(Hartford, Conn., August 14, 2024) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single-family homes in Greater Hartford increased 13.8 percent (from 450 to 512), when compared to July of last year. Inventory decreased 6.8 percent (from 784 to 731) and pending sales increased 18 percent (from 450 to 531). The median sales price rose 13.3 percent (from $375,000 to $425,000) and new listings increased 12.9 percent (from 520 to 587). The average days on market until sale remained unchanged at 17 days, when compared to July of 2023.
In year-to-date statistics, over July of last year, closed sales decreased 0.4 percent (from 2587 to 2577) and pending sales increased 3.8 percent (from 2743 to 2846). New listings increased 6.3 percent (from 3222 to 3424) and the median sales price rose 14.3 percent (from $349,900 to $400,000). The days on market decreased 12.0 percent (from 25 to 22 days) from the beginning of the year, when compared to last year.
Condominium closed sales in Greater Hartford increased 21.2 percent (from 99 to 120) and pending sales increased 6.5 percent (from 124 to 132). Condo inventory decreased 18.8 percent (from 177 to 144) and the average days on market decreased 26.3 percent (from 19 to 14 days). The median sales price increased 6.0 percent (from $280,000 to $296,750) and new listings decreased 13.2 percent (from 159 to 138), during this same month last year.
“The jump in new listings is a good sign for the greater Hartford housing market,” said GHAR CEO, Holly Callanan. “If this trend continues consumers will have more options and hopefully it will lead to lower prices,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: " “We're seeing a slow shift from a seller's market to a buyer's market. Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”
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.