April 2024 Connecticut Market Stats

by | May 7, 2024 | Market Statistics | 0 comments

The Connecticut real estate market is ever-changing, and understanding the latest market statistics is essential for anyone looking to buy, sell, or invest in the area. In this blog post, we’ll provide an overview of the current state of the real estate market in Connecticut, with a focus on both single-family homes and condominiums. These market statistics will shed light on what’s happening in your local housing market and help you make informed decisions.

Single-Family Homes

2023 2024 +/-
Active Listings 2,953 3,249 +10%
Number of Sales 1,830 1,840 +0.5%
Average Days to Sell 19 16 -15.8%
Median Sale Price $379,000 $427,000 +12.7%

 

Let’s begin by examining the market statistics for single-family homes in Connecticut:

  • Active Listings: The number of available homes increased by 10% from 2023 to 2024, indicating a healthy inventory for prospective buyers.
  • Number of Sales: While the increase in the number of sales is modest at 0.5%, it signifies a steady demand for single-family homes in the state.
  • Average Days to Sell: Sellers rejoice as the average days on market decreased by 15.8% from 19 days in 2023 to just 16 days in 2024, showcasing a swift pace of transactions.
  • Median Sale Price: Connecticut sees a substantial uptick in median sale price, soaring by 12.7% from $379,000 in 2023 to $427,000 in 2024, highlighting the state’s robust real estate market.

What This Means for Buyers, Sellers, and Investors (Single Family)

Buyers: The increased inventory offers more options and potentially less competition. However, rising median prices indicate a need for swift action and perhaps flexibility in budgeting.

Sellers: benefit from the shorter time homes spend on the market, signaling high demand and favorable conditions for profitable transactions.

Investors: can find opportunities in Connecticut’s growing market, but thorough research and strategic planning are key to maximizing returns.

Conclusion:

As the Connecticut real estate market evolves, staying informed about key trends and market statistics is essential for making sound decisions. By understanding the data and leveraging expert advice, buyers, sellers, and investors can navigate the market with confidence and achieve their real estate goals. Stay tuned for future updates and remember to keep a finger on the pulse of your local real estate market!

    1. Tips and Recommendations (Single-Family Homes):

      • Stay informed about market trends.
      • Be flexible in your buying or selling strategy.
      • Seek the guidance of real estate professionals for personalized advice.

     

    Condominiums

    2023 2024 +/-
    Active Listings 742 786 +5.9%
    Number of Sales 560 608 +8.5%
    Average Days to Sell 12 13 +8.3%
    Median Sale Price $265,000 $280,000 +5.6%

     

    Here is the breakdown of the condominium market in Connecticut:

    1. Active Listings: Condominium inventory increased by 5.9% from 2023 to 2024, offering buyers more choices in this segment of the market.
    2. Number of Sales: Condominium sales saw a healthy 8.5% increase, indicating strong demand for this housing option.
    3. Average Days to Sell: While the average days on market increased slightly by 8.3%, condominiums still sell relatively quickly.
    4. Median Sale Price: Connecticut experiences a 5.6% increase in median sale price for condominiums, reflecting the growing popularity of this housing type.

    What this means for Buyers, Sellers, and Investors (Condominiums)

    Buyers: can take advantage of the increased inventory and relatively quick sales process in the condominium market. However, rising median prices may require careful budgeting and negotiation strategies.

    Sellers: benefit from strong demand and increasing prices, but should be mindful of competition and market trends when pricing their properties.

    Investors: may find condominiums to be attractive investment opportunities, given the growing demand and potential for rental income.

      Conclusion:

      As Connecticut’s real estate market continues to evolve, staying informed about key trends and market statistics is paramount. By understanding the data and leveraging expert guidance, buyers, sellers, and investors can navigate the market landscape with confidence. Remember, success in real estate often hinges on staying informed and adapting to changing market conditions. Stay tuned for future updates and continue to empower yourself with knowledge as you embark on your real estate journey.

      • Tips and Recommendations (Condominiums):

        • Stay informed about market trends.
        • Be flexible in your buying or selling strategy.
        • Seek the guidance of real estate professionals for personalized advice.

      **All statistics pulled from SmartMLS on 5/6/24, with no exclusions.