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Welcome! This blog will discuss real estate topics with a focus on the Connecticut/Greater Hartford area. You have probably heard the phrase “real estate is local”. With this in mind, today’s post will provide insight into home prices using real, unaltered data from Connecticut’s SMARTMLS. We’ll go over 2023 median home price data, including a breakdown by single family home vs. condo. The post will also include charts that summarize home and condo appreciation over the past five years.
Home Prices
Certainly, you wouldn’t expect home prices in Connecticut to be similar to those in California. This is equally true within a state. For data, I will reference SMARTMLS statistics. SMARTMLS (http://smartmls.com ) is the central database system in our state that feeds sites such as http://realtor.com , http://zillow.com, http://trulia.com , etc. Specifically, SMARTMLS reports that the 2023 median sale price of a home in Fairfield County is $576,000 vs, 320,000 in Hartford County. That’s quite a difference!
This relatively low median sale price is one reason why Hartford County has remained a hot real estate market. Although real estate prices have widely escalated in the past few years, including Hartford County, it remains more affordable than other parts of CT – and the nation. In fact, Redfn (https://www.redfin.com/us-housing-market ) reports that the U.S. median sale price in 2023 is $402,646 – that’s 25% more than Hartford County!
See below for a detailed breakdown by county in Connecticut. Note the % “Over ask” column – if you are a buyer, you have probably experienced the multiple offer scenario. However, be careful applying this “% over ask” data to a specific home price. The list price of a specific home may have been deliberately priced below, at, or above market value; first determine its true market value. Also note the decrease in # of Sales in 2023 in Hartford County – down 19.8%. This lack of inventory has contributed to the rise in home prices in Connecticut and in many areas across the United States.
Of course, if we break down the data into more detail, it provides additional insight. In the next section, we’ll explore the home price data broken out by single family homes and condominiums.
Condo Median Prices Rose Faster than Single Family Homes
Below is a chart that further breaks down the housing sales data into single family homes and condos.
Condo prices in 2023 rose faster than single family homes in 2023 – 2X faster in 6 of the 8 CT counties. In Hartford County, the median price of a single family home rose 9.5% vs. a condo increase of 15.1%. Another interesting difference is the”% Over Ask” between single family homes and condos. Also note that the price/square foot is higher for single family homes.
How does the 2023 home price data compare to previous years? The next section will summarize home price data over the past five years.
Home Price Appreciation
The charts below show single family and condo appreciation data over the past five years. It is expected that home prices will continue to increase modestly in 2024. This is due to demographics (Millennials starting households), a strong jobs market, and continued tight supply.
Future Topics
Of course, home price is just one important factor to consider when buying a home. I will share my experience and knowledge on other topics as well. Future topics include home inspections, how to best prepare your home for selling in your market/neighborhood, the mortgage process, and more information on home prices. The mortgage process discussion will include CT programs that offer assistance. Of course, I will also cover any other topics my readers may request!
About Me
Want to know more about me? Visit my homepage, which also contains my contact info.
https://brendanuhfer.sites.cbmoxi.com/ .
