Real Estate Market Recap

  • Southington home sales decreased by 15.5% as there were 512 sales in 2023 compared to 606 in 2022. Average price increased by 6.9% going from $363,636 in 2022 to $388,593 in 2023. These metrics include single families, condos, and multi-families. The categorical breakdowns are listed in the infographic to the right.
  • The number of homes listed in 2023 compared to 2022 decreased by 13.9%, moving from 599 to 516. This metric includes single families and condos only.
  • The number of pending sales decreased by 11.6% with 478 in 2023 compared to 541 in 2022. This metric includes single families and condos only.

2024 Outlook

Overall, the Southington, CT housing market performed as expected given that the market is adjusting from a frenzied state – home sales were down, and average prices were up. Inventory levels in Connecticut in 2023 stayed relatively flat compared to other Northern states, and one of the biggest factors affecting this was listings as they were at their lowest since 2009 in Connecticut. Southington proved to be no different, with homes listed down substantially year over year. In 2024, we expect the Southington housing market to improve but still at a slower than normal pace. As Anthony states in his 2024 Predictions, “the worst is behind us, but we are not out of the woods.”  Home sales should increase, especially if mortgage rates continue to trend downward or stay as they are now. Buyer demand in the market is still strong, so the leveling of mortgage rates is excellent news for buyers battling with affordability concerns. This should also make want-to-be sellers more motivated to list their homes which should cause inventory to rise and in turn price growth should slow, level off, or even fall slightly (NOT crash).

To learn more about Connecticut’s performance, click here to read the 2023 Connecticut Year in Review Report.

Data provided by SmartMLS and compared to the prior year.