September 2023 Connecticut Market Stats

by | Oct 3, 2023 | Community | 0 comments

In the dynamic world of real estate, understanding market statistics is crucial for both buyers and sellers. Connecticut’s real estate market has been experiencing significant shifts, and staying informed about these changes is essential for making informed decisions. In this blog post, we will delve into the recent market statistics for single-family homes and condominiums in Connecticut. Whether you’re a potential buyer, seller, or investor, these insights will help you navigate the current landscape effectively.

Single-Family Homes

2022 2023 +/-
Active Listings 5,936 5,159 -13%
Number of Sales 3,164 2,322 -26.6%
Average Days to Sell 33 30 -9%
Median Sale Price $374,450 $406,250 +8.5%

 

The market for single-family homes in Connecticut has witnessed noteworthy changes over the past year. Here’s a breakdown of the key statistics:

Active Listings: In 2023, there were 5,159 active listings, representing a 13% decrease from the previous year. This reduction in available homes suggests a more competitive market.

Number of Sales: The number of single-family home sales decreased by 26.6% in 2023 compared to 2022, with 2,322 transactions. This decrease may be due to various factors, such as changing buyer preferences and economic conditions.

Average Days to Sell: Homes in Connecticut are selling slightly faster, with an average of 30 days on the market in 2023, down from 33 days in 2022. This indicates a strong demand.

Median Sale Price: The median sale price for single-family homes has seen an 8.5% increase, rising from $374,450 in 2022 to $406,250 in 2023. This is good news for sellers as it reflects appreciation in property values.

What This Means for Buyers, Sellers, and Investors:

  • Buyers: With fewer available homes and rising prices, buyers should act quickly and be prepared to make competitive offers. It’s wise to get pre-approved for a mortgage to strengthen your position.
  • Sellers: This is a seller’s market, and if you’re considering selling your home, you may benefit from increased property values. However, ensure your property is well-presented to attract buyers.
  • Investors: Connecticut’s real estate market remains attractive for investors, with potential for appreciation. Consider diversifying your portfolio with real estate assets in this region.

 

Condominiums

2022 2023 +/-
Active Listings 1,280 1,099 -14%
Number of Sales 869 695 -20%
Average Days to Sell 33 26 -21%
Median Sale Price $231,000 $255,000 +10.4%

 

Now, let’s shift our focus to the condominium market in Connecticut:

Active Listings: The number of active condo listings decreased by 14% in 2023, with 1,099 units available. This suggests a competitive market for condos.

Number of Sales: Condo sales decreased by 20% in 2023, with 695 transactions. Buyers may be exploring other housing options.

Average Days to Sell: Condos are selling faster, with an average of 26 days on the market in 2023, down from 33 days in 2022.

Median Sale Price: The median sale price for condos increased by 10.4%, rising from $231,000 in 2022 to $255,000 in 2023.

What This Means for Buyers, Sellers, and Investors:

  • Buyers: With a competitive condominium market and fewer available units, buyers should act swiftly when they find a property that fits their criteria. Make sure to get pre-approved for a mortgage and have your finances in order to be ready to make an offer. Consider working with a real estate agent who specializes in condos to help you navigate this fast-paced market.
  • Sellers: If you’re selling a condominium, the reduced inventory and increased median sale price can work in your favor. However, it’s still essential to make your property stand out. Invest in staging and marketing to attract potential buyers. Your real estate agent can help you set a competitive asking price and negotiate offers effectively.
  • Investors: Condominiums in Connecticut continue to be an appealing option for real estate investors, especially with the potential for appreciation in value. However, the decreased number of condo sales may indicate a shifting market, so it’s crucial to conduct thorough market research before making investment decisions. Consider working with an experienced real estate investment advisor to identify opportunities and potential risks.

 

 

Conclusion

Connecticut’s real estate market is evolving, with shifting dynamics in both single-family homes and condominiums. Buyers, sellers, and investors should adapt to these changes and stay informed to make the best decisions. Remember to work with professionals who can provide guidance tailored to your specific needs. Whether you’re looking to buy, sell, or invest, now is the time to explore the opportunities in Connecticut’s real estate market. Stay informed, stay proactive, and secure your place in this ever-changing landscape. If you have questions or need personalized advice, don’t hesitate to reach out to us.

**All statistics pulled from SmartMLS on 10/2/23, with no exclusions.