Bridgeport, CT Metro Area Housing Market Analysis - August 2024
The housing market in the Bridgeport, CT metro area presents a complex landscape as of August 2024. Various metrics indicate both growth and contraction, reflecting the dynamic nature of the real estate environment in this region.
The Median Sales Price for homes in Bridgeport stands at $700,000, marking a modest year-over-year (YoY) increase of 0.6%. This slight uptick suggests a stable market for sellers, although the Median List Price has decreased by 7.3% YoY to $555,000. This disparity between sales and list prices could indicate a market correction or a shift in buyer expectations.
Price Per Square Foot metrics show a more pronounced growth. The median Price Per Square Foot has risen by 6.7% YoY to $335.67, while the Median List Price per square foot has increased by 7.8% YoY to $301.94. These figures suggest that while overall list prices have dropped, the value per square foot has appreciated, possibly due to higher demand for smaller, more affordable properties.
Sales activity has seen a slight decline. The number of Homes Sold is 1,019, down by 0.5% YoY. Pending Sales have experienced a more significant drop of 11.7% YoY, totaling 879. New Listings have also decreased by 15.5% YoY to 765, indicating a tightening supply in the market. Inventory levels have fallen by 9.3% YoY to 1,649 homes, contributing to a reduced Months of Supply, which is now at 1.6 months, down by 20.0% YoY. This reduced supply could lead to increased competition among buyers.
The Median Days on Market for homes in Bridgeport is 37 days, a slight improvement of 2.0% YoY. This indicates that homes are selling slightly faster than they were a year ago. The average sale to list ratio is 102.8%, a minor decrease of 0.7% YoY, suggesting that homes are still selling above their list prices, albeit by a smaller margin.
Interestingly, the percentage of Homes Sold above list price has decreased by 6.8% YoY to 57.2%. This could be a sign that buyers are becoming more cautious or that sellers are adjusting their expectations. The rate of Price Drops has increased by 6.1% YoY to 20.3%, indicating that more sellers are reducing their asking prices to attract buyers. Additionally, the percentage of homes going off the market within two weeks has decreased by 8.5% YoY to 35.7%, suggesting a slight cooling in the market's pace.
Overall, the Bridgeport, CT metro area housing market in August 2024 is characterized by a mix of rising per-square-foot prices and declining overall list prices, coupled with reduced inventory and slower sales activity. These trends suggest a market in transition, with potential opportunities for both buyers and sellers depending on their specific circumstances and strategies.
