The Triniyah Podcast

Connecticut Real Estate Market Weekly Insights (3-10-25)

Episode Summary

In this episode of Connecticut Real Estate Market Weekly Insights, we analyze the latest trends in the Connecticut housing market, covering inventory levels, price trends, and market activity in key areas like New Haven, Hartford, and surrounding towns. We also discuss interest rate updates, local real estate news, and broader national housing trends impacting buyers and sellers.

Episode Notes

Welcome to another episode of Connecticut Real Estate Market Weekly Insights! In this episode, we break down the latest real estate trends across Connecticut, giving you the key insights you need whether you're buying, selling, or just keeping an eye on the market.

🏡 Connecticut Housing Market Trends

• Low Inventory Continues: Connecticut’s housing inventory remains tight, with just 1.34 months of supply on the market. Some areas are even more competitive:
  • East Hartford: 0.52 months of supply (15 active homes, 29 sold in February)
  • Southington: 0.54 months of supply (13 active homes, 24 sold)
  • Newington: 0.56 months of supply (5 active homes, 9 sold)
• Fast Sales & Over-Asking Prices: High demand continues to push sales prices up.
  • Bristol (ZIP 06010) had 32 sales, up 39.1% from last year, with homes selling 2.5% over asking price.
  • East Hartford (ZIP 06118) saw homes selling 6% over asking in just 16 days.
• New Haven Market Breakdown:
  • Overall, New Haven has 1.9 months of supply.
  • Homes priced between $200K - $399K have 2.08 months of supply.
  • Homes between $400K - $599K have just 1.4 months of supply, making it a strong seller's market.

📉 The Impact of Price Drops

• In the last 90 days, homes that had a price reduction went under contract in a median of 19 days.
• In February, homes that dropped prices went pending even faster – in just 9 days.
• 5 new pending sales per week came from listings that had a price drop.

📊 Interest Rate Update

• 30-Year Fixed: 6.79%
• 15-Year Fixed: 6.2%
• 30-Year FHA: 6.17%
• 30-Year VA: 6.2%

🏘️ Local Real Estate News

• Affordable Housing Expansion: Connecticut added 1,800 new affordable housing units in 2023, with Hartford and New Haven leading in numbers. The Connecticut Housing Committee is reviewing 200 bills aimed at improving affordability.
• New Housing Development: A 63-home affordable housing project, Forest Hills, is planned near Waterbury, targeting buyers earning 80-120% of the area's median income.
• East Hartford Tackles Blight: The town is cracking down on property neglect by increasing fines from $100 to $1,000 per day to ensure better living conditions.

🏠 National Housing Market Trends

• Home Prices Surge Post-Pandemic: Home values have risen 45% since 2020, with many properties now worth over $1 million.
• Shifts in Buyer Preferences:
  • Luxury outdoor amenities (pizza ovens, outdoor kitchens) are in demand.
  • Pandemic-driven trends like “Zoom rooms” and “cloffices” are declining.
• More Homes for Sale Nationwide: February saw a 27.5% increase in active listings compared to last year, marking 16 straight months of inventory growth.
• Mortgage Rates & Policy Disagreements: The Biden administration is pushing for lower mortgage rates, but the Federal Reserve is holding steady due to inflation concerns.

🎙️ If you’re thinking of buying or selling a home, give us a call at (203) 200-0933 or visit Triniyah.com to get personalized market insights!

🗓️ Tune in next Monday for another update on Connecticut’s real estate market!