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February 15, 2023

Here’s how much Greater Hartford home prices increased in January

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

Single-family home sales in Greater Hartford continued to drop in January, with the number of closings falling 22.4% from January 2022, according to data from the Greater Hartford Association of Realtors.

This follows a trend of slowing home sales across the country as higher interest rates squeeze potential homebuyers out of the market.

The 22% decrease reflects a total of 421 single-family home closings in January 2022, compared to 328 this year in the Greater Hartford market.

During the same year-over-year period, the median sales price increased 10.8%, from $287,000 to $318,000. New listings decreased 16.7%, from 378 to 314. Inventory decreased 24.8%, from 725 to 545, and the average number of days on the market until sale decreased 8.8%, from 34 to 31.

Sales of condominiums in Greater Hartford are also slowing. The number of closed condo sales decreased 20.7%, from 116 to 92, and pending sales decreased 7.8%, from 116 to 107, over January 2022. 

Nationally, mortgage rates have decreased since peaking in late 2022, said Lawrence Yun, chief economist at the National Association of Realtors.

“Markets in roughly half of the country are likely to offer potential buyers discounted prices compared to last year,” Yun said.

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