Connecticut Housing Market Grows Despite Interest Rates
The Connecticut single-family housing market largely continues to see sales price increases despite large increases in interest rates over the last year. Below we cover the Year over Year changes from January 1 – June 11, 2022 versus the same time period this year.
Fairfield County
While almost everyone expects Fairfield County to perform the best of any part of Connecticut, it actually comes in second in the pack,behind Hartford County.
The average sales price for this time period last year was $942,072 and that increased 5.9% to $997,998. That means the sales price of an average home in Fairfield County is now just shy of $1M.
The median sales price last year was a good deal lower at$625,000 and that increased almost 1% to $630,000 during the same time period this year. Interestingly, despite prices increasing, the average amount of days on market (the amount of time it takes to sell a home) increased 8% from 50days to 54.
Litchfield County
Litchfield County’s performance largely bucked the positive trend of the rest of the state. Whereas every other market place saw their average sales price increase, that number actually fell from $480,845 to $451,417, or just over 6%.
Likewise the median sales price for the first half of 2022 was $342,250 and that fell 1% to $338,750. It’s actually not terrible news considering how much interest rates increased over that time, and more mirrors what the Federal Reserve intended to happen.
We are not terribly worried about Litchfield’s future as the days on market decreased an incredible 24% from 72 days in 2022 to 55 days this year.
We won’t be surprised if the numbers for Litchfield turn in a positive direction relatively soon.
Hartford County
Hartford County is performing exceptionally well and it appears the post-pandemic economy has been the kindest to the most northern and central part of the state!
The average sales price in 2022 was $342,522 and that increased 6.42% to $364,521. Likewise the median sales price also increased 6.66% in that same time period from $300,000 to $320,000.
Days on market essentially remained the same from 27 days to28 days. Considering the time it takes to sell a home even in the healthiest market, we don’t see this number moving much in the future unless interest rates slow the market down in an extreme way. Anything under 45 days is extremely positive for sellers and makes little difference versus 28 days.
CT Shoreline
The CT Shoreline (defined as New Haven, Middlesex and NewLondon counties) continues to perform very well.
The average sales price in 2022 was $392,800 and that increased 2.25% to $401,635 this year. The median sales price was even more positive, increasing from $325,000 to $335,000, or 3.1%.
The average days on market remained essentially un changed from 38 days to 39.
Similarly to Hartford County anything under 45 days is extremely positive and movement below that number isn’t wildly meaningful.
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