CT housing market skyrockets, demand outweighing supply

Consumer

HARTFORD, Conn. (WTNH) — For the first time in nearly two decades, overall home sale prices in the Greater Hartford area have exceeded $300,000. That’s according to a new report from the Greater Hartford Association of Realtors.

It seems you can’t go by a street without seeing a “for sale” sign and a fresh-cut lawn, all to grab the attention of potential buyers.

Experts say because Connecticut was flat for so many years while surrounding states saw a boom in their housing markets, we were due.

President of CT Realtors Joanne Breen said the pandemic also played a part, driving herds of New York City natives to the Nutmeg State. She also says many people in Connecticut started to reevaluate their living space as many began working from home.

Breen said, “When you have that many more buyers than properties to sell, it’s driving the prices up.”

Breen adds many sellers are finding creative ways to make the contract more attractive, like waving appraisals and/or inspections. This makes realtors a bit nervous.

“We want our buyers who are willing to do that to understand the ramifications so that they go in fully informed,” Breen said. 

If you’re looking to buy, realtors suggest the following: find a realtor you trust, jump on it, don’t lose sight of your larger goals. And for sellers, take advantage of the market; you’ll be getting top dollar for your home.

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