Page 10 - Princeton-Mercer - 2019 Regional Life

Real Estate
It’s All About Location in Mercer County
THE REALTORS’ ADAGE ABOUT “LOCATION, LOCATION AND LOCATION” as key factors to consider in buying a home certainly holds true for Mercer County.
Put simply, location is a great part of the county’s appeal. In central New Jersey, the county is about midway between New York and Philadelphia, making it convenient to both metropolitan areas and their transportation hubs.
Location in Mercer County, as in most areas, determines the price of real estate. The median sale price in the county was $290,000 in July 2018, according to The Long & Foster Market Minute. However, the median sale price in Princeton was $612,500, according to the Market Minute and in the $800,000s on other indexes. Princeton’s portfolio contains many million- and multimillion- dollar homes, making it one of the most expensive markets in the country.
There are so many settings to choose from in Mercer County – rural estates, transit villages within walking distance of commuter trains, new condominium developments, traditional rowhouse neighborhoods and blocks of single- family homes on gracious lots. While many properties tout their historic significance, and others tap into the mid-century modern trend, there is no shortage of new construction.
Real estate is a bustling business in Mercer County. According to local
real estate agents, inventories are
down slightly from last year, as are
the number of days that houses stay
on the market. Maybe that’s because Princeton was ranked as the No. 1 place to live in New Jersey by Niche.com. With its excellent schools, high-paying professional jobs and the many cultural and recreational opportunities, Mercer County is an easy sell.
The area’s desirability keeps the rental market brisk, too, with new units frequently opening up. According to Zillow, the average median rent in Mercer County is $1,800, but that number jumps to $3,250 in Princeton. Studios in many locations run $1,200 to $1,500 a month.
Commercial Real Estate
Princeton is a flourishing corporate and technology hub, leading to an equally thriving commercial market that is reportedly continuing the growth mode it entered in 2017.
Pharmaceutical companies, such as Bristol-Myers Squibb and Johnson & Johnson subsidiary Janssen Pharma, occupy nearly half of the office market in Princeton, triple the next-closest industry.
Changes in office trends are moving the market to buildings — new and renovated — that offer onsite cafes, gyms and other amenities.
The Real Estate Business Alliance of the Princeton Regional Chamber of Commerce is a partner with Marketour, a premier resource for finding office space in the region. Marketour is a valuable, easy-to-use application that allows commercial property seekers to quickly locate and review all available properties. Marketour is continuously updated, so information is always fresh and viable.
Life long Princeton resident 30 year Princeton Realtor Share my passion for Princeton
Listing and Selling: condominiums, historic homes, new construction and luxury properties.
Looking forward to working with you.
Barbara Blackwell
Broker Associate
609.915.5000 cell 609.921.1050 office 4 Nassau Street Princeton, NJ 08542

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