The median sale price for single-family homes in Connecticut reached an 11-year high in 2019 while the median sale price for condominiums hit a five-year high, according to data from The Warren Group, a publisher of regional real estate data.
During December, Connecticut recorded 2,634 December single-family home sales, up from December 2018 when there were 2,501 transactions. Also in December, the median single-family home sale price hit $258,500, a 4.2% year-over-year increase.
For the full year of 2019, there were 33,146 single-family home sales in 2019, down 2.1% from 2018. However, the year-to-date median sale price reached $260,000, a 0.4% uptick from the previous year. Fairfield County recorded 8,237 single-family home sales last year – the second highest level of transactions among Connecticut’s counties – with a median sale price of $440,000 that marked a 2.7% decrease from 2018.
“Statewide, the median single-family home price has been on a slow, but steady, increase over the last four years,” said Tim Warren, CEO of The Warren Group. “Although the larger counties like Fairfield, Hartford and New Haven actually saw the median sale price decline or remain flat on a year-over-year basis, the smaller Connecticut counties did their part in bolstering the statewide price at the end of 2019.”
On the condominium side of the housing market, there were 776 transactions in December, an 11.7% increase from the 695 sales recorded one year earlier. The median sale price of $175,000 was up from the $162,000 price from December 2018.
Year-to-date, there were 9,109 condo sales in 2019, a slight 0.2% dip from 2018, with a median sale price of $167,000 that was a 1.2% increase. Fairfield County recorded the most condominium sales in the state last year with 2,858 transactions, although the median sale price of $255,000 was a 1.2% drop from 2018.
“The median condo price has progressively risen over the last three years, but this is the first time that we’ve seen the number of sales take a dip on a year-over-year basis since 2011,” Warren added. “Despite the slight decline, condos continue to prove to be a favorite among Connecticut homebuyers. Since 2017, year-end condo sales have tallied more than 9,000 transactions, and I wouldn’t be surprised to see this streak continue in the new year.”