CONNECTICUT
Home Sales Up, Average Price Up
Home sales are up 7.7% year over year, with December 2024 at 2,971 compared to 2,759 last December. Sales are up across all categories
- Single families: 2,137 (2023) | 2,327 (2024)
- Condominiums: 622 (2023) | 644 (2024)
The average sale price has increased by 12.3% compared to last year, now at $561,209 from $499,733. Prices increased for all categories.
- Single families: $552,142 (2023) | $616,575 (2024)
- Condominiums: $319,672 (2023) | $361,324 (2024)
Homes Listed For Sale:
The number of homes listed is down by 1.4% when compared to December 2023.
- 2024: 1,633
- 2023: 1,657
- 2022: 1,682
Pending Home Sales:
The number of homes placed under contract is up by 9.0% when compared to December 2023.
- 2024: 2,386
- 2023: 2,189
- 2022: 2,291
Data provided by SmartMLS then compared to the prior year.
What’s Happening in the Market?
- In December 2024, national home sales climbed 9.3% compared to a year ago, marking the biggest year-over-year gain since June 2021. Following this trend, Connecticut also saw an increase in home sales.
- The Connecticut housing market in December showed impressive growth compared to 2023, with increases in home sales, average sale prices, and pending transactions. However, new listings were down, resulting in lower inventory and increased competition among buyers. For homeowners thinking of selling, this winter presents a great opportunity to maximize your return, as eager buyers are competing for a limited number of properties.
- According to Mortgage Daily News, mortgage rates in December started in the high 6s and hit their lowest point of the month at 6.68%. By month’s end, rates were back around 7% and showing signs of further increases heading into January.
- As 2025 begins, the housing market still faces low inventory. After record-low inventory in 2023 and hesitant sellers in 2024, inventory is slightly higher this year, but competition remains fierce. Buyers will need to make strong offers when the right home appears. A trusted REALTOR® by your side can help you stand out in this competitive market.
- We anticipate a transitional period as presidential power shifts, and like most new administrations, the initial months may bring some turbulence. This could create volatility in the stock market, potentially driving interest rates lower.