Median Prices for Houses Sold in Princeton Township, Princeton Borough, Hopewell Township, Hopewell Borough, Pennington, West Windsor, and Montgomery Township in 2004-20007.
The media and the press over the past year have been providing the gloom and doom information about the real estate. Some acknowledge that real estate is local, yet still aggregate it to the national level, which to buyers and sellers in the greater Princeton area has little relevance.
What is important for them is the understanding of the local market. For the period of 2004- 2007 the median house prices have increased in all of the above towns.
Granted, looking at local numbers, charts and graphs may not be very exciting, but it allows putting aside the national housing gloom and doom and looking objectively at the local real estate conditions. For the homebuyers considering whether they should wait for price declines or for the home sellers, questioning if they should wait until the market stabilizes, looking at numbers and statistics is important. It is also important for people relocating to the Princeton area and deciding on the town that best meets their needs.
While no one has the crystal ball to predict the future of the real estate market, the statistics give us a better sense what the local real estate market is. Keep these numbers in mind when making your real estate decisions.
In my last post I covered the average prices and how they changed from the 2004 to 2007. This post is about the median prices and how they changed through the same period. The median is a better reflection of the prices then the average in towns like Princeton where there is a big spread between the least expensive ($250,000) and the most expensive ($3,700,000) house sold in 2007.
The good news for the period of 2004 to 2007 is that all the towns had increase in the median price:
- Princeton Township, Princeton Borough, and Hopewell Borough -27%
- Hopewell Township: 18%
- Pennington: 6%
- West Windsor: 3%
- Montgomery Township: 8%.
Following the biggest increases in 2005, and across the board declines in 2006, 2007 was a mixed bag for different towns of the greater Princeton area. While Princeton and Hopewell showed median price increases, Pennington, West Windsor, and Montgomery Township showed declines:
- Princeton Township: 10%
- Princeton Borough: 7%
- Hopewell Borough: 7%
- Hopewell Township: -11%
- Pennington: -6%
- West Windsor: -19%
- Montgomery Township: -6%
For more information on the Princeton NJ real estate market read the following articles:
Princeton NJ real estate -Average price of houses sold
Princeton NJ real estate market - How Expensive? Housing prices by category
Princeton real estate market - How Long To Sell? Inventory and Days On Market report
Trend MLS data considered accurate, but is not guaranteed. The prices are for houses and does not include condos.
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.
Copyright 2007 Faina Sechzer All rights reserved. This information cannot be copied, reproduced, transmitted, distributed, displayed or published.
Comments(1)