Connecticut Real Estate Market Weekly Insights (3-10-25)

Welcome to another episode of Connecticut Real Estate Market
Weekly Insights! In this episode, we break down the latest
real estate trends across Connecticut, giving you the key
insights you need whether you're buying, selling, or just keeping
an eye on the market.


Connecticut Housing Market Trends



Low Inventory Continues: Connecticut’s housing
inventory remains tight, with just 1.34 months of
supply on the market. Some areas are even more
competitive:


East Hartford: 0.52 months of supply (15
active homes, 29 sold in February)


Southington: 0.54 months of supply (13
active homes, 24 sold)


Newington: 0.56 months of supply (5 active
homes, 9 sold)




Fast Sales & Over-Asking Prices: High
demand continues to push sales prices up.

Bristol (ZIP 06010) had 32 sales, up
39.1% from last year, with homes selling
2.5% over asking price.

East Hartford (ZIP 06118) saw homes selling 6%
over asking in just 16 days.




New Haven Market Breakdown:

Overall, New Haven has 1.9 months of
supply.

Homes priced between $200K - $399K have
2.08 months of supply.

Homes between $400K - $599K have just
1.4 months of supply, making it a strong
seller's market.





The Impact of Price Drops


In the last 90 days, homes that had a price reduction went
under contract in a median of 19 days.

In February, homes that dropped prices went pending even
faster – in just 9 days.


5 new pending sales per week came from
listings that had a price drop.



Interest Rate Update



30-Year Fixed: 6.79%


15-Year Fixed: 6.2%


30-Year FHA: 6.17%


30-Year VA: 6.2%



️ Local Real Estate News



Affordable Housing Expansion: Connecticut
added 1,800 new affordable housing units in
2023, with Hartford and New Haven leading in numbers. The
Connecticut Housing Committee is reviewing 200
bills aimed at improving affordability.


New Housing Development: A
63-home affordable housing project, Forest
Hills, is planned near Waterbury, targeting buyers earning
80-120% of the area's median income.


East Hartford Tackles Blight: The town is
cracking down on property neglect by increasing fines from
$100 to $1,000 per day to ensure better living
conditions.



National Housing Market Trends



Home Prices Surge Post-Pandemic: Home values
have risen 45% since 2020, with many
properties now worth over $1 million.


Shifts in Buyer Preferences:

Luxury outdoor amenities (pizza ovens, outdoor kitchens)
are in demand.

Pandemic-driven trends like “Zoom rooms” and “cloffices”
are declining.




More Homes for Sale Nationwide: February saw a
27.5% increase in active listings compared to
last year, marking 16 straight months of inventory
growth.


Mortgage Rates & Policy Disagreements: The
Biden administration is pushing for lower mortgage
rates, but the Federal Reserve is holding steady due
to inflation concerns.



️ If you’re thinking of buying or selling a home, give us a
call at (203) 200-0933 or visit Triniyah.com
to get personalized market insights!


️ Tune in next Monday for another update on
Connecticut’s real estate market!


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!