The Triniyah Podcast

Connecticut Real Estate Market Weekly Insights (2-3-25)

Episode Summary

In this week’s edition of Connecticut Real Estate Market Weekly Insights, we break down the latest market trends, including home price increases, sales activity, and the impact of current interest rates. Plus, we’ll dive into major local real estate news, such as proposed landlord registration laws, efforts to reconnect New Haven neighborhoods, and Connecticut’s urgent need for more housing.

Episode Notes

Welcome back to The Triniyah Podcast! Today is Monday, February 3, 2025, and we’re here with the latest Connecticut Real Estate Market Weekly Insights. If you’ve been busy this past week, don’t worry—we’ve got you covered with key updates from the real estate market, mortgage rate trends, and important local news that could impact homeowners, buyers, and investors.

Market Trends Overview

Let’s start with a breakdown of Connecticut’s real estate market between January 2024 and January 2025:

• Home Values: Single-family home prices have increased by an average of 7.9%, showing continued demand.
• Inventory: The number of homes for sale has increased by 1.1%—a positive sign for buyers as more options become available.
• Sales Activity: Pending home sales rose by 0.4%, while closed sales decreased by 1.2%, indicating a slight shift in market dynamics.
• Days on Market: The median time for homes to sell is now 10 days, down by 28.6%, highlighting a competitive market.
• Months of Supply: The market currently has 2.2 months of supply, which is still considered a seller’s market (we’ll explain what that means).
• Selling Prices: Homes are selling at an average of 101.5% of the asking price, slightly lower than before but still favoring sellers.
• Shows-to-Contract: The average number of showings before a property goes under contract is 18.4, an important benchmark for sellers tracking interest in their listings.

We’ll break down what all this means for buyers, sellers, and investors in today’s discussion.

Mortgage Rate Update

Interest rates ended last week at:

• 7.05% for 30-year fixed-rate mortgages
• 6.46% for 15-year fixed-rate mortgages
• 6.46% for 30-year FHA loans
• 6.48% for 30-year VA loans

These rates are down from the previous week, which could present opportunities for those considering a home purchase or refinancing.

Local Real Estate News

• New Landlord Registration & Rent Cap Proposal: Connecticut lawmakers are debating new regulations requiring landlords to register their rental properties and temporarily cap rent increases when apartment buildings change ownership. This aims to prevent sudden rent hikes that could displace tenants.
• New Haven’s $2M Grant to Reconnect Neighborhoods: A federal grant will fund projects aimed at reversing the impact of I-91’s construction, reconnecting communities, restoring pedestrian routes, and developing new housing.
• Connecticut’s Housing Shortage: A new report states that Connecticut needs over 110,000 additional housing units, with the greatest demand in Hartford, southwestern Connecticut, and the Naugatuck Valley. We’ll discuss where these units are needed most and what lawmakers are considering to address the crisis.

Final Thoughts

That’s it for this week’s Connecticut Real Estate Market Weekly Insights! If you’re thinking of buying or selling a home in the next 6 to 12 months or want to understand how current trends affect your plans, give us a call at (203) 200-0933 or visit Triniyah.com to reach out.

We’ll be back next Monday with more insights. Until then, thanks for tuning in, and make it a great day!