January 2024 Connecticut Market Stats

by | Feb 6, 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 3,749 3,681 -1.8%
Number of Sales 1,702 1,552 -8.8%
Average Days to Sell 42 42  0%
Median Sale Price $335,000 $380,750  13.6%

 

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

Active Listings: In 2023, there were 3,749 active listings, which slightly decreased to 3,681 in 2024, marking a -1.8% change. Despite this minor dip, Connecticut’s market remains stable, ensuring a diverse range of homes for prospective buyers.

Number of Sales: The number of sales decreased from 1,702 in 2023 to 1,552 in 2024, reflecting an -8.8% change. This decline signals a market adjustment, presenting a potential opportunity for buyers who may find sellers more open to negotiations in this evolving landscape.

Average Days to Sell: The average days to sell remained constant at 42 days in both 2023 and 2024, indicating a market with efficient turnover. This stability fosters a healthy environment for both buyers and sellers, allowing transactions to occur without prolonged delays.

Median Sale Price: Connecticut witnessed a substantial increase in median sale prices, rising from $335,000 in 2023 to $380,750 in 2024, representing a 13.6% change. This noteworthy surge signifies a positive trend for sellers. However, buyers should be prepared to adjust their expectations or explore various financing options in response to this market shift.

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

For Buyers:

The decreased number of sales presents a potential advantage. Buyers can negotiate favorable terms and explore a wider range of properties. However, with rising median prices, it’s crucial to be pre-approved and ready to act swiftly.

For Sellers:

The uptick in median sale prices is promising for sellers. Strategically pricing your property and emphasizing its unique features could attract motivated buyers. However, it’s important to remain competitive given the slight dip in the number of sales.

For Investors:

Investors might find opportunities in a market with reduced sales. Negotiating favorable terms, coupled with the potential for property value appreciation, makes this a market worth considering.

Conclusion:

Connecticut’s single-family home market, reflected in the 2023-2024 statistics, exhibits stability despite a slight decrease in active listings. The market adjustment, marked by an -8.8% change in the number of sales, presents potential advantages for buyers who can negotiate favorable terms. Sellers can leverage the promising 13.6% surge in median sale prices, but staying competitive is crucial with the decline in sales. Investors are poised to find opportunities in the reduced sales, negotiating favorably and anticipating property value appreciation. Adapting to this dynamic landscape requires informed decision-making, making Connecticut’s single-family home market an enticing prospect for buyers, sellers, and investors alike.

    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 912 946  3.7%
    Number of Sales 512 464 -9.3%
    Average Days to Sell 42 34 -19%
    Median Sale Price $225,000 $257,250  14.3%

     

    Here is the breakdown of the condominium market in Connecticut:

    Active Listings:

    In 2023, the active listings for condominiums stood at 912, witnessing a 3.7% increase to 946 in 2024. This uptick in active listings suggests a dynamic market environment, providing potential condominium buyers with a diverse range of options.

    Number of Sales:

    The number of condominium sales experienced a notable 9.3% decrease, dropping from 512 in 2023 to 464 in 2024. This decline implies a shifting market, offering potential buyers an opportunity for increased negotiating power while prompting sellers to be strategic in their pricing.

    Average Days to Sell:

    The average days to sell a condominium decreased significantly by 19%, from 42 days in 2023 to 34 days in 2024. This accelerated turnover indicates a potential increase in demand for condominiums, creating a more competitive landscape for both buyers and sellers.

    Median Sale Price:

    The median sale price for condominiums in Connecticut saw a substantial increase of 14.3%, rising from $225,000 in 2023 to $257,250 in 2024. This surge underscores a positive trajectory for the condominium market, signaling potential value appreciation for sellers. However, buyers may need to adjust their budget or explore financing options in response to this market shift.

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

    For Buyers:

    The decline in condominium sales by 9.3% creates favorable conditions for buyers, offering increased negotiation power. With a 19% reduction in average days to sell, the market is competitive, requiring buyers to act swiftly and consider pre-approval for efficient decision-making.

    For Sellers:

    Sellers should adopt a strategic approach amidst the 9.3% decrease in sales. While emphasizing unique property features, competitive pricing is crucial in a market with reduced sales. The 14.3% increase in median sale prices signals positive prospects, but sellers must remain flexible in negotiations to navigate this dynamic landscape.

    For Investors:

    Investors should recognize the potential benefits of the decreased sales, providing opportunities for favorable negotiations. The 14.3% surge in median sale prices suggests long-term value appreciation, making condominiums an appealing investment. Staying informed about market trends is key for investors navigating the evolving Connecticut condominium market.

      Conclusion:

      Connecticut’s condominium market presents a nuanced landscape for buyers, sellers, and investors alike. The decrease in sales provides buyers with negotiation leverage, while sellers need to be strategic in pricing amidst market adjustments. The substantial increase in median sale prices offers positive prospects for sellers and long-term investors. Navigating this dynamic market requires agility, informed decision-making, and staying abreast of evolving trends. Whether you’re looking to buy, sell, or invest, adapting to these changing conditions will be key to achieving your goals in Connecticut’s condominium real estate sector. Stay informed, stay proactive, and explore opportunities with a strategic mindset.

      • 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 2/6/24, with no exclusions.