The imbalance between buyers and sellers in 2022 led to a 9% rise in median single-family home price in Hartford County. It was the third year in a row of sharp increases, bringing the rise in median value since 2019 up to 35%.
Prices rose because buyers outnumbered sellers, and demand outpaced supply. There were bidding wars for nicer homes during the busier months of the year, and most sellers with a realistic asking price were able to find a buyer.
This is not to say that every home in the County rose in value by 9% last year and 35% over the past 3 years. Median price is a convenient statistic to get a broad overview of the market by looking at all 8,117 sales and finding the middle price. It works well in Hartford County because there is a lot of data, there is little new construction, and we have historically not seen huge swings in the mix of houses that sell in a particular year. If you want to know how one particular home has changed in value, then you have to analyze it individually.
Using median sales to gauge price changes is less effective at the municipal level. There are fewer data points, so the randomness of which specific properties sell in a particular year has more of an impact. But it’s the best metric we have for monitoring market prices. Here are the stats for each town in Hartford County.