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July 19, 2023

Greater Hartford housing prices rose 11% in June, new data shows

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

The median sales price of single-family homes in Greater Hartford increased 11% last month compared to June 2022, according to housing data released by the Greater Hartford Association of Realtors.

That percentage represents an increase from $351,500 to $390,000.

Meanwhile, closed sales fell 31.4% (from 733 to 503) and pending sales decreased 21.9% (from 653 to 510).

Inventory remains low, decreasing 33.6% (from 1,135 to 754) during the same period. New listings decreased 28.3% (from 869 to 623), compared to June of last year. 

The average number of days on the market remained unchanged – 15 days.

In year-to-date statistics, over June of 2022:

  • Single-family home sales price increased 6% (from $322,500 to $342,000)
  • Pending sales dropped 26.1% (from 3,155 to 2,333) 
  • Closed sales fell 25.8% (from 2876 to 2,133)
  • New listings decreased 29.7% (from 3,902 to 2,743) 
  • Days on market increased 8.3% (from 24 to 26 days)

There were similar trends in the condominium market, with closed sales decreasing 18.6% (from 177 to 144) and pending sales decreasing 23.7% (from 169 to 129). Inventory dropped 37.6% (from 221 to 138).

Holly Callanan, CEO of the Greater Hartford Association of Realtors, chalked up the slow housing market to low inventory and fluctuating mortgage rates. 

Nationally, Lawrence Yun, chief economist for the National Association of Realtors, said the supply of existing homes for sale is currently about half the level of 2019. However, newly constructed homes are selling at a rate “reminiscent of pre-pandemic times,” he said.

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