Connecticut Real Estate Market Weekly Insights (1/6/25)

Welcome to Connecticut Real Estate Market Weekly Insights!
This week’s episode provides a comprehensive overview of key
developments in the Connecticut real estate market and beyond.


Connecticut Market Highlights (Dec 2023 - Dec
2024):



Home Value Growth: Single-family home values
increased by an average of 8.6%.


Inventory Update: Homes for sale rose by 1.5%,
offering more options for buyers.


Sales Trends: Pending home sales dipped by
0.8%, and closed sales decreased by 1.8%.


Market Speed: The median days on the market
dropped to 10 days, reflecting a 28.6% reduction.


Supply Levels: With 2.2 months of supply, the
market remains competitive for buyers.


Pricing Trends: Properties sold for an average
of 102.8% of their asking price, a slight 0.1% decrease.


Show-to-Contract Average: At 17.4 showings per
property, this metric serves as a useful benchmark for sellers.



Current Interest Rates:



30-Year Fixed: 7.10%


15-Year Fixed: 6.49%


30-Year FHA Loans: 6.42%


30-Year VA Loans: 6.45%



Local Real Estate News:
Support for Homeless Veterans: A federal bill
aims to increase funding for housing and support services for
homeless veterans, enhancing programs that help with healthcare and
transitional resources.Connecticut’s Economic Outlook for
2025: Optimism surrounds a strong housing market, low
unemployment, and population growth. However, challenges like
resident migration and economic sustainability remain
critical.Waterbury Development Project: A
developer plans to transform a 23,000-square-foot downtown
Waterbury building into mixed-use apartments and retail, aiming to
revitalize the area.

National Real Estate News:



Decline in Mortgage Applications: Rising
interest rates have significantly reduced purchase and
refinance applications, reflecting consumer hesitancy.


High Mortgage Rates and Labor Market: A robust
job market is keeping borrowing costs elevated, as low jobless
claims contribute to rate stability.


Rising Inventory Yet Unsold Listings: Although
housing inventory increased in 2024, unsold listings are
attributed to high prices and rates, with many renters staying
put to avoid moving costs.



Thank you for tuning in to this week’s episode of Connecticut
Real Estate Market Weekly Insights. Subscribe for weekly
updates, and join us next Monday for more market insights. Until
then, have a great day!


If you’re interested in buying, selling, or renting real estate
anywhere within the State of Connecticut, please visit our
website to see how we can assist you!