The sale price of homes continued to rise in Greater Hartford in December, according to data from the Greater Hartford Association of Realtors.
Compared to December 2022, the median sale price of a single-family home increased 18.8% in December 2023, from $303,000 to $360,000.
Meanwhile, the inventory of homes on the market fell 24.8%, from 653 to 491. New listings increased 2.5%, from 202 to 207.
There were 423 closed sales in December 2023 – the same as in December of the prior year. The average number of days on the market increased 8.3%, from 24 days to 26 days, over the same timeframe.
In year-to-date statistics, the median sales price of single-family homes increased 9.1%, from $330,000 to $360,000. New listings decreased 21.8%, from 6,845 to 5,352, and the number of days on the market remained unchanged at 23.
Greater Hartford Association of Realtors CEO Holly Callanan said home prices will remain high until there is an increase in listings.
“As buyer demand increases, the limited inventory typically means sales prices also increase,” Callanan said.
