Curious about Connecticut’s housing market in 2024?
It’s both challenges and opportunities for potential buyers and sellers, including those looking to sell my house fast ct. Just like the national trend, Connecticut’s market is facing low inventory and high prices. Whether you’re a buyer, seller, or just interested in the scene, from high prices and low inventory to popular cities and future outlooks, there’s a lot to explore.
So let’s take a closer look at what’s happening in Connecticut’s real estate scene right now and what we can expect for the rest of 2024.
Understanding the CT Real Estate Market
Current Connecticut Housing Market
According to industry insights, there’s a notable decrease in both new listings and completed sales across Connecticut, with figures dropping around 26% compared to previous years. Candace Adams, a leading figure in the real estate sector, mentions that homes are selling for more than their asking price, showcasing a strong seller’s market with a 104% list-to-selling price ratio.
High mortgage rates and inflation are making it tougher for many to afford homes, leading to fewer buyers actively searching for properties.
Most Popular Connecticut Cities
Although Connecticut isn’t among the top states for relocation, it remains a highly desirable housing market. Surprisingly, two Connecticut metros made it to the nation’s top 20 housing markets in March 2023, as reported by Realtor.com. The Hartford-West Hartford-East Hartford metro area secured the third spot, while the New Haven-Milford metro area claimed the fifth position.
Connecticut has become a favored destination for New Yorkers, particularly evident in the Bridgeport-Stamford-Norwalk metro area, where approximately 50,000 New York residents relocated following the increased accessibility of remote work during the 2020 coronavirus pandemic.
The larger towns along Connecticut’s southwestern coastline, such as Stamford and Greenwich, hold significant sway over the state’s housing market due to their proximity to New York City. Stamford, in particular, has earned the distinction of being Connecticut’s fastest-growing city, boasting a remarkable population growth of 10.5% from 2010 to 2020, far surpassing the statewide growth rate of just 1%, as reported by the U.S. Census Bureau. For prospective renters or buyers looking to tap into Connecticut’s thriving housing scene, you should be familiar with the best rental markets in Connecticut to buy properties.
An Overview of City Populations
The five largest cities in Connecticut, according to recent estimates, are:
- Bridgeport: 148,333
- Stamford: 136,309
- New Haven: 135,081
- Hartford: 120,576
- Waterbury: 113,811
Connecticut Housing Trends and Stats
Connecticut’s housing market is slowly recovering back, but some areas still offer more affordable homes compared to the national average.
New Listings
In the first six months of 2023, there’s been a big drop in new home listings in Connecticut – down over 26% from the same period in 2022. With only 21,776 new listings so far this year compared to 29,564 last year, there’s a shortage of homes on the market.
In today’s market, with higher mortgage rates and fewer homes available, it’s understandable why many are choosing not to sell. This creates a challenge for buyers. If you’re in Connecticut and thinking, “I need to sell my house fast,” you’re not alone. This demand makes it a unique time to consider selling amidst the current constraints.
Median Sales Price
In the first six months of 2023, the median selling price of homes in Connecticut was $350,000, up from $335,000 during the same period in 2022, according to the Connecticut Department of Housing. Despite this increase, the median price remained lower than the national median of $416,100 in the second quarter of 2023.
The limited inventory and strong luxury housing market contributed to the rise in median sales price. For instance, the list-to-sales price ratio for the first half of 2023 was 102.4%, slightly lower than the previous year’s 103.1%. However, this indicates that many homes are still selling above their original asking prices.
While buying a home in Connecticut may be more affordable compared to other parts of the U.S., it’s important to note that these figures do not include additional expenses such as property taxes and homeowners insurance.
Average Days on the Market
During the first half of 2023, many homes in Connecticut sold within 37 days, compared to an average of 39 days in the same period in 2022. Homes in the state are selling faster than the national average, where the typical listing stays on the market for 54 days, according to data from Realtor.com.
County-Level Connecticut Housing Market Statistics
In the second quarter of 2023, each county in Connecticut showed similar trends in its housing market. Across the board, there was a decrease in both new listings and properties sold compared to the previous year. However, despite this decline in transactions, the median sales price increased in every county.
Below, you’ll find a summary of transaction volume and selling price data for all eight Connecticut counties during the second quarter of 2023, along with the year-over-year percentage change for each figure.
| County | New Listings | Properties Sold | Median Sold Price | Median Days on REDFIN |
| Fairfield | 3,668 (-32% YoY) | 2,628 (-25% YoY) | $650,000 (4% YoY) | 22 days (-8.33% YoY) |
| Hartford | 2,840 (-28% YoY) | 2,152 (-28% YoY) | $325,000 (8.33% YoY) | 5 days (unchanged) |
| Litchfield | 811 (-27% YoY) | 508 (-30% YoY) | $350,000 (13% YoY) | 18 days (-25% YoY) |
| Middlesex | 670 (-28% YoY) | 468 (-26% YoY) | $366,000 (7.66% YoY) | 7 days (unchanged) |
| New Haven | 2,733 (-28% YoY) | 2,049 (-26% YoY) | $330,000 (6.11% YoY) | 11 days (22% YoY) |
| New London | 1,029 (-28% YoY) | 765 (-23% YoY) | $328,000 (6.08% YoY) | 6 days (unchanged) |
| Tolland | 497 (-36% YoY) | 354 (-29% YoY) | $340,000 (10% YoY) | 6 days (20% YoY) |
| Windham | 386 (-34% YoY) | 277 (-35% YoY) | $325,000 (10% YoY) | 7 days (17% YoY) |
Source: Berkshire Hathaway Home Services, New England Properties
Connecticut Housing Market Predictions
Compared to the national housing market, Connecticut’s housing market is expected to follow a similar trajectory. The main challenge is the low housing supply, which is likely to keep inventory levels suppressed.
In 2024, the median sale price will keep increasing marginally due to CT’s tight inventory. the shortage of homes for sale is driving up prices. Until there’s an increase in inventory, sales are expected to remain low.
Pending Sales Indicate More Listings
However, some experts remain optimistic about the future of the Connecticut market. Pending sales can be a good indicator of future market performance. While the market is lagging compared to last year, there are signs of improvement.
Studies anticipate that the housing market in Connecticut will likely show improvement in the second half of 2023. This positive trend is attributed to properties going under contract, indicating potential growth in the market.
Connecticut’s proximity to New York City also plays a significant role in driving buyer demand. The suburban markets in Connecticut benefit from this demand, which could contribute to the market’s resilience.
Conclusion
Navigating Connecticut’s housing market in 2024 requires careful consideration, especially for those looking to sell their house quickly in CT. With low inventory and high prices, both buyers and sellers face challenges.
However, cities like Stamford are thriving, attracting New Yorkers seeking suburban living. Despite the current obstacles, there’s optimism for improvement ahead. Staying informed about these trends is key to making wise decisions in Connecticut’s ever-changing real estate landscape.
For personalized advice and guidance, consider reaching out to Idoni Management. Contact us today to discover how we can assist you in achieving your real estate goals in this ever-changing market.
