Connecticut Housing Market: November 2024 Analysis

The Connecticut housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has increased by 1.5% year-over-year, reaching $422,500. This modest rise indicates a steady demand for homes despite broader economic conditions.

Conversely, the Median List Price has decreased by 4.7% year-over-year, now standing at $396,700. This decline suggests that sellers may be adjusting their expectations to align with market realities, potentially due to increased competition or changing buyer preferences.

In terms of Price Per Square Foot, the Median Sales Price per square foot has risen significantly by 9.0% year-over-year to $242. Meanwhile, the Median List Price per square foot has surged by 11.2% to $240. These increases highlight a strong demand for space, possibly driven by buyers seeking larger homes or more amenities.

The number of Homes Sold has grown by 5.1% year-over-year, totaling 3,191 units. Pending Sales have also increased by 5.7%, reaching 3,433 units. These figures reflect a robust market activity, with buyers actively engaging despite potential economic uncertainties.

However, New Listings have dropped by 14.2% year-over-year, with only 2,463 new properties entering the market. This decline in New Listings, coupled with a 7.3% decrease in inventory to 6,046 units, suggests a tightening market where supply is not keeping pace with demand.

The Months of Supply have decreased significantly by 20.0% year-over-year, now at 1.9 months. This reduction indicates a seller's market, where homes are selling faster than new inventory can be added.

The Median Days on Market have increased by 4.0% year-over-year, now averaging 39 days. This slight increase may suggest that while demand remains strong, buyers are taking a bit longer to finalize their decisions.

The average sale to list ratio has decreased slightly by 0.7% year-over-year, now at 101.9%. This ratio indicates that homes are still selling for slightly above their list prices, although the margin has narrowed.

The percentage of Homes Sold above list price has decreased by 4.0% year-over-year, now at 55.6%. This decline suggests that while competitive bidding remains prevalent, it is not as intense as in previous periods.

Price Drops have increased by 2.2% year-over-year, now affecting 19.1% of listings. This rise in price reductions may indicate that sellers are adjusting their expectations to meet buyer demand.

The percentage of homes going off the market in two weeks has decreased by 9.2% year-over-year, now at 40.3%. This decline suggests that while homes are still selling relatively quickly, the pace has slowed compared to last year.