Closed Sales of Single-Family Homes in Greater Hartford
Down 4 Percent
(Hartford, Conn., October 15, 2024) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single-family homes in Greater Hartford dropped 3.8 percent (from 442 to 425) from September of 2023 to September of 2024. Pending sales also declined 3.4 percent (from 417 to 403) and inventory dropped 1.3 percent (from 773 to 763). New listings increased 5.8 percent (from 504 to 533) and the median sales price rose 7.6 percent ($376,000 to $405,000). The average days on market until sale decreased 14.3 percent (from 21 to 18 days), when compared to September of last year.
In year-to-date statistics, over September of last year, closed sales increased 0.1 percent (from 3569 to 3572) and pending sales increased 1.2 percent (from 3650 to 3693). New listings increased 5.0 percent (from 4262 to 4474) and the median sales price rose 11.1 percent (from $359,900 to $400,000). The days on market decreased 16.7 percent (from 24 to 20 days) from the beginning of the year, when compared to year-to-date last year.
Condominium closed sales in Greater Hartford decreased 38.3 percent (from 162 to 100) and pending sales decreased 17.8 percent (from 129 to 106). Condo inventory increased 30.9 percent (from 149 to 195) and the average days on market decreased 17.6 percent (from 17 to 14 days). The median sales price increased 10.2 percent (from $250,000 to $275,500) and new listings increased 32.1 percent (from 131 to 173), during this same month last year.
“As prices continue to rise, homebuyers will likely need help to negotiate the best deal,” said GHAR CEO, Holly Callanan. “The first step in the process should be working with an experienced Realtor,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: “The rise in inventory – and, more technically, the accompanying months’ supply – implies home buyers are in a much-improved position to find the right home and at more favorable prices. However, in areas where supply remains limited, like many markets in the Northeast, sellers still appear to hold the upper hand.”