The Triniyah Podcast

Connecticut Real Estate Market Weekly Insights (2-24-25)

Episode Summary

This episode of The Triniyah Podcast provides an in-depth analysis of the Connecticut real estate market, covering trends in home prices, inventory levels, sales activity, and interest rates. Additionally, the episode explores local policy developments, landlord-tenant law proposals, and national housing market trends impacting buyers, sellers, and investors.

Episode Notes

In this week’s episode of Connecticut Real Estate Market Weekly Insights, we break down the latest real estate trends across the state and discuss their impact on buyers, sellers, and investors. From increasing home values to shifting market dynamics, we analyze the key takeaways from January 2024 to January 2025 and preview what’s ahead for February.

Key Topics Covered:

✅ Connecticut Housing Market Update

• Single-family home values rose 7.9% over the past year, benefiting homeowners but increasing costs for buyers.
• Inventory increased by 1.1%, providing slightly more options for buyers, but the market remains tight.
• Pending home sales were up 0.4%, while closed sales declined by 1.2%, suggesting affordability challenges.
• Homes are selling fast—the median days on the market is just 10 days, down 28.6%.
• Sellers still hold the advantage, with homes selling at 101.5% of the asking price, though bidding wars are slightly less intense.
• The current supply is only 2.2 months, keeping Connecticut in a seller’s market.

✅ Interest Rates Update

• 30-year fixed mortgage: 6.89%
• 15-year fixed mortgage: 6.37%
• 30-year FHA loan: 6.25%
• 30-year VA loan: 6.28%
• All rates decreased from the previous week, offering buyers some relief.

✅ Local Connecticut Real Estate News

• Waterbury joins Connecticut’s new Municipal Redevelopment Authority (MRDA) to spur urban renewal and housing development.
• Connecticut’s residential vacancy rate is only 0.56%, one of the lowest in the country, fueling price increases.
• Proposed changes to landlord-tenant laws—new bills could end no-fault evictions, limit security deposits, and change screening rules for tenants with criminal records.

✅ National Housing Market Trends

• The total value of U.S. homes increased $2.5 trillion in 2024, reaching $49.7 trillion—the slowest growth since 2019.
• Upstate New York leads in home value growth, while some Florida markets experience declines due to increased supply and insurance costs.
• Millennials now own over 20% of the U.S. housing market, with their collective home value rising 18.8% year-over-year.
• Homebuilding dropped 8.4% in January 2025, mostly due to winter weather disruptions and higher construction costs.
• Selling off the MLS could cost sellers thousands—on average, properties sold privately went for $4,975 less than MLS-listed homes.

✅ Builder Confidence & Market Forecasts

• Home builder confidence fell due to higher mortgage rates, trade tariffs, and affordability challenges.
• 26% of builders cut home prices in February, showing increased efforts to attract buyers.
• Despite more homes on the market, prices are still rising due to continued buyer competition.

Final Thoughts:

This week’s episode underscores that Connecticut remains a seller’s market, with home values continuing to rise despite a slight increase in inventory. Buyers must act quickly, while sellers can capitalize on strong demand. With proposed housing policy changes and shifting economic factors on the horizon, it’s essential to stay informed.

💡 Thinking of buying or selling in Connecticut? Call us at (203) 200-0933 or visit Triniyah.com for expert guidance on navigating today’s market.

📅 Tune in next Monday for another Connecticut Real Estate Market Weekly Insights update.

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