Connecticut housing market 2023: trends and home prices

Рынок жилья в Коннектикуте 2023: тенденции и цены на дома

Editorial Message: We receive a commission from affiliate links on Forbes Advisor. Commissions do not affect our editors' opinions and evaluations. With tight inventory levels and still-high prices, the Connecticut housing market has a lot in common with the national market. Let's take a closer look at the current trends in the Connecticut real estate market and see where the market could go for the remainder of 2023.

For now, inventory levels in Connecticut remain low and home prices remain quite high. "Across the state as a whole, the number of new and sold offers is down about 26 percent year-over-year," says Candice Adams, president and CEO of Berkshire Hathaway HomeServices, New England Properties. "The ratio''between list price and sale price remains strong at an unrivaled 104%'. In addition, current mortgage rates and inflation continue to create housing affordability issues, forcing even more buyers to stay on the sidelines.

Popular Connecticut cities

Although Connecticut isn't among the top states for people to move to, it's still a highly sought-after housing market. In fact, two Connecticut metros ranked in the top 20 residential markets in the U.S. in March 2023, according to Realtor.com. The Hartford-West Hartford-East Hartford region ranked third among the hottest housing markets, and the New Haven-Milford area ranked fifth. The state is also a popular destination for New Yorkers.

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In the Bridgeport-Stamford-Norwalk' metro area. 'An estimated 50,000 New Yorkers moved to the region after remote work became more affordable during the coronavirus pandemic in 2020. Larger cities along Connecticut's southwest coast, such as Stamford and Greenwich, tend to have a greater impact on the state's housing market. Stamford is currently the fastest growing city in Connecticut, with population growth of 10.5 percent from 2010 to 2020 according to the U.S. Census Bureau. Here are Connecticut's five largest cities based on 2021 estimates from the Connecticut Department of Public Health: Bridgeport, 148,333 residents; Stamford, 136,309 residents; New Haven, 135,081 residents; Hartford, 120,576 residents; and Waterbury, 113,811 residents.

Trends and statistics of the housing market in''Connecticut

The housing market in Connecticut appears to be on a slow road to recovery, but home prices in some parts of the state remain more affordable than the national average. The number of new home offerings in Connecticut for the first six months of 2023 is down more than 26 percent from the first six months of 2022. There were 21,776 new offers posted this year, down from 29,564 in the same months a year earlier, resulting in 7,788 fewer homes on the market. This means that sellers are listing their homes less frequently, offering buyers fewer options to choose from. Along with this, with mortgage rates high, it's not surprising that property owners in the state are staying put.