(Hartford, Conn., February 12, 2025) – According to the Greater Hartford Association of REALTORS® (GHAR), inventory of single-family homes in Greater Hartford increased 8.8 percent (from 468 to 509), when compared to January of 2024. The median sales price rose 11.1 percent (from $334,950 to $372,000) and new listings increased 8.6 percent (from 292 to 317). Closed sales increased 3.1 percent (from 290 to 299) and pending sales also increased 9.0 percent (from 289 to 315). The average days on market until sale decreased 29.7 percent (from 37 to 26 days), over this same period.
Condominium closed sales in Greater Hartford increased 14.3 percent (from 91 to104) and the median sales price rose 13.7 percent (from $255,000 to $290,000) when compared to January of 2024. Inventory decreased 8.4 percent (from 154 to 141) and pending sales increased 7.4 percent (from 94 to 101). New listings decreased 12.9 percent (from 124 to 108) and days on market increased 15.8 percent (from 19 to 22) during this same month last year.
The increase in home sales and prices, along with faster sales, could be due to ongoing demand in the housing market, possibly driven by low mortgage rates, limited housing inventory in certain areas, or buyers wanting to secure homes before prices rise further.
“Increased sales and inventory could be the cause of a spike in demand over last January,” said GHAR CEO, Holly Callanan. “Sales are typically slower in winter so this uptick is a welcome sign for our housing market,” she said.
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: "Home sales in the final months of the year showed solid recovery despite elevated mortgage rates. Home sales during the winter are typically softer than the spring and summer, but momentum is rising with sales climbing year-over-year for three straight months.”
The Greater Hartford Association of REALTORS® (GHAR) is the largest local real estate trade association in Connecticut, serving over 5100 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.