What Happened in Connecticut's Single Family Home Market This April?
Key Observations for April 2025
Number of Sales: There were 1,794 single-family home sales in April 2025. This represents a decrease of 4.2% compared to the previous year (April 2024).
Total Sales Volume: The total dollar volume of single-family home sales in April 2025 reached $1.19 billion. This shows a increase of 2.2% from the previous year (April 2024).
Analyzing the Pace and Scale of Home Sales
April 2025 shows a significant increase in both the number of sales and total volume compared to the preceding winter months (December 2024 - February 2025), indicating the typical spring market rebound.
The chart clearly illustrates the typical seasonal trends in real estate. We see a noticeable peak in both the number of sales and total volume during the late spring and summer months (roughly May through September) of both 2024 and 2023. Activity tends to dip in the late fall and winter.
Key Observations
Home Prices are Significantly Higher: In April 2025, the middle price that a single-family home sold for in Connecticut was $458,000. This is a substantial $33,000 increase compared to the median sale price in April of last year (2024).
Cost per Square Foot is Also Up: When looking at the price per square foot, the middle value was $289 in April 2025. This is $16.01 more per square foot than what it was in April 2024.
Looking at How Prices Have Changed Over the Last Three Years
Prices Follow a Predictable Pattern Each Year: If you look at 2023, 2024, and 2025, you can see that home prices tend to be lower at the beginning of the year (winter), then they gradually rise during the spring and reach their highest point around late spring or summer. After that, they tend to slowly decrease again towards the end of the year.
Home Values Have Been Steadily Increasing: When you compare the price lines for each year (2023, 2024, and 2025), it's clear that home prices, at any given time of the year, have generally been higher than they were at the same time in the previous year. This shows a consistent trend of increasing home values in Connecticut.
The Increase in Prices Seems Stronger This Year: The difference in price between the 2024 line and the 2025 line, especially during the spring months, suggests that home prices have been rising more quickly in 2025 compared to the rate of increase we saw between 2023 and 2024 during the same period.
In simpler terms:
-
- Homes in Connecticut sold for a lot more money in April 2025 than they did in April 2024.
- The price for each square foot of a home also went up significantly.
- Over the past three years, home prices tend to go up and down with the seasons, but overall, they have been consistently getting more expensive each year, and the increase seems particularly noticeable this year.
Key Metrics for April 2025
Average % Closed vs. Asking Price: The average percentage that homes closed for compared to their original asking price was 3.70% above asking. This is a slight increase of 0.04% from the previous year (April 2024). This suggests that, on average, buyers were willing to pay slightly more than the listed price to secure a home.
Days on Market (DOM) - Median: The median number of days a home stayed on the market before being sold was 15 days. This is a decrease of 1 day compared to the median DOM in April 2024. This indicates that homes were selling slightly faster this April than last year.
Understanding the Strength of the Buyer Pool
Average % Over Asking Trend: The blue line shows the average percentage homes sold above their asking price. We see a clear seasonal pattern here as well:
Peak Demand in Spring/Summer: The highest percentages above asking tend to occur in the late spring and summer months (May-August). This is typical when buyer competition is often higher.
Lower Demand in Fall/Winter: The percentage above asking generally decreases in the fall and winter, suggesting less intense buyer competition during those times.
April 2025 Shows Strong Demand: The 3.70% above asking in April 2025 is a significant jump from the winter lows and indicates strong buyer interest as the spring market picks up.
Days on Market (DOM) Trend: The black line illustrates the median number of days homes are listed before selling.
Shorter DOM in Spring/Summer: Similar to the "Average % Over Asking," the DOM tends to be lower during the spring and summer months, meaning homes sell more quickly.
Longer DOM in Fall/Winter: The DOM generally increases in the fall and winter as the market cools down.
April 2025 Shows Quick Sales: The median DOM of 15 days in April 2025 is relatively low, indicating that desirable homes are being snapped up quickly.
Strong Prices and Quick Sales: The data from this chart reinforces the trends we saw earlier. The higher median sale prices and the willingness of buyers to pay above asking price (as shown by the "Average % Closed vs. Asking") are consistent with a market where demand is strong.
Lower Inventory Could Be a Factor: The fact that homes are selling slightly faster (lower DOM) and often above asking could be a sign of relatively tight inventory. When there aren't many homes available, buyers compete more aggressively, driving up prices and reducing the time homes stay on the market.
A Look Back and What's Ahead for Buyers and Sellers
The April 2025 data confirms what we're seeing on the ground in the Connecticut single-family home market, especially right here in West Hartford: the dynamic we experienced last year is not only continuing but is doing so at a premium. We're observing a clear uptrend in both buyer demand and, significantly, in sale prices.
For Sellers: Take note – the historically strong selling months are ahead! If you've been considering a move this year, now is the time to strategically plan and act quickly to catch this wave of heightened buyer interest and potentially achieve top dollar for your property.
For Buyers: With homes selling briskly and often above asking, being prepared is paramount. Get your financing in order and be ready to act decisively when you find a home that meets your needs. Opportunities are out there, but speed and a well-informed strategy are key to success.
Whether you're a seller looking to maximize your return in this favorable climate or a buyer navigating this competitive market, I'm here to guide you every step of the way.
Let's leverage these trends to your advantage.
Contact me today for personalized advice and expert representation to achieve your real estate goals.
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