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December 20, 2023

Report: Greater Hartford home sales, new listings both up over last year

Contributed A home for sale.

Greater Hartford single-family home sale prices continued to rise in November as the available inventory remained low, but new listings did increase 11.9% when compared to last year, according to new data released by the Greater Hartford Association of Realtors.

The number of new listings increased from 360 to 403, and the median sales price rose 13.1%, from $325,000 to $367,500, in the year-over-year comparison.

Meanwhile, pending sales of homes increased 6.6% between this November and last. Inventory dropped 25%, from 880 to 660. Closed sales decreased 9.1%, from 418 to 380.

The average number of days on the market decreased 19.2%, from 26 to 21 days, over the same period.

“The limited amount of homes for sale continues to be an issue for buyers,” said Greater Hartford Association of Realtors CEO Holly Callanan. 

High mortgage rates have made it difficult to buy or sell a home, leading to low housing inventory and rising prices.

"Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation,” said Lawrence Yun, chief economist at the National Association of Realtors. “Multiple offers, however, are still occurring, especially on starter and mid-priced homes, even as price concessions are happening in the upper end of the market.”

Year-to-date statistics also show higher sales prices for single-family homes in the region, with lower sales numbers. 

So far this year, compared to the same period in 2022, the median sales price of a home in Greater Hartford increased 8.6%, from $331,500 to $360,000. Pending sales dropped 20.9%, from 5,695 to 4,504, and closed sales fell 22.6%, from 5,669 to 4,385. 

New listings decreased 22.6%, from 6,643 to 5,143, and the average number of days on the market dropped 4.3%, from 23 days to 22, in the year-to-date comparison.

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