Mercer County, NJ Real Estate Stats – Ending August 2022

Mercer County, NJ Real Estate Stats - October 2022

The NJ residential real estate market is heavily driven by supply and demand. The shortage of housing inventory is one of the main reasons it is still hard to buy a home in Mercer County, NJ. Anytime there is less than a 6 months supply of housing inventory, it is considered a sellers market. Through the end of August 2022, there were only 1.2 months of housing inventory available. The average days on market for a home in Mercer County, NJ was only 22 days, and there were only 516 homes available for sale. A total of 445 homes sold for an average of 101.8% of asking price.

Per the data listed above, it is still a very good time to sell your home. However, the Fed has indicated they are going to continue to increase rates through the end of the year. As a result, more home buyers will be priced out of the market, thus slowing the demand due to affordability. As you know, the higher the rates go, the less house someone will be able to afford. The slowing demand could still take some time to play out in the market. So, if you are thinking of selling, now is the best time to do it, before things get worse.

See the chart below for a town breakdown of Mercer County, NJ real estate stats for August 2022:

 

Township # Listings Added Total Active through 8/31/22 # Turned to Pending Closed Transactions Months of Inventory Average DOM Sold Price/List Price Avg.
Hamilton 120 108 84 98 1.1 20 101.80%
Princeton 30 61 14 32 1.9 26 101.00%
West Windsor 25 21 24 46 0.5 17 102.20%
Lawrence 36 48 24 38 1.3 27 100.90%
Robbinsville 33 20 18 31 0.6 24 101.40%
Hopewell/Pennington 24 52 15 36 1.4 16 105.20%
East Windsor 29 30 21 40 0.8 18 103.00%
Ewing 45 52 26 42 1.2 21 100.70%
Trenton City 82 117 43 74 1.6 26 101.50%
Plainsboro 13 42 18 31 1.4 35 102.50%

 

Contact Avallon Real Estate Group Here for any questions about the Mercer County, NJ Real Estate Stats.