The strongest residential real estate market in a decade set the stage for 2021′s home buying frenzy in greater Hartford and across much of Connecticut.
The median sales price of single-family homes in Greater Hartford increased by 9.1% in November, officials from the Greater Hartford Association of Realtors said, from $275,000 to $300,000, as inventory continues to be an issue.
According to information from the Greater Hartford Association of Realtors, single family home inventory decreased 32.3%, from 1,485 to 1,005, when compared to last November. Closed sales decreased 1.7%, from 645 to 634, and pending sales decreased 5.3%, from 661 to 626.
The median sales price of single-family homes in the Greater Hartford region shot up 7.1% in October, according to the Greater Hartford Association of Realtors, rising from $280,000 to $300,000.
In a statement, officials with the GHAR said the area’s housing inventory has dropped by 30.8% from 1,746 properties on sale to 1,208 over the same interval, and closed sales have decreased 16%, likely a response to shrinking availability now that so many residents who were prepared to sell their homes already have. Pending sales also declined 8.9%.