Median Sales Price of Single-Family Homes in Greater Hartford Up 6 Percent
Closed sales increase 4 percent
(Hartford, Conn., September 12, 2024) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single-family homes in Greater Hartford rose 6.1 percent (from $391,250 to $415,000) when compared to August of 2023. Closed sales increased 3.9 percent (from 540 to 561) and pending sales decreased 3.1 percent (from 490 to 475). Inventory decreased 8.3 percent (from 760 to 697) and new listings decreased 5.8 percent (from 536 to 505). The average days on market until sale decreased 25 percent (from 20 to 15 days), when compared to August of last year.
In year-to-date statistics, over August of last year, closed sales increased 0.5 percent (from 3127 to 3142) and pending sales increased 2.2 percent (from 3233 to 3305). New listings increased 4.7 percent (from 3759 to 3933) and the median sales price rose 12.7 percent (from $355,000 to $400,000). The days on market decreased 12.5 percent (from 24 to 21 days) from the beginning of the year, when compared to year-to-date last year.
Condominium closed sales in Greater Hartford decreased 8.1 percent (from 149 to 137) and pending sales decreased 25.5 percent (from 157 to 117). Condo inventory decreased 10.8 percent (from 166 to 148) and the average days on market increased 41.7 percent (from 12 to 17 days). The median sales price increased 11.3 percent (from $265,000 to $295,000) and new listings decreased 23.8 percent (from 160 to 122), during this same month last year.
“Housing demand in Greater Hartford continues to outpace inventory,” said GHAR CEO, Holly Callanan. “Prices likely won’t come down until we find a way to increase the supply of homes on the market,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: “Despite the modest gain, home sales are still sluggish,” said NAR Chief Economist Lawrence Yun. “But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.”