Connecticut’s Real Estate Market Still a Buyer’s Destination


The traditional home sales season has come to an end in Connecticut with a significant drop in transactions from the 2021 season. This is a result of the COVID-19 pandemic. This was because there were insufficient numbers of new sellers to meet the demand of buyers who continued to block stores.

About 31,065 homes sold in Connecticut between January and August, according to Berkshire Hathaway Home Service New England Properties monthly update This is approximately 6,000 less than the number of houses originally planned. The last month a family moves to get their children to school in time for the start of the school year.

September traditionally marked the beginning of the fall lull in real estate. But last year was an exception, as apartment dwellers kept pounding in the bushes in their eagerness to get out of town.

The CEO of Berkshire Hathaway HomeServices New England Properties expects a brisk fall market, but not as much as last year, when sales continued their momentum through November.

Candace Adams, CEO of Berkshire Hathaway Home Service New England Properties, said: “Some of them are families. Many first-time buyers are first-time renters.”

The median home price sold in Connecticut was $349,000, up 7.4% from the median home price in the first eight months of 2021, according to Berkshire Hathaway calculations. The median price for homes sold in August alone was $375,000, with more than 40 properties across the state from Stamford to Groton capturing such offers.

On Thursday, mortgage insurer Freddie Mac released data showing mortgage rates hit their highest level since 2008. On the same day, the Fed’s chairman announced that the Fed would continue to raise interest rates to curb loan demand and keep prices down.

Fed Chairman Jerome Powell said in an online forum sponsored by the Kate Institute, “The message is that we need to act as frankly and forcefully as we’ve been doing, and we need to keep doing it until the job is done. Here’s my take: “The longer inflation stays well above target, the greater the risk that the public will start to see higher inflation as the norm.”

In last month’s “Shrinkflation” study of how inflation affects the housing market, Zillow tracked the purchasing power of homebuyers spending at least $1 million as reflected in the size of the home they purchased. The Hartford area leads the nation at its forefront, with buyers averaging about 4,900 square feet in nearly $1 million homes with a give or take of $50,000.

Even if rising interest rates and overall inflation are impacting the mortgage market, they are yet to show up in Connecticut summer deal numbers or prices compared to the spring market. According to Adams, this is because buyers stay motivated for a variety of reasons and keep checking for new listings as they hit the market.

“They need houses. They’re on the market now,” Adams said of the buyer. It all comes out in the wash.

[email protected]; @casoulman



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