(Hartford, Conn., January 16, 2024) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single-family homes in greater Hartford rose 18.8 percent (from $303,000 to $360,000) over December of 2022. Inventory dropped 24.8 percent (from 653 to 491) and new listings increased 2.5 percent (from 202 to 207). Pending sales decreased 3.0 percent (from 336 to 326) and closed sales remained unchanged, when compared to December of last year (423 sales). The average days on market until sale increased 8.3 percent (from 24 to 26 days) from this same month, last year.
In year-to-date statistics, over December of last year, the median sales price of single-family homes increased 9.1 percent (from $330,000 to $360,000). Pending sales dropped 20.1 percent (from 6029 to 4817) and closed sales fell 21.0 percent (from 6092 to 4811). New listings decreased 21.8 percent (from 6845 to 5352) and the days on market remained unchanged (23 days), during this same period.
Condominium closed sales increased 6.1 percent (from 115 to 122) and pending sales increased 19.8 percent (from 86 to 103) over December of last year. Inventory fell 8.9 percent (from 146 to 133) and the average days on market decreased 42.9 percent (from 26 to 16). The median sales price increased 8.7 percent (from $229,900 to $249,950) and new listings increased 38.8 percent (from 67 to 93).
“As buyer demand increases, the limited inventory typically means sales prices also increase,” said GHAR CEO, Holly Callanan. “Until we see an increase in listings, these prices are likely to remain high,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: "Home prices keep marching higher. Only a dramatic rise in supply will dampen price appreciation.”
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.