In this episode of Connecticut Real Estate Market Weekly Insights, we break down the latest trends shaping the Connecticut housing market. From rising home prices to shifting mortgage rates, we analyze the key statistics, policy changes, and local development projects impacting buyers and sellers across the state.
The Connecticut real estate market remains competitive, with home values increasing by an average of 7.9% year over year. Inventory has slightly improved, with a 1.1% increase in available homes, but the market remains a seller’s advantage with just 2.2 months of supply. We explore the latest trends, including a dip in closed sales, the average days on the market dropping to just 10 days, and homes still selling at an average of 101.5% of their listing price.
We also take a deep dive into pressing policy discussions, including the controversial House Bill 5429, which would require a public vote before towns can sell or transfer public land. Supporters see it as a way to protect green spaces, while opponents argue it could slow development. Additionally, we discuss the ongoing crisis of crumbling foundations caused by a faulty concrete mix, the state’s efforts to fund repairs, and what it means for homeowners.
For first-time homebuyers, we analyze House Bill 6876, which proposes tax-deductible homeownership savings accounts to help ease the burden of down payments. We also highlight major development projects in Middletown and Newington, including mixed-use communities and revitalization efforts.
On a national scale, we assess how Connecticut's market trends align with broader economic factors, including mortgage rates, inflation, and the lock-in effect keeping homeowners from selling. With mortgage rates averaging 6.96% for 30-year loans, we explore how rising borrowing costs are impacting affordability, inventory, and buyer demand.
Whether you're looking to buy, sell, or stay informed on market trends, this episode provides the insights you need to navigate Connecticut's evolving real estate landscape.