WEST HARTFORD, Conn. (WTNH) — New data is showing the prices of homes are coming down across the country, but this trend does not seem to be happening in Connecticut.
Over the past year realtor Jeff Rothman has seen many first-time buyers priced out of the West Hartford market with home values up about 7% year over year.
At #15 West Hartford took the highest ranking for Connecticut on Realtor.com’s Top 50 Hottest Housing Markets in the U.S with a median home price of $412,000.
The next highest in Connecticut is Wallingford with #40 ranking followed by Waterford at #46.
These hot areas are attracting the most buyers and are selling the fastest.
Tyler Saltzman, a West Hartford man relocated to Connecticut for his job last fall. Saltzman said he purchased his condo in October when prices were rising fast a steppingstone, before buying a home.
“The draw of Blue Back Square, the affordability of Connecticut compared to markets in eastern Massachusetts and New York just set it apart,” said Saltzman.
After getting multiple offers, a home on Boulevard in West Hartford just sold well over the asking price something that has happened often this past year. With low inventory still in West Hartford, do not expect prices to come down anytime soon.
The people that closed on the Boulevard home have a higher 5.75 rate which is higher than what it was in the past 10 years, which may have slowed some a little. But with inventory so low it is still a great time to be a seller.
“If the prices keep going up, I just tell them, even last year and this year you don’t know what the year is going to bring, the prices could go down, but the rates could go up,” said Rothman.
An early sign the market may be cooling with home prices falling for the first time in 3 years last month.
The .77% decline does not seem like much, but it was the biggest drop since January 2011.
The data could be skewed with big cities in California seeing recent price drops as high as 10%.