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November 13, 2024

Inventory of homes for sale in Greater Hartford rises nearly 8% in October

Contributed A home for sale.
By Andrew Larson

The inventory of single-family homes for sale in Greater Hartford increased 7.7% in October, indicating that the housing market is slowing, according to the Greater Hartford Association of Realtors (GHAR).

“An increase in inventory is a welcome sign, giving buyers more options,” said GHAR CEO Holly Callanan. “It’s still a competitive market even as sales slow down, which is typical for this time of year.”

The region had 785 single-family homes on the market last month, up from 729 in the same month last year, according to data from the organization.

Also, from October 2023 to October 2024, new listings increased 13.4% (from 476 to 540).

Housing prices continued to rise during the same timeframe, with the median sales price increasing 2.7% – from $375,000 to $385,000. Meantime, closed sales dropped 6%.

The average number of days on the market decreased from 22 to 20 days in the same month-to-month comparison.

Year-to-date statistics show similar trends, with new listings increasing 5.9% (from 4,738 to 5,019) and the median sales price rising 11.1% (from $360,000 to $400,000).  

During the same period, condominium inventory in Greater Hartford increased 42.6% (from 155 to 221) and the median sales price increased 9.2% (from $245,000 to $267,500).
 
More inventory is good news for homebuyers because it gives them more options, according to National Association of Realtors chief economist Lawrence Yun.

“However, the inventory of distressed properties is minimal because the mortgage delinquency rate remains very low,” Yun added.

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