Mercer County home sales jump ahead of last yearClick to see graph
By: Gwen McNamara and George Spohr
It’s not just commercial real estate that’s booming.
Median home prices in Mercer County jumped an average of 14 percent in 2004 to $227,529, according to Prudential Fox & Roach Realtors’ first HomExpert Market Report.
Trenton posted the largest increase in median sale price in the county, jumping 24 percent in 2004 to $82,888. Lawrence Township (19 percent to $268,943), Princeton Borough (18 percent to $563,417), Washington Township (15 percent to $291,641), Hamilton Township (14 percent to $217,216) and Ewing Township (14 percent to $209,521) rounded out a list of the top six municipalities by percentage increase in median price.
The median sale price in the county in 2004 was $227,529, according to the HomExpert Market Report, compared to $200,142 in 2003. More than 5,484 homes were sold in the county in 2004. On average, homes stayed on the market for an average of 32 days in 2004 compared to an average of 34 days in 2003.
The top five municipalities with the highest median sale price in 2004 were Princeton Township ($655,333), Princeton Borough ($563,417), Pennington ($443,908), Hopewell Township ($443,283) and West Windsor Township ($429,721).
Other 2005 HomExpert Market Report findings:
The top five Mercer County municipalities by numbers of homes sold in 2004 were Hamilton Township (1,235), Trenton (1,086), Lawrence Township (544), East Windsor Township (508) and Ewing Township (502).
Mercer County had an average of 1,967 homes per month available for sale in 2004, up slightly from 1,838 in 2003.
Among other Central Jersey counties, Hunterdon County had a median price increase of 24 percent. Somerset County posted an increase of 20 percent, followed by Burlington at 15 percent, MiddlesexCounty at 13 percent and Monmouth County at nine percent.
Among other Central Jersey counties, Somerset County homes averaged $497,806, followed by Monmouth County ($472,896), Hunterdon County($434,071), Middlesex County ($341,086), Mercer County ($227,529) and Burlington County ($197,642).
The report was prepared by Prudential Fox & Roach Realtors, an independently owned and operated member of the Prudential Real Estate Affiliates Inc., with more than 60 offices and 3,500 sales associates in southeastern Pennsylvania, central and southern New Jersey and northern Delaware.

