February 2024 Connecticut Market Stats

by | Mar 5, 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 3,588 3,980 +10.9%
Number of Sales 1,476 1,352 -8.4%
Average Days to Sell 61 58 -4.9%
Median Sale Price $335,000 $385,000 +14.9%

 

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

  • Active Listings: The inventory of single-family homes has seen a notable increase of 10.9%, reaching 3,980 in 2024.
  • Number of Sales: Despite a slight dip by 8.4%, the market remains robust with 1,352 sales.
  • Average Days to Sell: Homes are spending less time on the market, dropping by 4.9% to an average of 58 days.
  • Median Sale Price: The median sale price has surged impressively by 14.9%, now standing at $385,000.

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

For Buyers:

Increased inventory by 10.9% provides more options, but a competitive market with a shorter average time on the market (58 days) necessitates swift decisions, especially with a 14.9% surge in the median sale price to $385,000.

For Sellers:

With a strong demand reflected in a 14.9% rise in the median sale price and a market favoring shorter selling times (58 days), strategic pricing and effective marketing are crucial for capitalizing on the favorable conditions.

For Investors:

The stable market with increased prices signals long-term investment opportunities; investors should analyze trends, assess potential rental income, and seek guidance from local real estate professionals.

Conclusion:

In the realm of single-family homes, Connecticut’s market is characterized by increased inventory, rising median prices, and a competitive landscape. Buyers need to act decisively in the face of more choices, while sellers can capitalize on shorter selling times and higher median prices. Investors should view the stability and growth as promising, aligning with a local real estate professional for strategic insights in this evolving 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 931 1,039 +11.6%
    Number of Sales 451 451  0%
    Average Days to Sell 47 51 +8.5%
    Median Sale Price $237,500 $260,000 +9.5%

     

    Here is the breakdown of the condominium market in Connecticut:

    1. Active Listings: Condo inventory has seen an 11.6% increase, totaling 1,039 in 2024.
    2. Number of Sales: While the number of sales remains stable, there is a 0% change from 2023 to 2024.
    3. Average Days to Sell: Condos are taking slightly longer to sell, with an 8.5% increase to 51 days.
    4. Median Sale Price: The median sale price for condos has risen by 9.5%, reaching $260,000.

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

    For Buyers:

    An 11.6% rise in active listings offers diverse options, though a patient approach may be needed with an 8.5% increase in average days to sell (51 days) and a 9.5% growth in the median sale price to $260,000.

    For Sellers:

    Strategic pricing and effective marketing are essential in a market with slightly longer selling times (51 days), but the 9.5% increase in the median sale price presents an opportunity for maximizing returns

    For Investors:

    The stable market with growing median sale prices signals potential appreciation; investors should conduct thorough research, consider rental demand, and collaborate with real estate professionals familiar with Connecticut’s condominium market.

      Conclusion:

      Connecticut’s condominium market presents a diverse array of options with increased listings and a steady number of sales. Buyers should exercise patience due to a slightly longer selling period, but the growing median prices indicate increasing value. Sellers can leverage strategic pricing and effective marketing to maximize returns. Investors should explore the potential for appreciation and align their strategies with professionals who understand the unique dynamics of the state’s condominium market.

      • 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 3/5/24, with no exclusions.