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November 21, 2023

Greater Hartford median home sales price up 15% in Oct.; inventory drops 28%

Contributed | A house for sale.

The median sales price of single-family homes in Greater Hartford continued to rise in October, as high interest rates continue to keep people from buying and selling.

The median sales price increased 15%, from $326,000 to $375,000, in the year-over-year period, according to the Greater Hartford Association of Realtors. Meanwhile, inventory decreased 28.1%, from 981 to 705 houses for sale.

During the same time, closed sales dropped 9%, from 477 to 434. New listings decreased 11.8%, from 536 to 473, and the average days on market decreased from 28 to 20 days.

Year-to-date numbers were similar. The median sales price of single-family homes increased 8.3%, from $332,500 to $360,000. Pending sales dropped 22.5%, from 5,319 to 4,122. New listings decreased 24.6%, from 6,283 to 4,740.

Closed sales of condominiums decreased 10.3%, from 126 to 113, and pending sales decreased 8.3%, from 120 to 110, during the same year-over-year comparison. 

Also, condominium inventory fell 17.6%, from 182 to 150, and the median sale price increased 2.7%, from $233,750 to $240,000. 

Lawrence Yun, chief economist of the National Association of Realtors, urged the Federal Reserve to stop raising interest rates, saying the economy appears to be slowing.

"As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales,” Yun said.

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