Top Housing Markets in 2024: Connecticut Metro Areas Make the List
Realtor.com has released a list of top housing markets for the upcoming year, and three Connecticut metro areas have made it into the top 30. The list, based on expected sale and price growth rates, showcases the anticipated trends in the real estate market for 2024. Let’s dive into the details and see what this means for the Connecticut housing market.
Connecticut Metro Areas in the Top 30
According to the Realtor.com report, the following Connecticut metro areas are expected to see significant growth in the upcoming year:
- Hartford-East Hartford-Middletown: Ranked at No. 11, this metro area is expected to experience a 3.1% growth in home sales and a 9.1% increase in prices.
- New Haven-Milford: Ranked at No. 25, this area is predicted to have a sales growth of 3.5% and price increases of 3.5%.
- Bridgeport-Stamford-Norwalk: At No. 28, this metro area is expected to see a slight dip in sales numbers by 1.3%, but prices are forecasted to increase by 7.2%.
Compared to pre-pandemic levels, home sales numbers in Connecticut remain sluggish, and prices are high. For example, in the Hartford metro area, sales are down 13.5% compared to the 2017 to 2019 average, while prices are up 59.5%.
National Trends and What This Means for Connecticut Homebuyers and Sellers
At the national level, housing affordability is expected to begin turning around as mortgage rates ease and home prices dip. However, some markets across the country are projected to fare differently. The top housing markets list mainly consists of metropolitan area housing markets in the Midwest and Northeast, offering affordability compared to the expensive national housing market. Western metros that took a significant hit in 2023 are also expected to bounce back as interest rates fall over the year.
For Connecticut homebuyers and sellers, these trends indicate a competitive market. Sellers may benefit from listing their properties in the current market, as high demand and increasing property values could lead to a good return on investment. Homebuyers, on the other hand, should be prepared for stiff competition due to limited inventory and high demand.
Working with an experienced REALTOR® can be invaluable in navigating this challenging market. They can help you find the right property, negotiate deals, and ultimately secure your dream home. To find a REALTOR® in your area, visit Jessica Fulk Real Estate and start your journey towards a successful home sale or purchase.
Orginal article: Link To Article – provided by Kansas City Realtors
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