Connecticut Real Estate Market Weekly Insights (12-16-24)

Welcome to this week's edition of Connecticut Real Estate
Market Weekly Insights! In this episode, we explore key
updates and trends shaping both the local and national real
estate landscapes.


Connecticut Housing Market Stats:



Home Values: Single-family home values rose by
9.4% year-over-year.


Inventory: Homes for sale decreased by 0.6%.


Sales Trends: Pending home sales dropped by
1.2%, and closed sales declined by 3.1%.


Days on Market: Properties are selling faster,
with a median of just 10 days, down by 33.3%.


Supply: The state currently has 2.2 months of
housing inventory.


Offers: Homes are selling at an average of
103% of the asking price, up 0.2%.


Show-to-Contract Ratio: It takes an average of
18.5 showings to secure a contract.



Interest Rates Update:


Last week ended with slightly lower mortgage rates:


30-year fixed: 6.95%

15-year fixed: 6.23%

FHA loans: 6.32%

VA loans: 6.33%



Local News Highlights:
Affordable Housing in Fairfield County:
Homelessness rose by 19%, with a 150% spike among unsheltered
seniors due to high living costs. Efforts are underway to expand
affordable housing options.West Hartford
Developments: Significant housing projects, including One
West Hartford and The Camelot, are reshaping the area. These
projects aim to provide diverse housing options, including
affordable units.

National Real Estate Trends:



Homeowner Equity: U.S. homeowners gained $425
billion in equity year-over-year, though growth slowed compared
to earlier quarters.


Generational Selling Trends: Younger
homeowners (ages 30–49) are driving sales, often motivated by
family and career changes, while older homeowners remain less
likely to sell.



Additional Notes:


Be sure to subscribe to our podcast and check out our new YouTube
channel, Trin-eyeya Connecticut Real Estate, for
educational content tailored to buyers, sellers, investors, and
renters.


Join us next Monday for more updates, and until then, make it a
great week!


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!