HARTFORD, Conn. (WTNH) — Hartford county may see a significant surge of potential homebuyers in 2023.
According to Realtor.com‘s 2023 housing forecast and economic overview, the Hartford-West Hartford-East Hartford metro area ranked the highest out of the top ten markets poised to do well during the ongoing challenge within the housing market.
In 2023, Realtor.com expects Hartford’s sales growth to jump by 6.5% and produce a price growth increase by 8.5%. This is a 15% total combined growth, surpassing El Paso, Texas and Louisville, Kentucky metro areas.
Other metros noted on the top 10 list include Worcester, Massachusetts; Buffalo, New York; and Augusta, Georgia.
So why is there such a large suspected increase of interest in these particular metros? Realtor.com noted that this is likely due to the early stages of the COVID-19 pandemic, which saw mortgage rates drop to record lows. However, in 2022, the Fed increased the policy interest rate, making borrowing more expensive. The low prices skyrocketed in a 10-month surge from 3.1% to almost 7.1%.
Homebuyers have been on the hunt for affordable metros, straying further from large, urban centers to mid-size cities with strong economies.
Hartford, El Paso, and Louisville fit this description, offering a larger share of affordable homes for a median income.
Those looking for a new home aren’t set on staying where they are, either. Realtor.com found that over 60% of homebuyers are looking at properties on the site that are away from their current cities — an increase from the less than 50% of people who were looking to move away from their residencies pre-pandemic.
The Hartford metro area can expect to welcome homebuyers from New York, Boston, and Washington, D.C., as these cities led the out-of-state views on Realtor.com at the end of 2022. Buyers are looking at a median home price of $372,000 in Hartford.
These smaller market will attract retirees looking for a lower cost-of-living, young families seeking larger homes, and people simply looking for a higher quality of life.