Princeton Market and Sales
The real estate market in Princeton showed remarkable resilience and growth compared to the surrounding communities, with significant increases in property sales, even as values peaked in certain market segments. By the end of the year, a total of 135 properties had been sold, marking a significant 38% increase compared to the same period last year. This is where stats can be misleading though, as 2023 was the 2nd slowest year in over a decade. Realistically, 2024 compares more to the average years of 2014, 2019 and 2022 in regards to property sales. Nevertheless, Princeton showed solid resilience compared to other markets (Keremeos, Oliver, Summerland) that experienced sales declines.
Rising Property Values
Property values in Princeton have also been on the rise. The average sale price in 2024 has climbed 8%, now sitting at $470,104. This steady appreciation in prices highlights the growing value of real estate in the region. Several factors contribute to Princeton’s robust market performance:- Economic Opportunities: The town’s diverse economy, with strong job markets in mining, forestry, ranching, and manufacturing, attracts a wide range of buyers.
- Lifestyle Appeal: Princeton’s small-town charm, combined with its proximity to outdoor adventures, makes it an attractive destination for young families, retirees, and investors alike.
- Limited Inventory: The high demand and limited inventory have driven up property values, making it a seller’s market. This is especially true for the rental market, with challenges in affordable rental housing.
Looking Ahead
As we roll into 2025, home sales across the nation are forecast to climb by 6.6 per cent in 2025, according to the Canadian Real Estate Association (CREA). This cautiously optimistic outlook hinges on expectations of even more interest rate cuts, surging demand, low housing inventory and a friendlier economic environment. But as always, there are still plenty of variables at play including a fragile Canadian economy, a volatile political climate, both within Canada’s current government and the potential for tariffs from the USA.the Princeton real estate market is expected to maintain its positive trajectory. I predict a small but steady rise in property values, driven by sustained demand and limited inventory. Additionally, anticipated interest rate cuts could further stimulate buyer activity, making it an opportune time for both investors and homebuyers. The town’s economic stability and lifestyle appeal are likely to keep attracting new residents, ensuring a vibrant and competitive market.
Thank You
Whether you’re considering buying or selling, staying informed about market trends is crucial. The ongoing changes in Princeton’s real estate landscape underscore the importance of working with knowledgeable local experts who can guide you through this dynamic market. Century 21 Horizon West Realty is the longest running, locally owned real estate brand in the valley and the most recognized and respected in the industry.We are incredibly grateful for your continued support and trust in us. Your confidence in our services have been a driving force behind our success, and we are honoured to have had the opportunity to work with you. Your referrals and loyalty mean the world to us, and we are committed to assisting past and future clients for many more years, providing exceptional service in all your future real estate endeavours.
Stay tuned for more updates as we continue to monitor and report on the latest developments in Princeton’s real estate market.
Lee Mowry
