This episode of The Triniyah Podcast breaks down the latest trends in Connecticut’s single-family home market, including price growth, buyer demand, inventory shifts, and statewide migration patterns. It also highlights rising rents, new affordable housing investments, and national housing trends that could influence local conditions.
In this week’s episode of Connecticut Real Estate Market Weekly Insights, we focus on the performance of single-family homes across the state. The median sale price rose to $493,000 in July, a 6.9% year-over-year increase, while the average price reached $724,799, up 8%. Homes sold faster with a median of 15 days on market. Sales volume was up 1.5%, but total dollar volume jumped nearly 10%, signaling more high-end sales.
Buyer demand stayed strong, with most offers coming in 3.5% over asking, though slightly down from last year. Homes priced between $200K and $599K made up over 60% of transactions and continue to be the most competitive. Properties over $2 million saw reduced demand and longer times on market.
Inventory remains tight, with just 1.45 months of supply—well below the 5–6 months typical of a balanced market. Most active listings are in the mid-price range and are selling quickly. Homes over $2 million have more than 3 months of supply, indicating a slower market at the top.
There’s been a noticeable uptick in price drops, with 31% of listings reducing their prices by an average of 9%. These homes lingered longer before the drop but typically went under contract within about two weeks after adjusting their price.
The most active home types were three- and four-bedroom properties, while the most common square footage range was between 1,000 and 2,000 square feet. Large homes over 4,000 square feet remain a small share of the market.
Migration data from July shows that 80% of buyers were already Connecticut residents. However, 44% of out-of-state buyers came from New York, while most outbound movers relocated to Florida. This points to a high level of local activity, supplemented by migration from neighboring states.
On the rental side, Connecticut rents have continued to climb. Seventy percent of towns saw rent increases between March and June. Hamden saw the sharpest jump at 22%. Despite a 3.3% increase in rental inventory in Fairfield County, vacancy rates remain low. High-end towns like Greenwich, Darien, and New Canaan report average rents above $6,000. Meanwhile, more affordable areas like Torrington and Waterbury remain in the $1,300–$1,500 range.
To address the affordability crisis, the state is investing over $75 million in developing or preserving 658 housing units in towns like Ansonia, West Hartford, New Britain, and New Haven. Notably, over half of these units will be reserved for affordable housing.
Nationally, housing inventory growth has begun to stall, with fewer homes entering the market during peak season. Nearly 42% of homes had price cuts last week, while purchase applications are showing steady year-over-year growth. Pending home sales declined in June, except in the Northeast, which saw a modest monthly gain.
The episode wraps with a reminder that while state-level trends are informative, real estate is hyper-local. Listeners are encouraged to reach out for personalized insights or to discuss how market conditions may affect their next move.