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December 1, 2021

Realtors: Greater Hartford home sale prices up 7.1% in Oct.

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The median sales price of single-family homes in the Greater Hartford region shot up 7.1% in October, according to the Greater Hartford Association of Realtors, rising from $280,000 to $300,000.

In a statement, officials with the GHAR said the area’s housing inventory has dropped by 30.8% — from 1,746 properties on sale to 1,208 — over the same interval, and closed sales have decreased 16%, likely a response to shrinking availability now that so many residents who were prepared to sell their homes already have. Pending sales also declined 8.9%.

In year-to-date statistics, new listings decreased 4.4% from a year ago to 7,445.

“Right now is a great time for those looking to sell,” said GHAR CEO Holly Callanan. “Low inventory is likely keeping buyers on the fence and causing a slowdown in sales.”

As has been the case for much of the U.S., a pandemic-inspired surge in homebuying has been boosting residential real estate values in Connecticut for months. With supply now tighter than in the early days of the COVID-19 crisis, competition has only increased while choices have lessened, prompting some would-be buyers to step back from their search. 

Still, others have persisted in their efforts to secure a home before mortgage rates rise even further.

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