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State of the state: trends in Connecticut’s real estate market

On Behalf of | Dec 13, 2017 | Real Estate Transactions |

Small and persistent steps forward.

That succinctly defined onward trudge might summarize the Connecticut residential real estate market just about as well as any other description, based on recently revealed housing statistics.

The bottom line: Counties across the state are uniformly showing some upside in houses being bought and sold, with a modest increase in sales prices being additionally seen. Notwithstanding that happy development, though, housing-related woes from the recent past continue to put a damper on solidly sustained growth.

“The state continues to struggle to recover from the housing downturn in the last recession” states a recent Hartford Courant article spotlighting Connecticut home sales prices and related information.

Anyone who was in the market for buying or selling a home a few short years ago remembers well the chaotic state of the marketplace at that time. A recent report from real estate tracking company Warren Group underscores how turbulent the period was and how the residential market continues to take baby steps to recover in its wake.

Even small strides, though, are positive. The Warren Group notes that home sales across the state were up by about 4 percent this October as compared with October 2016. Moreover, the average sales price rose by approximately 3 percent over that measuring period.

Performance across counties varied. Reportedly, sales growth was the highest in Hartford County, although that rise was in tandem with a 5 percent drop in the median sales price. And median sales prices jumped somewhat dramatically in New London and Windham counties over the past year (12 percent and 10 percent, respectively).

Questions or concerns regarding any aspect of a residential real estate purchase or sale can be directed to an experienced Connecticut real estate attorney.