Some Connecticut Real Estate Markets Increase Almost 17%

Some Connecticut Real Estate Markets Increase Almost 17%

With the year almost at a close, it’s time to see how the Connecticut real estate market has performed and where it may be going.

In Fairfield County, the average sales price over the last year for single-family homes was $1,051,213. This is a 5% increase over the same time last year when the average was $1,001,526.

Those who may have forgone purchasing a home because of higher interest rates may have saved a few thousand dollars in payments, but they also have forgone $50,000 in free equity.

Prices may be high. Interest rates may be high. But it is still an excellent time to purchase if you can.

We have lenders available for traditional loans as well as loans that require no proof of income.

This is a unique environment where many people are waiting for rates to come down before purchasing a home (which will just cause more competition and therefore higher prices) but one where once rates have come down, prices will have gone up, thus ensuring your monthly payments are just as high for a smaller / lower quality home.

Unless you have circumstances very unique to you (like a bonus coming around the corner, or just a couple payments left before a big debt is cleared away) it almost never makes sense to delay buying.

We saw the market perform similarly in other parts of Connecticut.

In Litchfield County, we see that the average sales price is up almost 5% as well from $475,544 in 2022 to $498,852 over the last year.

On the CT Shoreline (which we define as New Haven, Middlesex and New London counties) average sales prices are up 3.5% to $415,706.

And Hartford County has continued its tear as our state’s most sought-after area. This time last year the average sales price was $332,500 and at this point it is up an astounding 16.6% to $387,567.

The average sales price of single family homes in Fairfield and Hartford counties both increased about $50,000, but the percentage differences are massive.

The work-from-home revolution combined with lower average prices in this area of the state means that Hartford County has taken this year’s market far and away.

If you are interested in buying, selling, investing and renting residential or commercial real estate, feel free to reach out here.