In this week’s edition of Connecticut Real Estate Market Weekly Insights, we focus on the performance of single-family homes across the state. August data shows the median sale price rose 8.9% year over year to $490,000, while closed sales fell 9.3% to 2,685. Despite fewer transactions, total dollar volume held steady at $1.88 billion, highlighting the impact of higher prices. Homes sold quickly at a median of 17 days on market, underscoring continued buyer urgency even in a slower market.Buyer demand varied by price range. Properties between $200,000 and $599,999 drove most of the activity, consistently selling above asking with short timelines. Interestingly, the $1.2M to $1.39M tier saw the highest bidding premiums at nearly 6% over asking. Lower-end homes under $200,000 sold below asking, often due to condition issues, while luxury homes over $3M still sold above asking but with longer timelines.Inventory remains tight with just 1.47 months of supply, far below the balanced 4–6 month range. Homes under $600,000 are extremely scarce, while properties above $1M offer more breathing room for buyers. Price reductions were most common at the $1.4M to $1.99M range and among homes under $200,000, reinforcing the importance of correct pricing strategy. Migration patterns showed many sellers leaving for Florida and the Carolinas, while most inbound buyers came from New York and Massachusetts.The episode also reviews mortgage rates, which closed the week at 6.50% for 30-year fixed loans. On the local front, controversy surrounds the Winchester Lofts project, where conflicting statements from the property’s management and nonprofit buyer The Mary Fund have left tenants confused about a potential affordable housing conversion.Nationally, mortgage rates have eased slightly, though analysts caution they may not fall much further without broader economic shifts. U.S. home prices are still rising year over year, with Connecticut posting one of the strongest gains at 7.8%. The housing market overall remains in a standstill, with inventory climbing yet sales staying muted. Additional reports highlight shrinking home sizes nationwide and rising per-square-foot costs, trends that could impact affordability and buyer preferences moving forward.
If you’re interested in buying, selling, or renting real estate anywhere within the State of Connecticut, <a href="https://www.triniyah.com/contact">please visit our website to see how we can assist you</a>!

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