(Hartford, Conn., December 14, 2022) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single-family homes in Greater Hartford increased 8.3 percent (from $300,000 to $325,000) over November of last year. Closed sales decreased 34.6 percent (from 635 to 415) and pending sales dropped 33.6 percent (from 593 to 394). Housing inventory decreased 24.2 percent (from 1094 to 829) and new listings fell 28.8 percent (from 507 to 361). The average days on market remained unchanged at 27 days, during this same year over year comparison.
In year-to-date statistics, year over year, the median sales price of single-family homes increased 7.0 percent (from $309,950 to $331,500) and new listings decreased 16.4 percent (from 7962 to 6654). Pending sales decreased 16.9 percent (from 6890 to 5729) and closed sales decreased 16.0 percent (from 6745 to 5665). The average days spent on market decreased 20.7 percent (from 29 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 24.6 percent (from $176,500 to $220,000) over November of last year. Closed sales decreased 28.8 percent (from 170 to 121) and pending sales decreased 38.4 percent (from 177 to 109). Inventory dropped 29.8 percent (from 242 to 170), when compared to the same year to date, last year. The average days on market until sale decreased 19.4 percent (from 31 to 25) and new listings decreased 19.3 percent (from 140 to 113).
“Rising interest rates and rising prices are obstacles to our housing market,” said GHAR CEO, Holly Callanan. “We likely won’t see a change until inventory opens up and rates drop.”
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated, “More potential homebuyers were squeezed out from qualifying for a mortgage in October as mortgage rates climbed higher. The impact is greater in expensive areas of the country and in markets that witnessed significant home price gains in recent years."
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.