(Hartford, Conn., July 15, 2024) – According to the Greater Hartford Association of REALTORS® (GHAR), inventory of single-family homes in Greater Hartford decreased 9.4 percent (from 779 to 706), when compared to June of last year. The median sales price rose 13.1 percent (from $393,550 to $445,000). Closed sales decreased 2.6 percent (from 508 to 495) and pending sales increased 6.6 percent (from 484 to 516). New listings decreased 5.3 percent (from 623 to 590). The average days on market until sale decreased 40 percent (from 25 to 15 days), when compared to June of 2023.
In year-to-date statistics, over June of last year, pending sales increased 1.8 percent (from 2293 to 2334) and closed sales decreased 3.8 percent (from 2137 to 2056). New listings increased 4.8 percent (from 2702 to 2831) and the median sales price rose 13.7 percent (from $343,000 to $390,000). The days on market decreased 12.9 percent (from 31 to 27 days) from the beginning of the year, when compared to last year.
Over June of last year, condominium closed sales in Greater Hartford decreased 12.9 percent (from 147 to 128) and pending sales increased 5.7 percent (from 123 to 130). Condo inventory decreased 0.7 percent (from 149 to 148) and the average days on market remained unchanged at 18 days. The median sales price increased 18.8 percent (from $261,000 to $310,000) and new listings increased 6.6 percent (from 137 to 146), during this same month last year.
“Our housing market is a bit of a broken record with continued high prices and low inventory,” said GHAR CEO, Holly Callanan. “We likely won’t see a change until more units are on the market,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: "Eventually, more inventory will help boost home sales and tame home price gains in the upcoming months. Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions."
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.