Connecticut Housing Market Booms While National Market Slows

Connecticut Housing Market Defies National Trend: Spring Brings High Demand and Prices Connecticut's real estate market is bucking the national trend this spring, with high demand and rising prices despite a nationwide slowdown. According to a recent report, low inventory and fierce competition are driving up median sale prices in several key areas of the state. Hartford has seen a nearly 10% increase in median sale prices year-over-year, while New Haven is close behind at over 8%, and Bridgeport at around 6%. Anthony Cervoni, a Redfin principal agent, explains, "There's about 6 to 10 offers on every home, depending on what city or town they're in. So, buyers are competing against each other because there's not that many out there." This intense competition is pushing prices higher, even as the national housing market experiences a cooling effect. The contrast between the national trend and the robust Connecticut market is noteworthy. While other states see a surge in housing supply, Connecticut's low inventory is fueling a seller's market. The situation underscores the unique dynamics of the Connecticut housing market and the continued strong demand for homes in the state.