Connecticut Housing Market Tightens Up for First-time Buyers
Many first time buyers are struggling to find a suitable place to purchase a home in the greater Hartford area. Many first-time buyers that are entering the market in a pandemic, are seeking a home with adequate space for work. With so many jobs still being done from home work stations, many crave an exclusive workspace. We are living in a time where we are working from home more and going into the office less and less each day.
At the moment, multiple buyers are making offers on homes within hours or days of being listed. The median sale price of a single-family home rose from $230,000 in February 2020 to $280,000 this year. Meanwhile, the state’s inventory of homes for sale has decreased 52.1% over the same period.
Real estate experts say the status of the market in Connecticut is based on the pandemic. The price of homes here continues to rise as first-time buyers are entering an increasingly challenging market, according to real estate agents. While demand grows, buyers are having to adjust to a rapidly changing economy
The state of Connecticut has become an escape for families and individuals fleeing the congested of cities amid the COVID-19 pandemic.
Inventory in the Hartford area is the lowest it has been in the last 17 years. This low inventory is driving competition between buyers whether they are looking for their first homes or if they are a more established buyer.
According to the Greater Hartford Association of Realtors, the median sale price of a single-family home rose from $230,000 in February 2020 to $280,000 this year. Meanwhile, the state’s inventory of homes for sale decreased 52% over the same period.
This ongoing increase in housing prices is pushing first-time buyers out of the market and forcing them to wait longer so they can save more money for their down payments. There is a competition brewing between first-time buyers looking for their first homes within a set budget and more established buyers willing to pay above asking price for a property.
During this crazy time it is more important than ever to work with a realtor to ensure you can get a jump on a house as soon as possible.
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