Connecticut Real Estate Market Weekly Insights (12-9-24)

This week on "Connecticut Real Estate Market Weekly Insights," we
unpack the latest updates in the Connecticut housing market and
provide insights to help buyers, sellers, and investors make
informed decisions. Here’s what we discussed:


Market Trends: Over the past year, single-family
home values in Connecticut rose by 9.4%, while pending and closed
sales decreased slightly. Homes are selling quickly, with a
median of 10 days on the market, and at 103% of their asking
price.


Current Interest Rates: Average mortgage rates
saw slight decreases last week, closing at 6.68% for 30-year
fixed-rate mortgages and 5.98% for 15-year fixed-rate mortgages,
among others.


Connecticut Housing Equity: Homeowner equity in
Connecticut grew by a staggering 24.6% over the past year, with
areas like Hartford-Middletown seeing increases of over 31%. This
makes Connecticut the top state for homeowner equity growth in
2024.


Local Housing Developments: The state allocated
$20 million to redevelop vacant "zombie properties" into
mixed-use spaces, enhancing community infrastructure and economic
vitality. Notable projects include a $100 million residential and
retail development in Enfield and an $825 million redevelopment
in East Hartford.


Rental Market Shifts: Nationally, rent prices
have dropped due to seasonal patterns and an influx of newly
constructed apartments. Locally, Connecticut cities have mirrored
this trend, with increased supply driving down rents in some
areas.


Zillow's 2025 Predictions: Modest home value
growth of 2.6% is expected, with buyers' markets likely expanding
to new regions. Sustainability and affordability will shape
trends, with smaller homes becoming more popular.


Emerging Trends: The rise of multi-generational
homes highlights shifting family dynamics and economic
considerations. Connecticut is also experiencing significant
growth in mortgage activity, with the Hartford area ranking high
nationally for home-equity loans.


Join us next week for more insights on the Connecticut real
estate market. Don’t forget to subscribe to our podcast and check
out our new YouTube channel, "Trin-eyeya Connecticut Real
Estate," for more educational content tailored for buyers,
sellers, investors, and renters.


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!