(Hartford, Conn., June 11, 2024) – According to the Greater Hartford Association of REALTORS® (GHAR), the median sales price of single-family homes in Greater Hartford rose 15.3 percent (from $360,000 to $415,000), when compared to April of last year. Closed sales decreased 6.0 percent (from 414 to 389) and pending sales increased 3.9 percent (from 466 to 484). New listings increased 5.4 percent (from 579 to 610) and inventory decreased 2.3 percent (from 694 to 789). The average days on market until sale decreased 18.2 percent (from 22 to 18 days), when compared to May of 2023.
In year-to-date statistics, over May of last year, pending sales increased 1.7 percent (from 1809 to 1839) and closed sales decreased 4.3 percent (from 1629 to 1559). New listings increased 7.9 percent (from 2079 to 2243) and the median sales price rose 13.6 percent (from $330,000 to $375,000). The days on market decreased 13.8 percent (from 29 to 25 days) from the beginning of the year, when compared to last year.
Over May of last year, condominium closed sales in Greater Hartford increased 13.0 percent (from 115 to 130) and pending sales increased 17.2 percent (from 122 to 143). Condo inventory increased 4.3 percent (from 138 to 144) and the average days on market increased 11.1 percent (from 18 to 20). The median sales price increased 9.4 percent (from $265,000 to $289,950) and new listings increased 11.3 percent (from 141 to 157), during this same month last year.
“The jump in sales price means frustration for potential buyers,” said GHAR CEO, Holly Callanan. “Until inventory increases, there likely won’t be any relief. It’s important to consult a Realtor to help navigate these challenges,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: "Home sales changed little overall, but the upper-end market is experiencing a sizable gain due to more supply coming onto the market," said NAR Chief Economist Lawrence Yun."
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.