2024/2025 Housing Market Summary

It’s the start of a new year, so it’s time to provide a 2024/2025 Housing Market Summary. For 2025, it’s an outlook based upon available forecast data. This information is important information for both buyers and sellers. The focus is Connecticut and Hartford County. The 2024 data comes directly from SmartMLS, Connecticut’s Multiple Listing Service. The major consumer sites – Zillow, Realtor.com, Redfn, etc. all start with the data from SmartMLS.  These companies apply their own algorithms to the raw data before publishing it.

As stated above, this is the raw data. The chart on the left shows an increase of 12% in the median Connecticut home price in 2024 as compared to 2023. This chart also  shows the breakdown by county. In Hartford County, the median sale price is $370,000 for a single family home and $285,000 for a condo. The chart on the right captures how many days a home stays on the market. In Hartford County, it’s only 14 days (and if you are a buyer, it feels as if it were even less).  Average % over asking price in Hartford County is 3%. However, be careful with this metric – some sellers/agents price homes artificially low to incite a bidding war.

The outlook for 2025 for Connecticut – and specifically Hartford County – is for inventory to remain tight.  Expect inventory levels to increase slightly over 2024. Buyers will need to act quickly once again in 2025.  However, the good news for buyers is that overall price appreciation should slow this year to a 2-3% level. For sellers, they still have the opportunity to take advantage of a real estate market with strong buyer demand.

2024 Housing Data for Buyers and Sellers