WEST HARTFORD, Conn. (WTNH) – New data shows home prices are falling across the country, but that trend doesn’t appear to be happening in Connecticut.
Over the past year, real estate agent Jeff Rothman has seen many first-time buyers exit the West Hartford market, with home values up about 7% year-over-year.
At 15th, West Hartford took the top ranking for Connecticut on Realtor.com’s Top 50 Hottest Real Estate Markets in the United States with a median home price of $412,000.
Connecticut’s second highest is Wallingford with the No. 40 ranking, followed by Waterford at No. 46.
These hot spots attract the most buyers and sell out the fastest.
Tyler Saltzman, a man from West Hartford moved to Connecticut for his job last fall. Saltzman said he bought his condo in October when prices were rising rapidly, before buying a house.
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“Blue Back Square’s draw, Connecticut’s affordability relative to eastern Massachusetts and New York markets sets it apart,” Saltzman said.
After receiving several offers, a house on the boulevard in West Hartford has just sold well above the asking price, which has often happened in the past year. With still low inventory in West Hartford, don’t expect prices to drop anytime soon.
People who closed the house on the boulevard have a higher rate of 5.75, which is higher than it has been in the last 10 years, which may have slowed some down a bit. But with such a low inventory, it’s still a great time to be a seller.
“If prices keep going up, I just tell them even last year and this year, you don’t know what the year is going to bring, prices might go down, but rates might go up,” Rothman said. .
A first sign that the market could cool down with house prices falling for the first time in 3 years last month.
The 0.77% drop doesn’t sound huge, but it’s the biggest drop since January 2011.
The data could be skewed, with major cities in California seeing recent price drops of up to 10%.