CT REAL ESTATE REPORT: 2022 IN REVIEW
It's been a wild ride for a few years and 2022 was no exception!
2022 home sale prices and marketing time peaked in late spring 2022.
July 2022 saw the highest median sales price of all time in CT : $363,000!
Marketing time dropped to its lowest ever record of just 10 days in May 2022. Spring is always the peak of the yearly selling season, and the market is mostly normalizing since the disruption of the pandemic.
2022 was the best year on record for CT home sellers.
Home sale prices averaged $330,00 in 2022.
The market has been improving since recovering from the last bust in the late 2000's. This upward movement accelerated greatly in 2020 and through 2022 with record breaking home price growth.
Role of short sale and foreclosures in the CT market.
After dropping to record lows, distress inventory is starting to pick up again.
A national foreclosure moratorium was put into place by government in March 2020 and lasted for almost two years. During this time foreclosures were almost completely shut down. While foreclosures resumed in September 2021, they are only starting to pick up again now. A lot of shadow inventory remains, and many homeowners are still exiting forbearance plans.
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Regardless of what the market is doing, we can help you sell at the best price, in the fastest time, regardless of your situation!
Last Updated on January 2, 2023 by Minna Reid