Connecticut Real Estate Market Weekly Insights (3-24-25)

In this episode of Connecticut Real Estate Market Weekly
Insights, Alex breaks down the latest housing data for
Connecticut as of March 24, 2025. The state recorded 1,923
single-family and condo sales last month—a 14.4% increase
year-over-year—driven largely by easing mortgage rates and
increased buyer demand. Homes priced between $200,000 and
$399,000 were the most active, while even lower-priced homes saw
solid movement, albeit selling slightly below list price due to
condition concerns.


Connecticut remains a strong seller's market, with only 1.84
months of inventory statewide. In popular price ranges, inventory
drops as low as 1.1 months, meaning buyers need to act fast, and
sellers can expect competitive offers—especially if homes are
move-in ready.


Interest rates have declined slightly, providing some relief:
30-year fixed mortgages average 6.72%, while FHA and VA loans
hover just above 6.1%.


Alex also addresses Connecticut’s deepening affordable housing
crisis. A new report from the National Low-Income Housing
Coalition shows that for every 100 extremely low-income
households in the state, only 33 affordable units are available.
This gap contributes to rising rent burdens and a 13% increase in
homelessness over the past year.


The episode highlights a potential redevelopment of Hartford’s
former trash-burning site, which may cost anywhere from $25
million to over $330 million depending on environmental
remediation needs. Questions around asbestos removal and
decontamination remain unresolved, and local leaders are urging
responsible planning and use of funds.


In West Hartford, a revised multifamily housing proposal at 29
Highland Street reduces the unit count from 112 to 108 after town
council feedback. Designed as an affordable housing development
under Connecticut’s Section 8-30g, the project has raised safety
concerns due to its prefabricated construction and open-air
hallways. A public hearing has been continued to allow for
further developer input.


On the national level, the podcast touches on:


A surge in mortgage applications due to falling rates.


Stabilization in home price appreciation, with homes spending
longer on the market.


Increased inventory (highest since 2020) despite a drop in new
listings.


Builder confidence hitting a seven-month low due to tariffs and
material costs.


The Fed holding interest rates steady, helping maintain stable
borrowing conditions.


Listeners are invited to call or visit Triniyah Real Estate for
personalized market insights or home valuations, and encouraged
to subscribe for weekly updates.


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!