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February 3, 2023

As U.S. housing market switches in favor of buyers, Hartford among top cities to sell

Contributed | pixabay.com/photos/house-home-sold-brick-for-sale-435618/ A house for sale.
By Andrew Larson

As housing prices drop nationwide, the market in Hartford remains relatively strong for sellers, according to data from the Knock Buyer-Seller Market Index.

The Hartford-East Hartford-Middletown region is projected to be the No. 5 best sellers' market in the country this year, according to the report. With a December 2022 median home price of $295,000, the region is expected to see home sales fall 1.4% and home sale prices increase 9.4% in 2023. The forecasted sale-to-list price ratio is 101.6%, according to the report.

Hartford and New Haven were among six of the 100 largest U.S. housing markets in which homes sold at, or above, the asking price in December 2022, according to the report. The others were Buffalo, N.Y.; Rochester, N.Y.; Springfield, Mass.; and Syracuse, N.Y.

Homes sold below the asking price in the other 94 markets included in the study, showing that rising interest rates have cooled the market. 

"We expect 2023 to bring more balance to the housing market, which is certainly good news for buyers following three years of intense competition,” said Sean Black, co-founder and CEO of the Knock Buyer-Seller Market Index.

With higher interest rates, homeowners have less incentive to sell. The inventory of houses for sale is down nearly 42% from the start of the pandemic, and half of the top 100 housing markets are expected to see inventory declines in 2023, according to the report. 

Buyers are entering “a calmer market,” the report says. While lower prices will make homes more affordable to buyers, there’s also less incentive for homeowners to sell, resulting in fewer choices for buyers.

“… Finding a home you both like and can afford will remain a challenge," Black said. "Those buyers with flexibility on where and when to move have an opportunity to find more homes for sale in some of the nation's largest and most desirable housing markets beginning in the fall."

The index uses key housing market metrics to measure the degree to which the market favors buyers or sellers over the last 12 months.

A year ago, none of the markets tracked favored buyers.

As of December 2022, 13 markets favored buyers, 43 were neutral (not favoring buyers or sellers), and 44 favored sellers.

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