Princeton

Mercer County NJ Real Estate Market Trends

Let's take a look at the real estate market in Mercer County for the first half of 2015 compared to the same period last year.

The most significant increases have taken place in Adult Communities, where homes are selling fast, sales increased 39.3% and the median sales price increased to $310,000, a 26.5% increase.  See below for the statistics for each of our single-family home categories.

Renting Costs Continue to Rise

Thinking of renting your next place to live? You may want to reconsider. According to REIS Inc., a real estate research data firm, the average effective rent rose by 3.6% in the second quarter compared to the same time last year. In fact, renting costs have been rising quickly and continuously since 2012, with typical annual growth of around 4%.

REIS blames small supply for the ever-increasing cost to rent, and reports a vacancy rate of only 4.2%. However, relief may be coming soon, as the projection for units to be built this year, at 230,000, is nearly double average levels.

Fourth of July Jubilee

Looking for a fun event to celebrate the Fourth of July? Morven Museum & Garden is hosting its annual July 4th Jubilee this Saturday at the home-turned-museum of Richard Stockton, a signer of the Declaration of Independence. The event will feature live bluegrass music, BBQ, a meet & greet with Benjamin Franklin, and much more.

Best of all, admission is completely free! No registration is required, and feel free to bring the whole family!

For full details, visit the event page at morven.org.

Suburban Realty Professionals  ♦  Princeton Office  ♦  96 Wall Street  ♦  Princeton, NJ 08540  ♦  877-221-8787