Connecticut Real Estate Market Weekly Insights | 5/4/26

Connecticut Market Trends: Single-Family Homes Pricing and Competition: The median sale price for a single-family home reached $475,000 in April, a 4.4% increase from the previous year and a significant jump from $393,000 in 2023. Market Velocity: Homes are selling at a rapid pace, with a median of just 13 days on market, which is 15% faster than last year. Bidding Wars: On average, homes are selling for 3.05% over the asking price. Inventory Shortage: The state is in a strong "seller's market" with only 1.94 months of supply. Inventory is particularly tight for homes under $400,000, while the luxury market over $3 million is more balanced. Price Adjustments: Despite the demand, roughly 22% of active listings have seen price drops, averaging a 10% reduction for homes that don't sell within the first 16 days. Migration Patterns Leaving Connecticut: The top destinations for departing residents are Florida (22%) and New York (15%). Moving to Connecticut: The largest influx of buyers comes from New York (36%) and Massachusetts (13%). Trend Shift: While 83% of buyers are local, out-of-state buyer volume has dropped from a peak of 28% in 2021 to 17% today. Current Interest Rates 30-Year Fixed: 6.44%. 15-Year Fixed: 6.01%. 30-Year FHA: 5.92%. 30-Year VA: 5.94%. Local & National News East Hartford Development: The Planning and Zoning Commission approved a new 128-unit apartment complex on Burnside Avenue at the site of a former bowling alley. The project includes studio, one-bedroom, and two-bedroom units aimed at revitalizing the local economy. National Market Resilience: Despite the conflict with Iran and rising mortgage rates, national buyer demand remains "shockingly" strong, with pending home sales exceeding last year's figures. 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!