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August 15, 2024

Greater Hartford sees jump in new listings for single-family homes

Contributed A home for sale.
By Andrew Larson

As the housing crunch continues, Greater Hartford could be seeing some relief.

New listings of single-family homes increased 12.9% this July, compared to July 2023, from 520 to 587, according to the Greater Hartford Association of Realtors.

Despite the uptick, the market remains tight, with the median sales price increasing 13.3%, from $375,000 to $425,000, during the same period.

Homes are continuing to sell quickly, with inventory decreasing 6.8%, from 784 to 731, year-over-year. The average number of days on the market until sale remained unchanged at 17.

Also, closed sales of single-family homes in Greater Hartford increased 13.8%, from 450 to 512, when compared to last July.

In year-to-date statistics, closed sales decreased 0.4%, from 2,587 to 2,577, in comparison to the same period last year. Also, new listings increased 6.3%, from 3,222 to 3,424, and the median sales price rose 14.3%, from $349,900 to $400,000, according to the group.

During the same timeframe, the number of days on the market until sale decreased from 25 to 22.

In the condominium market, inventory and new listings both decreased. Condo inventory decreased 18.8%, from 177 to 144, this July compared to July 2023, and new listings decreased 13.2%, from 159 to 138.

Closed sales of condos in July increased 21.2%, from 99 to 120, compared to last year. The average number of days on the market decreased from 19 to 14. The median sales price increased 6%, from $280,000 to $296,750.

Holly Callanan, CEO of the Greater Hartford Association of Realtors, said the jump in listings could give consumers more options and lower prices.

National Association of Realtors chief economist Lawrence Yun said a slow shift from a seller’s market to a buyer’s market is occurring. 

“More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis,” Yun said.

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