Based on the real estate data available year-to-date up to March 2023, the Princeton real estate market appears to have slowed down compared to the same period in the previous year.
As of March 2023, there are 69 active listings in Princeton, and although historically a low number, increasing number of homes on the market will offer more choice to home buyers. However, only 16 homes have been sold so far this year, which represents a significant decrease of 61% compared to the same period in the previous year.
Additionally, the average days on the market for homes in Princeton is 70. This suggests that homes are not selling as quickly as they had during the COVID rush, and buyers may have more time to consider their options.
Finally, the average sale price for homes in Princeton has decreased by 9% compared to the same period in the previous year, with the current average sale price being $455,335. This could be due to a variety of factors, such as a decrease in demand, an increase in supply, increased interest rates, and changes in market conditions and the economy overall.
Overall, based on this data, it appears that the Princeton real estate market is experiencing a slowdown in sales activity, longer time on the market, and lower average sale prices. It will be interesting to see how the market continues to develop over the coming months.
Feel free to reach out to the Century 21 team if you would like to sell, buy or have any questions about the real estate market.
Century 21 Horizon West Realty