(Hartford, Conn., February 14, 2024) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single-family homes in greater Hartford decreased 10.3 percent (from 321 to 288), when compared to January of last year. The median sales price rose 5.3 percent (from $318,000 to $335,000) and inventory dropped 24.1 percent (from 598 to 454). New listings decreased 5.8 percent (from 313 to 295) and pending sales decreased 1.6 percent (from 310 to 305). The average days on market until sale increased 12.9 percent (from 31 to 35 days) from January of 2023.
Condominium closed sales decreased 5.4 percent (from 93 to 88) and pending sales decreased 3.0 percent (from 101 to 98) over January of last year. Inventory increased 12.3 percent (from 130 to 146) and the average days on market decreased 50.0 percent (from 38 to 19). The median sales price increased 15.9 percent (from $220,000 to $255,000) and new listings increased 27.8 percent (from 97 to 124).
“The greater Hartford housing inventory remains low and that seems to contribute the rise in prices,” said GHAR CEO, Holly Callanan. “It’s important to seek the advice of a Realtor to help with this challenging market,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: "The latest month's sales look to be the bottom before inevitably turning higher in the new year. Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months.”
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.