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June 12, 2024

Median sales price of single-family homes in Greater Hartford increases 15%

Contributed A home for sale.
By Andrew Larson

A new report from the Greater Hartford Association of Realtors found that housing prices are still rising, as interest rates remain high.
 
The median sales price of single-family homes in Greater Hartford rose 15.3% in May, up to $415,000 from $360,000 last year.

Meanwhile, closed sales this May decreased 6% to 389, down from 414 in May 2023. 

During the same timeframe, pending sales increased 3.9%, from 466 to 484, and new listings increased 5.4%, from 579 to 610.

Further, inventory decreased 2.3%, from 789 in May 2023 to 694 in May 2024. 

The average number of days on the market until sale decreased from 22 to 18 days, compared to May 2023.  

In year-to-date statistics, over May of last year, the Greater Hartford market saw a 1.7% increase in pending sales (1,809 to 1,839) and a 7.9% increase in new listings (2,079 to 2,243), but a 4.3% decrease in closed sales (1,629 to 1,559).

Also, using year-to-data statistics, the median sales price rose 13.6%, from $330,000 in May 2023 to $375,000 in May 2024. The number of days on the market decreased from 29 to 25 days, when compared to the same period last year.

Also, over May of last year, closed sales of condominiums in Greater Hartford increased 13%, from 115 to 130, and pending sales increased 17.2%, from 122 to 143, according to the report.

Condo inventory increased 4.3%, from 138 to 144, and the average number of days on the market increased 11.1%, from 18 to 20. The median sales price increased 9.4%, from $265,000 to $289,950, and new listings increased 11.3%, from 141 to 157, during the same timeframe last year.

Greater Hartford Association of Realtors CEO Holly Callanan said the ongoing jump in prices is causing frustration for buyers.

“Until inventory increases, there likely won’t be any relief,” Callanan said.

Nationally, an economist with the National Association of Realtors, Lawrence Yun, said there has been little change to the overall market.

“But the upper-end market is experiencing a sizable gain due to more supply coming onto the market,” he said.

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