Average Price Of Houses and Condos Sold in Montgomery Township NJ In 2004 – 2007

The prices of homes and what is happening in the Montgomery real estate market is always on the minds of the homeowners. It is even more so now, given the economic uncertainties of the effects of the sub prime mortgage fall out and the possible recession. The price of the homes sold is one of the indicators of the real estate market.

Looking at the Montgomery Township for the period of 2004-2007, the news is positive - 11% increase in the average prices of houses and condos sold.  Unfortunately for the 2007 the average sale price declined 3%. Most of the increase for the 2004-2007 occurred in 2005, followed by the declines in 2006 and 2007.

In comparison the Princeton house prices increased 3% this year and had an overall 17% increase since 2004. Hopewell showed an increase for the 2007 of 4%, West Windsor – decline of 4%, and Pennington – decline of 15 %.    

The charts below illustrate the differences in the trend for the other areas in the greater Princeton real estate market.

The concerns about the economy and the general perception of the public that real estate prices will be going down is keeping many buyers from entering the market. On the other hand, there are still buyers that need to buy, because of their circumstances, and houses priced competitively will continue to sell.
 

* Data is based on the Trend MLS and is not guaranteed.

Please contact Faina Sechzer at 609-553-4175 with questions about real estate, homes for sale and/or listing your house to sell, and relocation assistance in Princeton, Montgomery Township, West Windsor, Hopewell, and Lawrenceville New Jersey. Referrals are accepted.
If you are moving out of the greater Princeton area, please inquire about the countrywide relocation program.

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