Connecticut Real Estate Market Weekly Insights (4-28-25)

We start by diving into the state's condo market, where the average sale price reached $344,196 in March, marking a 1.7% year-over-year increase. We explain how the median days on market (15 days) reflects strong buyer demand, and we discuss why sellers still hold a slight advantage — although pricing correctly remains critical. We also break down the stark contrast between lower-priced and luxury condos, and how buyers and sellers can navigate these market dynamics.Next, we highlight interest rate updates, with slight decreases across 30-year fixed, FHA, and VA mortgage rates.In local development news, we discuss a proposed 148-unit housing project in Manchester by 3 Squared LLC. The project aims to provide flexible, affordable housing but faces concerns over traffic and density from local officials.We also explore Connecticut's Build For CT program and the launch of a new quasi-public development agency, both designed to drive multifamily housing creation across the state — especially in downtown areas and near transit hubs. These programs are already funding thousands of new units with a focus on affordability for middle-income residents.Shifting to housing policy, we cover House Bill 6889, which would implement “Just Cause Eviction” protections. While aimed at protecting tenants, critics warn it could reduce rental housing availability, increase homelessness, and discourage investment in Connecticut’s rental markets.On the national level, we discuss:The 20th consecutive month of year-over-year rent declines nationally, but warn of potential rent increases due to new steel tariffs.States like Florida and North Dakota considering the elimination of property taxes — a controversial move that raises concerns over funding essential services.The rise in seller concessions nationwide as more homeowners offer incentives to attract buyers amid higher mortgage rates and increased housing supply.Connecticut’s poor showing in Realtor.com’s 2025 State Report Cards, earning an F for housing affordability and new home construction — driven by restrictive zoning and high home prices.We close by reminding listeners that understanding these local and national trends is essential for making smart buying, selling, and investment decisions in Connecticut’s evolving real estate landscape.If you're planning to buy or sell in the next 6-12 months, or want to understand how today’s trends impact your situation, call us at (203) 200-0933 or visit Triniyah.com. If you’re interested in buying, selling, or renting real estate anywhere within the State of Connecticut, please visit our website to see how we can assist you!