Connecticut home sale prices continue to fall and short sales and foreclosures return to market! - Reid Real Estate Group

Connecticut home sale prices continue to fall and short sales and foreclosures return to market!

Its been a great year for Connecticut sellers, but are things about to take a nosedive? While 2021 overall has seen record sale prices and marketing times, a look at the last few months tells a different story!

THE GOOD NEWS: The average sale price of a CT home in 2021 is currently $306,000 - an all time record. Days on market are also lower than ever in 2021 at a year average of just 26 days!

CT median sale price and DOM 10 years


However, sale prices have been falling every month since June:

CT median sale price through Sept 2021


The foreclosure moratorium ended in July. New foreclosure and short sale listings have almost doubled since then:

CT SS and REO through Sept 2021

What does it all mean? Its hard to say whether prices will continue to fall or whether this is just a seasonal trend. However, we can be certain that foreclosures and short sales will continue, as they always have. Increasing distressed inventory will put downward pressure on the market, and if coupled with falling prices, we are looking at a nasty situation up ahead for home sellers.

Last Updated on October 8, 2021 by Minna Reid

Minna Reid

Minna Reid is The Broker - Owner of Reid Real Estate Group. Reid Real Estate Group is a full-service Connecticut residential real estate brokerage, specializing in helping homeowners with legal and financial challenges including short sales, probate sales and tax lien complications.

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