Greater Hartford is one of the few housing markets nationwide expected to show double-digit growth in housing sales next year, according to Realtor.com.
The metro area consisting of Hartford, West Hartford and East Hartford was projected to show 12.1% sales growth in 2021 and a 3.4% bump in home prices.
Hartford was one of only 21 of the top 100 major metro markets with double-digit growth projected for home sales, joining cities like Dallas, Denver, Las Vegas and Los Angeles.
The Realtor’s group predicted that 2021 will be a robust sellers market nationwide with
home prices up an average of 5.7%. Increasing interest rates and prices will make affordability a challenge but inventory is expected to make a comeback.
“With less cash and no home equity, millennial and Gen Z first-time buyers will be impacted the most by rising home prices and interest rates,” said Danielle Hale, chief economist for the site. “While waiting until the fall or winter months of 2021 may mean more home options to choose from, buyers who can find a home to buy earlier in the year will likely see lower prices and mortgage rates.”
But the ongoing COVID-19 pandemic and the possibility of a double-dip recession are wildcards that could drive buyers out of the market and depress prices, according to the forecast.
