Connecticut Real Estate Market Weekly Insights (6-23-25)

In this week's episode of Connecticut Real Estate Market Weekly Insights, we provide a detailed look at how the Connecticut condo market is performing as of May 2025. Condo prices continue to rise, with the median sale price reaching $305,000 and the average sale price hitting $374,000. However, buyer urgency is cooling—units are taking longer to sell, and over-asking bids are slightly down from last year. We explain the difference between median and average pricing and dig into inventory levels, revealing only 1.36 months of condo supply statewide, reinforcing a tight seller’s market.Listeners will also hear which price ranges are hottest, why luxury condos are seeing price cuts, and how bedroom count affects median sale prices. We analyze buyer demand, price sensitivity, and the effectiveness of price reductions, all helping sellers and buyers better understand the current landscape.Then we shift to local development news, including Calco Construction’s acquisition of a 136.5-acre farm in Berlin for a new 50-home subdivision, and the delay of a proposed Marriott Residence Inn in New Haven due to community concerns. On the national front, we explore Zillow’s findings on soaring home insurance premiums, Realtor.com’s continued reports of falling rents, and new residential construction stats showing a drop in building starts but a spike in completions.The episode closes with mortgage rate updates and a reminder for buyers and sellers to seek local guidance to navigate these dynamic conditions. 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!