(Hartford, Conn., November 15, 2022) – According to the Greater Hartford Association of REALTORS® (GHAR), housing inventory dropped 27.3 percent (from 1284 to 933) over October of last year. Closed sales decreased 25.0 percent (from 631 to 473) and pending sales decreased 27.2 percent (from 646 to 470). The median sales price of single-family homes in Greater Hartford increased 8.7 percent (from $300,000 to $326,000). New listings fell 20.1 percent (from 668 to 534) and the average days on market until sale remained unchanged at 28 days, during this same year over year timeframe.
In year-to-date statistics, year over year, the median sales price of single-family homes increased 7.3 percent (from $310,000 to $332,500) and new listings decreased 15.5 percent (from 7456 to 6298). Pending sales decreased 14.8 percent (from 6298 to 5363) and closed sales decreased 14.1 percent (from 6111 to 5247). The average days spent on market decreased 23.3 percent (from 30 to 23 days), during this same year to date, year over year, timeframe.
The condominium market in greater Hartford shows an increase in median sales price of 30.1 percent (from $184,500 to $240,000) over October of last year. Closed sales decreased 33.5 percent (from 188 to 125) and pending sales decreased 37.7 percent (from 199 to 124). Inventory dropped 42.8 percent (from 299 to 171), when compared to the same month last year. The average days on market until sale decreased 38.7 percent (from 31 to 19) and new listings decreased 23.3 percent (from 163 to 125).
“The Greater Hartford housing market continues to slowdown,” said GHAR CEO, Holly Callanan. “Contributing factors are likely affordability issues due to rising interest rates and low inventory.”
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated, “the housing sector continues to undergo an adjustment due to the continuous rise in interest rates, which eclipsed 6% for 30-year fixed mortgages in September and are now approaching 7%.”
The Greater Hartford Association of REALTORS® (GHAR) is the largest local real estate trade association in Connecticut, serving over 5300 members in the Greater Hartford and Litchfield County real estate brokerage communities. 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.