Summary
The Connecticut real estate market in summer 2024 saw strong buyer demand, rising home prices, and tight inventory. Single-family home listings increased by 1.9%, with pending sales up 26.2%, and prices rising nearly 10%.
The Connecticut Real Estate Market Report Summer 2024 is important to home buyers and sellers because it provides crucial insights into current market conditions, helping both parties make informed decisions.
For home buyers, it highlights rising prices and shrinking inventory, which means they need to act quickly and be prepared for competitive bidding. Understanding trends like how long homes stay on the market or the increase in median sales prices helps buyers strategize better offers and timing.
For home sellers, the report showcases a strong seller’s market with high demand and rising prices, suggesting that it’s an ideal time to list their property. Knowing that homes are selling quickly and often above asking price can help sellers maximize their profits and set realistic expectations for their sale process.
In short, this report empowers both buyers and sellers with the knowledge needed to navigate the Connecticut real estate market successfully.
The Connecticut real estate market is experiencing dynamic shifts in 2024, with rising home prices, strong buyer demand, and changing inventory levels. Whether you’re interested in single-family homes or townhouses/condos, understanding the latest market trends is crucial for making informed buying or selling decisions. In this comprehensive market update, the Connecticut Real Estate Market Report Summer 2024, we’ll dive into the key metrics that define Connecticut’s real estate landscape, including new listings, median sales prices, days on market, and more, giving you the insights you need to navigate this competitive market with confidence. Stay ahead of the curve and discover what’s driving the market in Connecticut today.
Local Market Updates:
Fairfield County
Bethel Bridgeport Brookfield Danbury Darien Easton Fairfield Greenwich Monroe New Canaan New Fairfield Newtown Norwalk Redding Ridgefield Shelton Sherman Stamford Stratford Trumbull Weston Westport Wilton
Hartford County
Avon Berlin Bloomfield Bristol Burlington Canton East Hartford East Granby East Windsor Enfield Farmington Glastonbury Granby Hartford Hartland Manchester Marlborough New Britain Newington Plainville Rocky Hill Simsbury South Windsor Southington Suffield West Hartford Wethersfield Windsor Locks Windsor
Litchfield County
Barkhamsted Bethlehem Bridgewater Canaan Colebrook Cornwall Goshen Harwinton Kent Litchfield New Hartford New Milford Norfolk North Canaan Morris Plymouth Roxbury Salisbury Sharon Thomaston Torrington Warren Washington Watertown Winchester Woodbury
Middlesex County
Chester Clinton Cromwell Deep River Durham Essex East Haddam East Hampton Haddam Killingworth Middlefield Middletown Old Saybrook Portland Westbrook
New Haven County
Ansonia Beacon Falls Bethany Branford Cheshire Derby East Haven Guilford Hamden Madison Meriden Middlebury Milford Naugatuck New Haven North Branford North Haven Orange Oxford Prospect Seymour Southbury Wallingford Waterbury West Haven Wolcott Woodbridge
New London County
Bozrah Colchester East Lyme Franklin Griswold Groton Lebanon Ledyard Lisbon Lyme Montville New London North Stonington Norwich Preston Salem Sprague Stonington Voluntown Waterford
Tolland County
Andover Bolton Columbia Coventry Ellington Hebron Mansfield Somers Stafford Tolland Union Vernon Willington
Windham County
Ashford Brooklyn Canterbury Chaplin Eastford Hampton Killingly Plainfield Pomfret Putnam Scotland Sterling Thompson Windham Woodstock
Rental Market Update:
- Fairfield County
- Hartford County
- Litchfield County
- Middlesex County
- New Haven County
- New London County
- Tolland County
- Windham County
Connecticut Real Estate Market Update: August 2024
The Connecticut real estate market continues to show strength through August 2024, with notable shifts in single-family homes and townhouses/condos. Let’s break down the key metrics to understand what’s driving the market this year and how it compares to last year.
Single-Family Homes
The single-family home market remains competitive, with new listings increasing by 1.9% compared to August 2023. Year-to-date, listings have risen 4.6%—a positive signal for buyers hoping to see more options in the market.
Pending sales surged by an impressive 26.2%, indicating strong buyer demand. However, closed sales for August saw a more modest increase of 8.8%. Over the year-to-date period, closed sales remained relatively flat, down just 0.1%.
One of the most significant metrics is the rise in the median sales price, which is now $461,000, a jump of 9.8% from last year. The average sales price followed suit with a 17.8% increase to $553,462, showing that higher-priced homes are driving the market.
The days on market until sale stayed the same at 32 days in August, but over the year, homes are selling faster, with a 9.1% decrease in the average time to sell.
Despite these shifts, buyers are getting slightly less of what they offer, with the percent of list price received dropping to 101.7% in August—a 1.9% decrease from 2023.
Townhouses/Condos
The townhouse and condo market in Connecticut has shown mixed results. New listings in August were up 4.9%, but year-to-date listings are down 10.4%, limiting inventory for buyers. The pending sales are also down by 6.3%, reflecting lower demand or reduced options for buyers in this category.
The most striking shift in the townhouse/condo market is the 61.2% decrease in closed sales for August, a significant drop compared to the single-family home market. Year-to-date, closed sales have also fallen by 10.7%.
On the bright side, sellers are getting a higher price for their properties, with the median sales price soaring 40.7% to $275,100 in August. Year-to-date, this price rose by 14.4%, indicating a strong upward trend in the value of condos and townhouses.
Buyers in this segment are also acting faster, with the days on market until sale decreasing by a substantial 65% in August, meaning properties are moving much quicker compared to last year.
Inventory is a concern, with a 29.8% decrease in available homes for sale, bringing the months’ supply of inventory down by 31.6% to just 1.3 months. This further illustrates how tight the market is for condos and townhouses, pushing prices up and speeding up sales.
Conclusion
The Connecticut real estate market is a tale of two segments: while single-family homes are seeing steady demand and higher prices, the townhouse/condo market faces a more constrained inventory and declining sales but with rapidly increasing prices. Both segments, however, point to a competitive market that’s moving quickly, with homes selling faster and often for higher prices than the previous year.
Whether you’re looking to buy or sell, understanding these trends can help you make informed decisions in this dynamic market. Stay updated on the latest Connecticut real estate trends and make sure to contact a real estate expert for personalized advice on navigating this evolving landscape.
For more detailed insights or assistance with buying or selling your property, feel free to reach out to our team of real estate professionals!
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