Connecticut”™s housing market ended 2020 with a record-breaking median sale price and the most sales in 15 years, according to new data published by The Warren Group.
The state recorded 38,641 single-family home sales last year, a 16.6% year-over-year rise and the greatest quantity of sales since 2005. The home sales volume occurred despite a significant double-digit slump during the second quarter when the Covid-19 pandemic paralyzed Connecticut”™s economy. Most of the transactions occurred between July and December, when 24,984 sales took place.
Connecticut wrapped up 2020 with a median year-end sale price for single-family homes of $300,000, a 15.4% year-over-year increase and the highest price on record.
The state”™s condominium market recorded 9,167 sales, a relatively mild 0.6% year-over-year increase but also the highest sales volume since 2007. The condo market mirrored the single-family home market with a second-quarter slump followed by a robust return to activity. The median sale price for condos at year”™s end was $187,000, a 12% year-over-year increase and the highest year-end price since 2010.
Separately, the Connecticut Department of Economic and Community Development analyzed data from the U.S. Census Bureau to report there were 1,971 permits issued in 2020 for single-unit housing, up from 1,860 one year earlier. However, permits for housing with five or more units totaled 2,644 in 2020, down from 3,029 in 2019. The state ended 2020 with 4,775 housing permits, down from 5,097 in 2019.
