CONNECTICUT
Home Sales Up, Average Price Up
Home sales are up 1.6% year over year, with August 2024 at 3,634 compared to 3,576 last August. Sales are up for single-family homes but have decreased for Condos.
- Single families: 2,782 (2023) | 2,911(2024)
- Condominiums: 794 (2023) | 723 (2024)
The average sale price has increased by 5.8% compared to last year, now at $590,799 from $558,288. Prices increased for single-family homes and Condos have decreased.
- Single families: $621,832 (2023) | $644,076 (2024)
- Condominiums: $335,642 (2023) | $376,189 (2024)
Homes Listed For Sale:
The number of homes listed is down by 0.4% when compared to August 2023.
- 2024: 3,653
- 2023: 3,667
- 2022: 4,311
Pending Home Sales:
The number of homes placed under contract is down by 10.6% when compared to August 2023.
- 2024: 3,197
- 2023: 3,368
- 2022: 4,200
Data provided by SmartMLS then compared to the prior year.
What’s Happening in the Market?
- Despite the national housing market trends having a slight decline in home sales, Connecticut still saw an increase when compared to August last year.
- Connecticut did see a decline in condo sales compared to last year, following the national housing market trends. However, average sale price increased by over 12%.
- Buyers, as we enter the fall market, it is expected that buyer competition will decrease, making now the best time to purchase a home. Anthony explains why in this video here!
- There were minimal fluctuations in mortgage rates in the month of August. According to Mortgage Daily News, rates remained within the 4% to 6.6% range. Then, in early September, we saw them drop to the lowest rate since February 2023 at 6.1%. Due to the Federal Reserve’s recent 0.5% rate cut; we can anticipate a potential further decline as the year progresses.
- Sellers, with the trends of mortgage rates and new inventory on the decline, now is a great time to list. There will be motivated buyers looking to settle before the holidays.