Connecticut housing market generates double-digit growth

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.