CONNECTICUT
Home Sales Down, Average Price Up
Home sales are down 10.1% year over year, with September 2024 at 2,806 compared to 3,122 last September. Sales are down across all categories
- Single families: 2,396 (2023) | 2,180 (2024)
- Condominiums: 726 (2023) | 626 (2024)
The average sale price has increased by 8.7% compared to last year, now at $551,871 from $507,581. Prices increased across all categories.
- Single families: $565,508 (2023) | $601,939 (2024)
- Condominiums: $316,487 (2023) | $377,514 (2024)
Homes Listed For Sale:
The number of homes listed is up by 8.2% when compared to September 2023.
- 2024: 3,922
- 2023: 3,624
- 2022: 4,027
Pending Home Sales:
The number of homes placed under contract is up by 0.3% when compared to September 2023.
- 2024: 2,871
- 2023: 2,863
- 2022: 3,415
Data provided by SmartMLS then compared to the prior year.
What’s Happening in the Market?
- Following along with national housing market trends for the month, Connecticut saw a decrease in home sales and increases in sales price when compared to this time last year.
- The market is showing signs of rebalancing as new listings increase and overall sales slow down. This trend is more than just the seasonal slowdown and suggests a shift away from the intense seller’s market, offering buyers more choice and potentially reducing competition. As inventory grows, sellers may need to adjust prices, leading to a more moderate market pace that benefits buyers looking for a better deal.
- According to Mortgage News Daily, mortgage rates dropped to 6.1% in September and remained within the 6.1% to 6.3% range. However, as October began, rates started to climb again, reaching a peak of 6.9%. While this marks a recent increase, it’s still an improvement from the same period last year, when rates stood at 7.9%.
- Sellers, It is important to remember that homes do sell during the holidays, often to highly motivated buyers. Listing your home now can provide a competitive edge with less inventory and greater visibility for your property.
- Buyers, we’re in the fall market, and competition among buyers is expected to decrease, making now an excellent time to purchase a home. Watch Anthony’s video here for more insights!