Bridgeport, CT Metro Area Housing Market Analysis - November 2024
The Bridgeport, CT metro area housing market in November 2024 presents a complex landscape characterized by rising sale prices and declining inventory. The Median Sales Price has increased to $630,000, marking a significant year-over-year (YoY) growth of 7.4%. This upward trend in sales prices is further supported by the median Price Per Square Foot, which has risen by 10.7% YoY to $323.46. These figures suggest a strong demand for homes in the area, despite some contrasting indicators.
Conversely, the Median List Price has decreased by 5.0% YoY, now standing at $570,000. This decline in list prices, coupled with a 10.4% increase in the Median List Price per square foot to $312.81, indicates a potential shift in seller strategies, possibly aiming to attract more buyers in a competitive market.
The number of Homes Sold has remained relatively stable with a slight decrease of 0.1% YoY, totaling 755 homes. However, Pending Sales have surged by 9.9% YoY, reaching 855, suggesting a robust pipeline of transactions that could translate into future sales. This increase in Pending Sales contrasts with the significant drop in New Listings, which have fallen by 13.6% YoY to 542, and a 12.7% decrease in inventory to 1,568 homes. These declines in supply metrics highlight a tightening market, which is further evidenced by the Months of Supply dropping by 30.0% YoY to 2.10 months.
The Median Days on Market have increased by 5.0% YoY to 43 days, indicating that homes are taking slightly longer to sell compared to the previous year. Despite this, the average sale to list ratio remains high at 101.7%, albeit with a minor decrease of 0.6% YoY. This suggests that homes are still selling close to or above their list prices, with 52.1% of Homes Sold above list price, though this figure has decreased by 2.7% YoY.
Price Drops have increased by 2.2% YoY to 16.4%, reflecting some adjustments in pricing strategies by sellers. Additionally, the percentage of homes going off the market within two weeks has decreased by 9.0% YoY to 33.6%, indicating a slower pace in the market's turnover.
Overall, the Bridgeport housing market in November 2024 is characterized by rising sales prices and a competitive environment driven by limited inventory and strong demand. While some indicators suggest a cooling in certain areas, the market remains dynamic with potential opportunities for both buyers and sellers.
