The Connecticut housing market in January 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 4.4% year-over-year, settling at $415,500. This decline contrasts with the Median List Price, which has risen by 11.8% to $438,700, indicating a potential gap between seller expectations and buyer willingness.

The Price Per Square Foot has seen an increase, with the median Price Per Square Foot rising by 6.6% to $240. Similarly, the Median List Price per square foot has increased by 11.6% to $255. These figures suggest that while overall sales prices have decreased, the value attributed to each square foot of property has appreciated.

Sales activity has shown positive momentum, with Homes Sold increasing by 4.0% year-over-year to 2,412 units. Pending Sales have also risen by 3.3%, reaching 2,694 units. However, New Listings have decreased significantly by 12.6%, totaling 2,144, which may contribute to the tightening inventory levels.

Inventory has dropped by 16.4% year-over-year, with 4,509 homes available, leading to a reduced Months of Supply at 1.9 months, down by 40.0%. This indicates a more competitive market environment, with fewer homes available for prospective buyers.

The Median Days on Market have increased by 5.0% to 51 days, suggesting that homes are taking slightly longer to sell compared to the previous year. The average sale to list ratio has decreased marginally by 0.7%, standing at 100.6%, while the percentage of Homes Sold above list price has declined by 4.1% to 46.4%.

Price Drops have become more common, with a 3.0% increase year-over-year, affecting 16.4% of listings. Additionally, the percentage of homes going off the market within two weeks has decreased by 11.0%, now at 33.4%, indicating a slower pace in quick sales.

Overall, the Connecticut housing market in January 2025 reflects a dynamic environment with rising list prices and Price Per Square Foot, yet a decline in sales prices and inventory. Buyers and sellers alike must navigate these shifts as they make informed decisions in this evolving market.