The current national headlines show slumping home sales, increased contract cancellations, and sellers offering concessions, and in some cases, even delisting while prices hold steady. However, some regional housing markets may offer a very different picture.
In the RiskWire: Housing Pulse Episode 6, Sr. Research Economist, Reena Agrawal, welcomes real estate broker from the greater Hartford and Farmington Valley area, Lisa Barall-Matt! Lisa has over two decades of real estate experience and specializes in creating effortless paths for homebuyers and sellers to succeed! In this edition of the housing pulse, they speak on the general state of the market in Connecticut, and how it tells a much different story than what you would see in national news reports.
Low Supply Paired with High Demand
The market in Connecticut can be described as a very solid sellers’ market. Homes that are in good condition, in areas that are highly desired, are selling very well, with 10-12 offers at times, as well as above asking price. Buyers are willing to do whatever it takes to jump on the few properties that come on the market.
Buyer Behavior in Connecticut
In the Hartford and Farmington Valley area, Lisa sees a lot of buyers with very healthy downpayments, in the 35-40% range. Many buyers are continuing to buy without home inspections in the Hartford and Farmington area.
Lisa's Future Outlook on the Housing Market
Lisa predicts that a shift is going to be seen starting in 2026 in terms of price growth. Over the past few years, there has been a 10% increase in prices year-over-year, however, going forward, she projects that there will be a price increase of around 5% over the next year. She also stresses the fact that it won’t be anything drastic. Hartford and Farmington are still going to be supply deprived markets, with sellers having to step up to the plate and put their homes on the market. There is a shift incoming, however, not a very significant one.
Conclusion
National housing market news often fails to capture the full picture of what’s happening on a local level. Some markets may be performing much better than national averages, so focusing on broad trends without examining local data can lead to an incomplete understanding of the market.
Take a closer look at their conversation! Visit RiskWIre’s webcasts and interviews page for the sixth edition of the RiskWire Housing Pulse: Webcast & Interviews – RiskWire, powered by Veros
