(Hartford, Conn., March 12, 2025) – According to the Greater Hartford Association of REALTORS® (GHAR), closed sales of single-family homes in Greater Hartford increased 2.9 percent (from 241 to 248) when compared to February of last year. Pending sales also increased 16.2 percent (from 272 to 316) and the median sales price rose 5.6 percent (from $360,000 to $380,000). Housing inventory decreased 7.9 percent (from 505 to 465) and new listings dropped 12.6 percent (from 349 to 305). The average days on market until sale decreased 18.2 percent (from 33 to 27 days), over February of 2024.
Year-to-date statistics, over February of last year, show a 3.2 percent increase in closed sales (from 531 to 548). Pending sales increased 10.9 percent (from 561 to 622) and new listings decreased 2.3 percent (from 641 to 626). The median sales price rose 7.4 percent (from $350,000 to $376,000) and the days on market decreased 22.9 percent from the beginning of the year, when compared to last year.
Condominium closed sales in Greater Hartford decreased 16.1 percent (from 93 to 78) and the median sales price rose 15.8 percent (from $252,500 to $292,500), when compared to February of last year. Inventory decreased 9.7 percent (from 176 to 159) and pending sales remained unchanged at 99. New listings decreased 9.0 percent (from 134 to 122) and days on market increased 11.1 percent (from 18 to 20), during February of 2024.
“The increase in sales and price show that buyers are in the market,” said GHAR CEO, Holly Callanan. “Negotiating in this market can be tricky, so consulting an experienced Realtor early in the process is key.”
In the national outlook, Lawrence Yun, National Association of REALTORS® chief economist stated: "Mortgage rates have refused to budge for several months despite multiple rounds of short-term interest rate cuts by the Federal Reserve. When combined with elevated home prices, housing affordability remains a major challenge."
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.