September 5, 2023

CT Market Report 2023


While home prices in CT have hit another record high on the tail end of the hot spring market, uncertainty looms ahead.

ct prices and dom

CT Home Sale Prices hit another record high in  2023.

July 2023 saw the highest median sale price ever on record - $385,000.

While some other states have already started seeing year over year declines, CT has always been behind the curve. July marks the close of sales from the yearly spring market, and likely the height of the peak of the market for the state. Limited inventory has kept demand at all time highs, even as interest rates and inflation have skyrocketed.

inflation graph

What looms ahead?

Connecticut can't kick the can down the road forever. 

The cost of living continues to increase, and CT was already one of the priciest states to live in. The cost of living in Connecticut is 16% higher than the national average. Housing is 25% higher than the national average, while utilities are 29% higher. When it comes to basic necessities such as food and clothing, groceries are around 15% higher than in the rest of the country, while clothing costs 15% higher.

ct short sales and foreclosures

CT foreclosure starts are currently one of the highest in the country.

Distressed inventory is slowly but surely creeping back into the market. 

States with the highest foreclosure rates in June 2023 were Maryland (one in every 1,733 housing units with a foreclosure filing); Delaware (one in every 2,171 housing units); New Jersey (one in every 2,189 housing units); Connecticut (one in every 2,272 housing units); and Illinois (one in every 2,348 housing units).

How long until Connecticut takes a fall?

Bad fiscal policy leads to poor consequences for consumers. Government has artificially propped the market for years now via historically low rates, foreclosure moratoriums, and the use of federal funds to evade the inevitable market crash.

But there's simply no way to avoid paying the piper forever. The "rescue" money eventually runs dry, and the market always corrects. 

That time has come for the state of Connecticut, which as usual lags behind the rest of the nation. If you're looking for your last chance to sell at top dollar, here it is, if it's not already too late.

If you've been struggling with your mortgage already, which many have, there are still state funds available to help homeowners catch up, and if you've run out of options and need to sell before foreclosure, that's our specialty!

sell my ct home in preforeclosure

Need help with your CT home sale?

We specialize in foreclosure prevention!

Last Updated on September 5, 2023 by Minna Reid

About the author 

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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