(Hartford, Conn., November 20, 2023) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single-family homes in greater Hartford increased 15.0 percent (from $326,000 to $375,000) when compared to October of last year. Inventory decreased 28.1 percent (from 981 to 705), Closed sales dropped 9.0 percent (from 477 to 434) and pending sales increased 0.4 percent (from 452 to 454). New listings decreased 11.8 percent (from 536 to 473) and the average days on market until sale decreased 28.6 percent (from 28 to 20 days) from this same month, last year.
In year-to-date numbers, over October of last year, the median sales price of single-family homes increased 8.3 percent (from $332,500 to $360,000). Pending sales dropped 22.5 percent (from 5319 to 4122) and closed sales fell 23.8 percent (from 5251 to 4003). New listings decreased 24.6 percent (from 6283 to 4740) and the days on market dropped 4.3 percent (from 23 days to 22), during this same period.
Condominium closed sales decreased 10.3 percent (from 126 to 113) and pending sales decreased 8.3 percent (from 120 to 110) over October of 2022. Inventory fell 17.6 percent (from 182 to 150) and the average days on market decreased 15.8 percent (from 19 to 16). The median sales price increased 2.7 percent (from $233,750 to $240,000) and new listings increased 1.6 percent (from 125 to 127).
“Rising interest rates are likely keeping people from selling and that leads to less inventory,” said GHAR CEO, Holly Callanan. “It’s so important to work with a knowledgeable Realtor in this complex market,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: "As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales. The Federal Reserve simply cannot keep raising interest rates in light of softening inflation and weakening job gains.”
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.