hopewell real estate could be even less known. This series of articles examines the luxury real estate in Hopewell.

I my last article I described one Hopewell home for sale on Banson Lane, a little enclave of beautiful estate houses. This article looks at Hopewell real estate prices and other trends for the period of 2003 – 2008. Looking at the luxury end of the Hopewell real estate this analysis is only for  the Hopewell homes sold in the $1.5 million to $2.5 million.

Prices – Luxury Hopewell Real Estate

2004 was the year of the highest median price for  luxury Hopewell real estate – $2,100,000. Since 2004 the median prices have declined steadily for the luxury Hopewell homes for sale. The median price so far for 2008  is  $1,550,000. It  is the lowest in the last six years and is 25% less then in 2004 and 13% decline since last year. You could read year by year detail in this article: Hopewell New Jersey Real Estate – Luxury Homes For Sale Prices And Sales 2003- 2008

Repeat Sales – Luxury Hopewell Real Estate

I wrote before how median and average sales prices may not be the true indication of the trends in real estate market.
Read:  Who else wants clarity about real estate prices?
Median and average prices reflect the mix of properties most likely different in different reporting periods. For example, preponderance of higher priced properties compared with another year, would make the median and average prices higher. To understand the true trends, it s necessary to track the price changes for the same property. Case – Shiller index does this by calculating this statistics for the 20 major metropolitan areas.

Since Hopewell real estate is not one of the areas tracked, I did my own analysis of the same Hopewell houses sold in 2003-2008 in the price range $1,500,000 – $2,500,000. There were only two such properties so this analysis is by no means comprehensive.
Hopewell home for sale bought in 2004 and sold in 2007 – declined 3% in price. Hopewell home bought in 2006 and sold in 2008 declined 12%.

Days On The Market – Luxury Hopewell Real Estate

The good news comes in the steady reduction in the days on the market since 2005.  This year is the lowest days on the market – 95, which is 34% less then in 2007.

Sales – Luxury Hopewell Real Estate

The largest number of Hopewell homes sold in the $1.5 -$2.5 million range, was in 2005. So far in 2008 there were 3 homes sold in this price range and only 1 of then was over $2 million. The biggest decline is in the $1,700,000 – $1,999,999 price range with no houses sold in 2008 compared to 4 houses sold in 2007 and 2006. At the top of the range – Princeton real estate  $2.Million- $2.5 Million there was 1 house sold in each of the last three years.

You could read year by year detail in this article: Hopewell New Jersey Real Estate – Luxury Homes For Sale Prices And Sales 2003- 2008

Hopewell Homes For Sale Listings Now In MLS

If you would like to see Hopewell homes for sale available on the market now – you could do it here on Princeton Real Estate blog by clicking on the link below.

Luxury Hopewell Homes For Sale – Over $1,500,000

Call Princeton real estate agent, specializing in Hopewell luxury homes for sale, if you have any questions about Hopewell real estate or how the present real estate market affects the price of your home. If you are not ready to speak to an agent, there is plenty of research you could do on your own right here on Princeton real estate blog.

Read:Everything you wanted to know about Princeton area real estate