Q&A talks with Bill Arzt, a broker/owner of CT Hometown Realty LLC and the 2022 president of the Greater Hartford Association of Realtors. Connecticut’s housing market is coming off another hot year with housing prices continuing to rise. Can you give a brief overview of what took place in 2021? Arzt: The Greater Hartford housing […]
Q&A talks with Bill Arzt, a broker/owner of CT Hometown Realty LLC and the 2022 president of the Greater Hartford Association of Realtors.
Connecticut’s housing market is coming off another hot year with housing prices continuing to rise.
Can you give a brief overview of what took place in 2021?
Arzt: The Greater Hartford housing market made remarkable gains this year. The statistics from the Greater Hartford Association of Realtors show a 4% gain in closed sales from the beginning of the year, when compared to last year.
That number has been steadily increasing over the past couple of years. I believe the reason is still related to the pandemic. We saw the beginning of this trend because people were at home, and they might have reevaluated what their space should look like.
For example, some might have discovered they need more space, or less space, or a more secluded environment.
Do you expect housing prices in the state to rise again in 2022?
Arzt: Housing prices have begun to stabilize, most likely because of the time of year. Homebuying and selling is seasonal so my guess would be that we see a leveling off this winter and by next spring, prices could rise again.
Closed sales will only continue to rise if inventory levels also start to pick up. There’s no reason to believe that our strong housing market will continue well into the spring and summer of 2022.
What are the most important factors that will impact the housing market in 2022?
Arzt: Inventory will be the most important issue. We hope to see more sellers who are ready to list their homes. More homes on the market means more options for buyers and could help level off prices.
How might interest rates impact the market in 2022?
Arzt: We have been so fortunate that interest rates have remained at historic lows for so long. In order for our clients to achieve the dream of homeownership, it’s so important that interest rates remain low.
