Connecticut median single-family home price sets record

Connecticut”™s housing market started 2021 on the upswing, with double-digit increases in the sales and median prices of single-family homes and condominiums.

According to new data published by The Warren Group, Connecticut recorded 2,520 single-family home sales in January, a 24.5% year-over-year spike and the highest volume in sales in 15 years. The $300,000 single-family median home price marked a 19.4% year-over-year increase and was the highest price ever recorded for the month of January.

“The momentum gained in last year”™s single-family housing market has clearly rolled over into 2021,” said Timothy Warren, CEO of The Warren Group, who noted that “Fairfield and Litchfield counties showed the biggest gains, indicating a demand for country or vacation homes for city-dwellers. But as the state gains immunity from the coronavirus this spring, we may see less demand in those areas.”

Connecticut”™s condominium sales in January took a 25.1% year-over-year upswing to 712 transactions while the median sale price for this housing sector surged by 17.3% year-over-year to $190,000, which was the highest price for the month of January since 2006.