New Jersey Real Estate Agent

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

Princeton NJ Neighborhoods

Are you looking for homes for sale in Princeton NJ? If you are not familiar with this area you would discover that
Princeton NJ is a wonderful place to live. If you are moving to
this area you may want to know what makes Princeton special and what is it like to live in Princeton. For Princeton real estate buyers an important part of the research is to understand the differences between various neighborhoods. This article is about a wonderful neighborhood of Princeton Ridge, which is part of the Princeton Township.

When buyers consider
Princeton real estate, they are usually interested in the feel of a
particular neighborhood. For example, people interested in walking to
shops, restaurants, library, etc. may prefer Princeton Borough,
where the houses tend to be smaller and on smaller lots, but within
walking distance to the Princeton downtown. People who are looking for
privacy, larger lots and more suburban feel may prefer Princeton
Township.

Princeton Borough Homes

Princeton Borough covering 1.76 square miles and a population of 13, 578 residents usually attracts people who are looking for walking distance to High
school, downtown and University.
The homes are often on smaller lots then in the Princeton Township, are generally older. In the last several years there is a trend for builders to buy these older homes and build new houses on the same land.

Princeton Township Homes

The Township covering 16.25 square miles and population 16, 662 surrounds
the borough and has great mix of properties including newer
developments of larger homes. Many homes in the Princeton Township are within a few minutes for the downtown.

Princeton Ridge

Princeton Ridge is a community of stately homes, located on Princeton Ridge within a few minutes of downtown, yet with a private and secluded feeling. There are three parts to the community:1) Arreton Road 2) Stonewall Circle 3) Pettit Road and Fitch Road.

I have to admit to being partial to this community, since I live here and am the Vice President of the Board of Directors of the neighborhood association.

The stage for the community is set by the long winding drive along Davies Road, with its beautiful towering trees and natural wooded landscape. There are no houses along Davies Road, which is makes for a very secluded and private feeling for the
development. The preserved land surrounding Davies Road belongs to the association. The community tennis courts are on Davies and many neighbors come out to play.

Arreton Road, Princeton Homes

By the end of Davies road you will find Arreton Road,
where approximately 22 stately homes are located. This part of the
development was built by Garden State Land and the homes are about
18-15 years old. Most homes on this street are situated on
approximately 1 acre lots, bordering the preserved land, which belongs
to the neighborhood association.

There are several homes for sale on this street with prices in the $1,425,000- $1,485,000 range.

Stonewall Circle, Princeton Homes

Another part of the Princeton Ridge development is located on Stonewall Circle.
The homes on this street are somewhat unusual for Princeton, as they are
classified as townhouses, but are in fact twin homes. Many of these
homes also back to the wooded areas and have beautiful stately
exteriors. The prices for the homes sold on Stonewall Circle in the
last 6 months range from $705,000 to $745,000. The 3 bedroom, 3
bathroom home for sale now is priced at $745,000.

Fitch and Pettit Road, Princeton Homes

The third part of Princeton Ridge is located on Fitch Road and Pettit Road.
This part was built later then Arreton Road and by different builders.
The homes for sale in this part range from $1,375,000 – $1,475,000 and
are 5 bedrooms, 3+ bathrooms homes. The homes sold on these streets in
the last 12 months are in the $1,335,000 – $1,751,500 price range.

There are several shopping centers such as Princeton Shopping Center and Mccaffreys supermarket within a few miles of the development. Princeton train station is a few miles away and Princeton Junction train station is a 15 minute drive. The Princeton
Hospital is within a few miles as is the Community Park elementary school. The Princeton middle and high schools are within 5 minutes drive.

The Princeton Ridge community is a haven of natural beauty yet within a throws away from
other major shopping, museums, library, and commuting arteries
including route 206, US route 1 and US route 95.

Related articles:

Princeton Ridge Prices and Statistics

Other Luxury Princeton Neighborhoods:

Preserve – Princeton Neighborhood – Princeton Homes For Sale

Ettl Farm Luxury Homes -Princeton Real Estate

Call 609-553-4175. Specializing in Princeton, Montgomery Township, West Windsor, Plainsboro, Princeton Junction, Hopewell, Pennington, and Lawrenceville New Jersey.New Jersey real estate. Referrals are accepted. Countrywide and international relocation program.

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