Hartford County CT Housing Market: What to Know
Hartford, CT Home Prices Continue to Rise!
Hartford CT house prices were steady for a while, until July 2022 when they skyrocketed, the highest they had been since 2008 real estate prices during coronavirus. It was a strange time for Hartford County. Since then they have dropped, risen, dropped and risen once again. Opportunities for a good financial pay off were present in Hartford, CT and it is worth continuing to watch the Connecticut market to see what may happen next.
For the last 12 years, the average home value has been around $225,000 in Hartford County. The coronavirus brought about changes no one could have predicted.
The housing market in Hartford, CT at the moment is competitive. The median sale price of a property is up 36.2% since last year, when comparing the house prices in the month of February at $287K. Last year, properties were selling after an average of 60 days on the market, however, in 2024, they are selling just after 37 days on the market and an average of 1%-6% above listing price.
A large percentage of houses purchased in Hartford in 2024 are existing residents relocating with Hartford, CT. There are also residents from New York, San Francisco, Seattle and Los Angeles heading to purchase a property in the County. As you can see, Hartford is a hot market in 2024.
Why Property Prices Are so High in Hartford County, Connecticut
If you own property in Hartford County, and you've been thinking of selling your house, you probably don't want to wait. Now is your time to sell. Your home is most likely worth more now than it has been in the last 12 years.
For the last several months all over Connecticut, especially Hartford County, property prices and demand for move-in ready homes has been rising, and rising, and rising. The simple supply and demand principle is beautifully at work for those who wish to take advantage of it. Residents who are moving out of New York City, are doing it now, not later. NYC has a lot of vacant apartments.
House prices are so high in Hartford, probably for a variety of reasons. As the capital city of Connecticut, it is a luxurious yet affordable County. It offers a variety of opportunities for families, couples and professionals alike.
How Hot is the Real Estate Market in Hartford Exactly
The Hartford County real estate market has seen some huge changes over the years.
Median sale price: $287,450 (36.2% increase year on year)
Days on market: 37 (decreased by 23 year on year)
Sale-to-list price: 102.5% (3.6 point increase year on year)
Homes sold above list price: 50% (7.9 point increase year on year)
Homes with price drops: 16.8% (7.7 point increase year on year)
What to do in the Hartford Housing Market?
There are 3 things you need to do to sell your house in this market.
#1 Get Ready to Sell Your House
First, you will have to get your house ready for sale to optimize getting such a high sales price.
Most buyers in this market want move in ready homes. You will need to make necessary repairs that a Buyer would require. That may include updating your electrical and heating systems or replacing the roof and kitchen appliances. You will also need to get your house cleaned and organized so that it is ready for listing pictures and then be shown to potential buyers. Just make sure you know what repairs you should and should not complete.
#2 Hire a Real Estate Broker
Second, you will need to either hire a real estate broker or try selling your house yourself.
A typical listing broker will walk away with around 3% of your sale price. On a $270,000 house, that's $8,100!! Keeping your equity where it belongs – in your pocket!!
If you try For Sale by Owner then you are responsible for all the paperwork, negotiations, and legal compliance and then still might pay that same $8,100 commission but this time to a Buyer’s agent.
You may consider a cash buyer instead!
#3 Get Your Finances in Order
Third, you will have to get your finances in order.
The process of selling your home to closing could take 3-4 months. You will need enough cash flow in that time to continue making payments on your mortgage, insurance, and utilities.
If you want to sell your home in Hartford CT quickly for a fair cash offer in this current climate, then contact us today and we can help you!