Connecticut Real Estate Market Update: Buyers vs. Sellers

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Connecticut’s housing market in 2024 is a tale of two sides. Here’s a quick breakdown of the key trends for buyers and sellers:

For Sellers: It’s Still a Seller’s Market

Connecticut’s low inventory is still your biggest advantage. Homes are flying off the shelves, and bidding wars are a common sight [source: Redfin, Forbes]. However, the frenzy might cool down a bit as 2024 progresses. While home prices are projected to keep rising, the growth is expected to be slower compared to last year [source: Zillow, Forbes]. Still, a good time to sell, especially if your property is move-in ready [source: Houzeo].

  • Low Inventory: The number of homes for sale remains low, creating a competitive landscape for buyers [source: Redfin, Forbes]. This means sellers can potentially fetch good prices, especially for turnkey properties [source: Houzeo].
  • Rising Prices (But Slower Growth): While home prices are still on the rise, the pace of increase is expected to slow down compared to 2023 [source: Zillow, Forbes]. The New Haven area is anticipated to see the biggest increase at around 2.5% [source: Zillow].

For Buyers, Don’t Despair! Hope May Be On The Horizon

Here’s some good news! Market analysts predict more homes might hit the market soon [source: Zillow]. Sellers who held back due to rising interest rates may be more comfortable listing now. This could lead to a more balanced market, giving you more options. Speaking of rates, although they took a jump in 2023, there’s a chance they might stabilize in the later part of 2024 [source: Houzeo]. This could make financing your dream home more achievable.

  • Potential for More Inventory: Experts predict an increase in available properties as sellers, initially hesitant due to rising interest rates, may re-enter the market [source: Zillow]. This could lead to more balanced market conditions.
  • Mortgage Rates May Stabilize: Although rates hit record highs in 2023, predictions suggest they might stabilize in the latter half of 2024 [source: Houzeo]. This could make homeownership more accessible for some buyers.

Navigating the Connecticut Market

The Connecticut market is in a state of cautious optimism. As a mortgage broker, I can help you understand your options and make informed decisions. Whether you’re a seller looking to maximize your profit or a buyer seeking the perfect home at the right price, Burke Mortgage is here to guide you.

Ready to Make Your Move?

Stay tuned for updates on the market as things evolve! In the meantime, explore our website for valuable resources on Connecticut real estate and mortgage options. Remember, a qualified mortgage broker can be your partner in navigating the complexities of homeownership. Let’s turn your dream of a Connecticut home into reality!

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