The Connecticut real estate market has been experiencing a major shift in recent months. According to data from houzeo, the median sale price was up 9.9% in September 2022 year-over-year, but the number of homes sold dropped 16.9%.
This trend seemed to drop a bit as 2022 came to an end. According to Smart MLS facts the average home price was $339,000, a 7.8% increase from the previous year.
One of the factors contributing to this shift is the current state of mortgage rates, which are at record highs in 20 years, currently sitting at 6.42% for 30 year fixed.
This has led to homes staying on the market longer. 2022 ended with homes averaging 16 days on the market, which was a 30.4% decrease. 2022 also saw a drop in new listing with only 49,500 a decrease of 17.7%.
The number of closed sales in 2022 has also decreased, with 43,841 closed sales reported, a decrease of 18.6%. This suggests mortgage rates and prices maintaining steady increases are the result of these other decreases.
Despite these decreases the price per square foot has increased by 10.6%, currently sitting at $199 in 2022. This suggests that while the market may be slowing down in terms of sales, the value of the homes being sold is still going up.
Overall, the Connecticut real estate market is experiencing a shift, with the median sale price increasing while the number of homes sold decreases. The current state of mortgage rates and the number of days homes are staying on the market longer may be contributing factors to this shift.
However, the market is still active with listings, and the value of the homes being sold is still going up. Sellers are still getting above list price around 1.2% higher.
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