Median Sales Price of Single-Family Homes in Greater Hartford Up 17 Percent

4.15.2021

Median Sales Price of Single-Family Homes in Greater Hartford Up 17 Percent

Inventory down 49 percent

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(Hartford, Conn., April 15, 2021) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single-family homes in Greater Hartford rose 16.96 percent over March of last year (from $243,675 to $285,000). Pending sales increased 11.46 percent (from 541 to 603) and closed sales remained unchanged at 474 units sold. New listings increased 1.84 percent (from 760 to 774) and inventory dropped 48.59 percent (from 2056 to 1057), during this same timeframe.

In year-to-date numbers, over last year, new listings decreased 20.19 percent (from 2065 to 1648). Pending sales increased 4.24 percent (from 1369 to 1427) and closed sales rose 4.99 percent (from 1242 to 1304). The median sales price increased 19.40 percent (from $238,700 to $285,000) and the average days spent on market decreased 37.50 percent (from 72 to 45), during this same year to date, year over year, timeframe.

Condominium closed sales increased 20 percent (from 120 to 144) and pending sales rose 21.80 percent (from 133 to 162) over March of 2020. The median sale price decreased 0.27 percent (from $182,000 to $181,500) and inventory decreased 31.33 percent (from 482 to 331). New listings increased 9.19 percent (from 185 to 202), versus one year ago.

“The rise in sales price still appears to be pushed by low housing inventory in Greater Hartford,” stated GHAR CEO, Holly Callanan. “The spring market is very active despite the inventory challenges,” she said.

In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist, said "Despite the drop in home sales for February – which I would attribute to historically-low inventory – the market is still outperforming pre-pandemic levels.”

He cautioned of a possible slowdown in growth in the coming months as higher prices and rising mortgage rates will cut into home affordability.

 

The Greater Hartford Association of REALTORS® (GHAR) is the largest local real estate trade association in Connecticut, serving over 4000 members in the 27 town Greater Hartford real estate brokerage community. The Association provides technology, training, networking and business support to members, and supports a healthy real estate market by upholding high professional and ethical standards through a Code of Ethics, ongoing education and certification programs. As the advocate for the real estate brokerage industry, GHAR is the Voice for Real Estate® in the Greater Hartford region. For more information, call 1.860.561.1800 or visit www.gharonline.com.

Keara Langston, Communications Director
Greater Hartford Association of REALTORS®
t: 860.561.1800  f: 860.561.3573
www.gharonline.com


3/17/2021
Inventory of Single-Family Homes in Greater Hartford Down 52 Percent
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Median Sales Price of Single-Family Homes in Greater Hartford Over $300,000 in April
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