Hartford County closed the summer with an uptick in the number of contract. August finished with 870 deals, a slight increase over July but still below the August 2021 total. Overall the County was over 17% behind 2021 on a year-to-date basis.
Inventory levels moved downward for the first time since January. We continued to hover around one month of homes available, a strong seller’s market, and the long-term trend of fewer options at lower price points held.
One of the national real estate news outlets targeting agents published an article recently that identified the Hartford region as one of relatively few in which they felt prices might continue increasing. We always take listicles with a grain of salt, and this one was light on supporting details as to why Hartford was different.
That said, we agreed with their conclusion despite the fact that most national real estate headlines have recently focused on a downturn in the market.
We continue to believe that the Hartford region offers an attractive quality of life and cost of living. Yes, home prices have gone up, but they continue to seem reasonable compared to prices in other parts of the country. Buyer demand continues to be strong, both when looking at inventory numbers and when thinking about the experiences of our clients in the market.