October 2023 Connecticut Market Stats

by | Nov 7, 2023 | 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

2022 2023 +/-
Active Listings 5,650 5,097 -9.8%
Number of Sales 2,644 2,300 -13%
Average Days to Sell 36 31 -13.9%
Median Sale Price 365,500 403,750 +10.5%

 

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

  1. Active Listings: In 2023, there were 5,097 active listings, reflecting a 9.8% decrease from the previous year. The reduced inventory suggests a more competitive market for single-family homes.
  2. Number of Sales: The number of single-family home sales decreased by 13% in 2023, with 2,300 transactions. This decrease could be due to a variety of factors, including shifting buyer preferences and market dynamics.
  3. Average Days to Sell: Single-family homes are selling faster, with an average of 31 days on the market in 2023, down from 36 days in 2022. This indicates strong demand.
  4. Median Sale Price: The median sale price for single-family homes has seen a significant 10.5% increase, rising from $365,500 in 2022 to $403,750 in 2023. This is excellent news for sellers, as it reflects appreciation in property values.

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

  • Buyers: In this competitive market with reduced inventory, act swiftly when you find a home that fits your needs. Getting pre-approved for a mortgage will strengthen your position.
  • Sellers: This is a seller’s market, and the increased property values benefit sellers. Ensure your home is well-presented to attract buyers.
  • Investors: Connecticut’s real estate market remains attractive for investors, with potential for property appreciation. Consider diversifying your real estate portfolio with properties in this region.

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

2022 2023 +/-
Active Listings 1211 1085 -10.4%
Number of Sales 230,000 264,000 +15.2%
Average Days to Sell 33 29 -12%
Median Sale Price 235,000 275,000 +17%

 

Here is the breakdown of the condominium market in Connecticut:

  1. Active Listings: The number of active condominium listings decreased by 10.4% in 2023, with 1,085 units available. This decrease signals a competitive condominium market.
  2. Number of Sales: Condominium sales increased by an impressive 15.2% in 2023, with 264,000 transactions.
  3. Average Days to Sell: Condos are selling faster, with an average of 29 days on the market in 2023, down from 33 days in 2022.
  4. Median Sale Price: The median sale price for condominiums increased by a substantial 17%, rising from $235,000 in 2022 to $275,000 in 2023.

What This Means for Buyers, Sellers, and Investors (Condominiums):

  • Buyers: The competitive market and increased prices may require a swift response when you find a condominium you like. Pre-approval for a mortgage is crucial.
  • Sellers: With a reduced inventory and rising prices, this is a favorable time to sell a condominium. Ensure your property stands out to attract buyers.
  • Investors: Condominiums in Connecticut continue to be an attractive option, with substantial appreciation in value. Conduct thorough market research before making investment decisions.

Tips and Recommendations (Condominiums):

  • Stay informed about market trends and conduct thorough research.
  • Consider working with real estate professionals specializing in condominiums.
  • Be prepared to move quickly in this competitive market.

Conclusion

The Connecticut real estate market is ever changing, and the statistics for single-family homes and condominiums reveal interesting trends. Whether you’re a buyer, seller, or investor, staying informed and being ahead is key to success in these changing markets. If you have questions or need personalized advice, don’t hesitate to reach out to us. Stay informed about local market trends and be prepared to adapt to the evolving conditions. Your dream home or investment opportunity may be just around the corner.

**All statistics pulled from SmartMLS on 11/7/23, with no exclusions.