Connecticut Real Estate Market Weekly Insights (2-3-25)

Welcome back to The Triniyah Podcast! Today is Monday,
February 3, 2025, and we’re here with the latest Connecticut
Real Estate Market Weekly Insights. If you’ve been busy this
past week, don’t worry—we’ve got you covered with key updates
from the real estate market, mortgage rate trends, and important
local news that could impact homeowners, buyers, and investors.


Market Trends Overview


Let’s start with a breakdown of Connecticut’s real estate market
between January 2024 and January 2025:



Home Values: Single-family home prices have
increased by an average of 7.9%, showing
continued demand.


Inventory: The number of homes for sale has
increased by 1.1%—a positive sign for buyers
as more options become available.


Sales Activity: Pending home sales rose by
0.4%, while closed sales decreased by
1.2%, indicating a slight shift in market
dynamics.


Days on Market: The median time for homes to
sell is now 10 days, down by
28.6%, highlighting a competitive market.


Months of Supply: The market currently has
2.2 months of supply, which is still
considered a seller’s market (we’ll explain what that means).


Selling Prices: Homes are selling at an
average of 101.5% of the asking price,
slightly lower than before but still favoring sellers.


Shows-to-Contract: The average number of
showings before a property goes under contract is
18.4, an important benchmark for sellers
tracking interest in their listings.



We’ll break down what all this means for buyers, sellers, and
investors in today’s discussion.


Mortgage Rate Update


Interest rates ended last week at:



7.05% for 30-year fixed-rate mortgages


6.46% for 15-year fixed-rate mortgages


6.46% for 30-year FHA loans


6.48% for 30-year VA loans



These rates are down from the previous week, which could present
opportunities for those considering a home purchase or
refinancing.


Local Real Estate News



New Landlord Registration & Rent Cap
Proposal: Connecticut lawmakers are debating new
regulations requiring landlords to register their rental
properties and temporarily cap rent increases when apartment
buildings change ownership. This aims to prevent sudden rent
hikes that could displace tenants.


New Haven’s $2M Grant to Reconnect
Neighborhoods: A federal grant will fund projects
aimed at reversing the impact of I-91’s construction,
reconnecting communities, restoring pedestrian routes, and
developing new housing.


Connecticut’s Housing Shortage: A new report
states that Connecticut needs over 110,000
additional housing units, with the greatest demand in
Hartford, southwestern Connecticut, and the Naugatuck
Valley. We’ll discuss where these units are needed
most and what lawmakers are considering to address the crisis.



Final Thoughts


That’s it for this week’s Connecticut Real Estate Market
Weekly Insights! If you’re thinking of buying or selling a
home in the next 6 to 12 months or want to understand how current
trends affect your plans, give us a call at (203)
200-0933 or visit Triniyah.com to reach
out.


We’ll be back next Monday with more insights. Until then, thanks
for tuning in, and make it 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!