(Hartford, Conn., November 12, 2024) – According to the Greater Hartford Association of REALTORS® (GHAR), inventory of single-family homes in Greater Hartford increased 7.7 percent (from 729 to 785) when compared to October of last year. The median sales price rose 2.7 percent ($375,000 to $385,000) and new listings increased 13.4 percent (from 476 to 540). Closed sales dropped 6.0 percent (from 435 to 409) and pending sales increased 6.4 percent (from 438 to 466) from October of 2023 to October of 2024. The average days on market until sale decreased 9.1 percent (from 22 to 20 days), over the same timeframe.
In year-to-date statistics, when compared to October of last year, closed sales decreased 0.4 percent (from 4004 to 3988) and pending sales increased 1.3 percent (from 4087 to 4141). New listings increased 5.9 percent (from 4738 to 5019) and the median sales price rose 11.1 percent (from $360,000 to $400,000). The days on market decreased 16.7 percent (from 24 to 20 days) from the beginning of the year, when compared to year-to-date last year.
Condominium inventory in Greater Hartford increased 42.6 percent (from 155 to 221) and the median sales price increased 9.2 percent (from $245,000 to $267,500) from October 2023 to October 2024. Pending sales increased 26.4 percent (from 110 to 139) and closed sales increased 7.0 percent (from 115 to 123). New listings increased 35.2 percent (from 128 to 173) and the average days on market decreased 11.1 percent (from 18 to 16 days), during this same month last year.
“An increase in inventory is a welcome sign, giving buyers more options,” said GHAR CEO, Holly Callanan. “It’s still a competitive market even as sales slowdown, which is typical for this time of year,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: "The rise in inventory – and, more technically, the accompanying months’ supply – implies home buyers are in a much-improved position to find the right home and at more favorable prices. However, in areas where supply remains limited, like many markets in the Northeast, sellers still appear to hold the upper hand."
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.