The Bridgeport, CT metro area housing market is currently experiencing a complex set of dynamics as of January 2025. The Median Sales Price has decreased to $605,000, reflecting a year-over-year decline of 4.6%. This downward trend in sales prices contrasts sharply with the Median List Price, which has surged by 18.2% to $649,923. This divergence suggests a potential gap between seller expectations and buyer willingness, possibly influenced by broader economic conditions or local market factors.

In terms of Price Per Square Foot, the Median Sales Price per square foot has increased by 3.8% to $308.54, while the Median List Price per square foot has risen by 12.8% to $343.14. This indicates that while sellers are listing homes at higher prices per square foot, the actual sales are not keeping pace with these expectations, potentially leading to longer negotiation periods or price adjustments.

The number of Homes Sold has increased by 3.8% year-over-year, reaching 599 units. This uptick in sales volume is accompanied by a 2.3% increase in Pending Sales, totaling 611. However, New Listings have decreased significantly by 11.1%, with only 583 new properties entering the market. This reduction in New Listings, coupled with a substantial 23.3% decline in inventory, suggests a tightening market with fewer options available for prospective buyers.

The Months of Supply, a critical indicator of market balance, has plummeted by 70.0% to just 1.90 months. This sharp decline indicates a strong seller's market, where demand is outstripping supply, potentially leading to competitive bidding situations and upward pressure on prices.

The Median Days on Market have decreased slightly by 1.0% to 53 days, suggesting that homes are selling relatively quickly despite the higher list prices. The average sale to list ratio stands at 100.3%, a slight decrease of 0.4% year-over-year, indicating that homes are generally selling at or near their list prices. Additionally, the percentage of Homes Sold above list price has increased marginally by 0.3% to 46.4%, further highlighting the competitive nature of the market.

Price Drops have increased by 1.8% to 12.7%, which may reflect sellers adjusting their expectations in response to market feedback. Meanwhile, the percentage of homes going off the market within two weeks has decreased by 8.8% to 32.2%, suggesting that while some homes are selling quickly, others may require more time to find the right buyer.

Overall, the Bridgeport, CT metro area housing market presents a dynamic landscape with rising list prices and a decrease in sales prices, alongside a tightening inventory and quick sales turnover. Buyers and sellers alike should remain vigilant and adaptable to the evolving market conditions as they navigate their real estate decisions in 2025.