Connecticut”™s housing market enjoyed double-digit growth during February, according to statistics published by The Warren Group, a real estate and transaction data resource.
February saw a total of 2,200 single-family home sales, a 24.8% year-over-year increase and a 16-year high for February transactions. The median single-family home price during the month was $300,000, up from $245,000 in February 2020 and an all-time high for the month.
Year-to-date, Connecticut recorded 4,726 single-family home sales, a 24.8% increase over the first two months of 2020, while the $300,000 median sale price was 20% higher than one year earlier.
“The median sale price increased by double digits in nearly every county in Connecticut, indicating that the level of demand is statewide,” said Timothy Warren, CEO of The Warren Group. “Fairfield County led the charge with increases of over 45% in both single-family sales volume and median price.”
Warren said that while February is traditionally a slow month for the single-family home sector, the new data suggest “we”™re in for a red-hot spring and summer market.”
On the condominium side of the market, there were 652 sales in Connecticut during February, up 20.1% from one year earlier. The median condo price of $180,000 was up 12.5% year-over-year and represented the highest price for the month of February since 2008.
Connecticut”™s condo sales totaled 1,369 transactions, a 23.1% spike from the same period in 2020, while the median sale price of $185,000 was a 15.6% increase on the same basis.
“If the current level of demand continues to outpace supply, I fully expect the median statewide condo price to set new records in the coming months,” Warren said.
