HARTFORD COUNTY HOUSING MARKET UPDATE – AUGUST 2023
The real estate market for the last couple of years has been experiencing some serious challenges.
A major cause of the challenges is home inventory. The historically low number of homes on the market continues to drive prices higher, and should continue to put upward pressure on home prices, per industry experts, for at least a couple of more years.
The high prices, along with low inventory and higher interest rates, though still below the 30 year average, are causing challenges for most buyers. Due to the low inventory many buyers have to compete in frustrating bidding wars, an arena in which lesser qualified buyer’s have difficulty competing. In addition, already high prices and high interest rates, though still below the 30 year average, are causing many buyers to sit on the side lines or driving them out of the market completely.
Sellers are not challenge free in this market either. They face the daunting task of selling without knowing if they can find a home that will fulfill their original intent for selling and, if they can, they will likely be paying considerably higher rates then what they’re currently paying. Because of the state of the market, sellers are staying in their homes on average longer than they have in decades.
These are just some of the reasons we continue to see declines in listing inventory and homes sold, along with scourge of ever increasing prices.