CONNECTICUT
Home Sales Up, Average Price Up
Home sales are up 2.5% year over year, with October 2024 at 3,045 compared to 2,972 last October. Sales are up across all categories
- Single families: 2,306 (2023) | 2,346 (2024)
- Condominiums: 666 (2023) | 699 (2024)
The average sale price has increased by 2.8% compared to last year, now at $528,804 from $514,424. Prices increased for single-family homes, and decreased for condos.
- Single families: $560,911 (2023) | $583,296 (2024)
- Condominiums: $353,465 (2023) | $346,074 (2024)
Homes Listed For Sale:
The number of homes listed is up by 8.8% when compared to October 2023.
- 2024: 3,788
- 2023: 3,482
- 2022: 3,541
Pending Home Sales:
The number of homes placed under contract is up by 10.4% when compared to October 2023.
- 2024: 3,221
- 2023: 2,918
- 2022: 3,225
Data provided by SmartMLS then compared to the prior year.
What’s Happening in the Market?
- Nationally, existing home sales rose 3.4% in October to an annual rate of 3.96 million, marking the first year-over-year increase in 37 months since July 2021. Similar to the national trend, Connecticut saw increases in both home sales and prices compared to last year
- The housing market often shifts in response to economic and political events. Last month, home sales declined compared to the same time last year, likely due to pre-election uncertainty causing hesitation among buyers and sellers. With the election now behind us, home sales are rising again, possibly driven by clearer economic policies and a renewed focus on long-term planning, paving the way for steady market activity moving forward.
- According to Mortgage Daily News, mortgage rates in October began at approximately 6.2% and steadily rose to around 7% by month’s end. Despite the rise, rates are still lower than the 7.9% recorded during the same time last year, showing some year-over-year improvement.
- Sellers, It is important to remember that homes do sell during the holidays, often to highly motivated buyers. Listing your home now can provide a competitive edge with less inventory and greater visibility for your property.
- Sellers and buyers, navigating the process of selling and buying at the same time can be overwhelming, especially during the holiday season. However, with the current market presenting a great opportunity for buyers and sellers, it’s worth considering. Taking the right steps now could help you make a smooth transition, balancing both the sale of your current home and the purchase of your new one.