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April 1, 2022

Greater Hartford home listing prices up 18.2% in March

Photo | paulbr75 via Pixabay
By Zachary Vasile

The median listing price of a home in the Greater Hartford area has shot up 18.2% year-to-year to $355,000 as of March, according to the latest data from Realtors.com, released Thursday.

The region lags the nation as a whole — where home prices are hovering around $405,000 — but the increase is nonetheless jarring, especially for young people looking to move out of apartments or their family homes. On the other hand, longtime homeowners have seen the equity in their homes explode over the last two years, as the COVID-19 pandemic sent millions of city workers, mostly renters, into the suburbs looking for space, safety and a measure of quiet.

Combined with a historic lack of inventory, pandemic-influenced homebuying trends have sent prices soaring, but industry insiders say they expect a cooling off period to set in now that so many Americans have been priced out of the market. New construction is also at a 16-year high, Realtors.com noted, which could produce positive year-over-year industry growth by June or July.

“Despite the $405,000 price tag, March data reveals we are starting to take some steps towards a more balanced market,” said Realtor.com Chief Economist Danielle Hale. “Buyer demand is moderating in the face of high costs, and we’re beginning to see more homeowners take price cuts on their listings and overall inventory declines lessen in response. Assuming all these factors and new construction hold steady, we could begin to see inventory increases this summer, welcome news for buyers who have endured pandemic home shopping and can continue their journey despite higher buying costs.”

Major “secondary” metros led the country in year-over-year listing increases.

The Miami-Fort Lauderdale area saw the largest jump, at 37%, followed by Las Vegas (35%), Austin (30%), Orlando (27%) and Nashville (25%).

High-priced cities such as San Francisco, Boston, New York and Los Angeles remained the most expensive for home buyers but saw smaller increases in year-over-year listing prices.

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