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April 2023
connecticut housing report

April Highlights

national home inventory april 2023
Source: Calculated Risk Blog
  • This supply-demand imbalance, where demand surpasses supply, has led to an overall increase in average prices in April compared to the previous year. The limited inventory acts as a support for prices, preventing them from declining.
  • While homes are indeed selling, there is a shortage of listings due to hesitant sellers. As a result, pending sales are decreasing.
  • The spring/summer market typically experiences increased activity, so those interested in making a move should consider getting themselves and their homes prepared. Sellers often prefer to sell when the weather is warm, and buyers with families aim to close on their homes before the new school year to allow ample time for settling in.


Combined Home Sales Down 30%

Combined sales are down 30% year over year, with April 2023 at 2,372 compared to 3,389 last April. Sales are down across all categories. 

  • Single families:  2,570 (2022) | 1,809 (2023) 
  • Condominiums: 819 (2022) | 563 (2023) 

Combined average prices have increased by 5.7% compared to last year, now at $508,674 from $481,446. Specifically, single-family prices increased by 3.9%, and condo prices increased by 14.9%.  

  • Single families: $548,071 (2022) | $569,645 (2023) 
  • Condominiums: $272,380 (2022) | $312,982 (2023) 

Homes Listed For Sale:

The number of homes listed is down by 31.6% when compared to April 2022, as would-be sellers are concerned about jumping into the market.  

  • 2023: 3,646
  • 2022: 5,334
  • 2021: 6,342

Pending Home Sales:

The number of homes placed under contract is down by 23.4% when compared to April 2022.

  • 2023: 3,004
  • 2022: 3,923
  • 2021: 4,610

Data provided by SmartMLS then compared to the prior year. 

As we navigate the adjusting market and the impact it’s having on buying, selling, renting, and homeownership, being informed is one of the first steps in knowing what to do next. Click on the button to visit the CT Real Estate Updates page and never hesitate to contact us with questions.

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