(Hartford, Conn., January 13, 2025) – According to the Greater Hartford Association of REALTORS® (GHAR), inventory of single-family homes in Greater Hartford increased 4.2 percent (from 519 to 541) over December of last year. Closed sales dropped 2.6 percent (from 425 to 414) and pending sales increased 5.1 percent (from 312 to 328). The median sales price rose 6.9 percent (from $360,000 to $385,000). New listings increased 23.4 percent (from 205 to 253) and the average days on market until sale decreased 10.7 percent (from 28 to 25 days) during this same December year-over-year timeframe.
Year-to-date numbers, when compared to December of last year, show that closed sales increased 0.2 percent (from 4812 to 4823) and pending sales increased 0.9 percent (from 4785 to 4826). New listings increased 5.5 percent (from 5344 to 5637) and the median sales price rose 9.7 percent (from $360,000 to $395,000). 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 closed sales in Greater Hartford remained unchanged at 122 and the median sales price rose 14.0 percent (from $249,950 to $285,000) this December when compared to December of 2023. Inventory increased 11.2 percent (from 134 to 149) and pending sales remained unchanged at 101. New listings decreased 17.0 percent (from 94 to 78) and days on market increased 5.9 percent (from 17 to 18 days) during this same month last year.
“Increased inventory is a welcome sign for our housing market,” said GHAR CEO, Holly Callanan. “In order for prices to stabilize, we’ll need to see inventory continue to rise,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: "Home sales momentum is building. More buyers have entered the market as the economy continues to add jobs, housing inventory grows compared to a year ago, and consumers get used to a new normal of mortgage rates between 6% and 7%."
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.