Curious to know how the Southington, Connecticut real estate market performed this year? In this 2022 Year in Review Housing Report, we are comparing data from Southington in 2021 to 2022 to see how the market performed in the area.
Home Sales Down 24.2% & Prices Up 6.9%
As of December 31, 2022, Southington home sales decreased by 24.2% as there were 606 sales in 2022 compared to 799 in 2021.
Average prices increased by 6.9% going from $298,128 in 2021 to $318,843 in 2022.
These metrics include single families, condos, and multi-families. The categorical breakdowns are listed in the infographic above.
The number of listed homes decreased by 23.4%, moving from 850 2021 to 651 in 2022.
The number of pending sales decreased by 28.4% in Southington in 2022 compared to 2021 from 782 to 560.
The Southington real estate market definitely saw signs of a cooling market in 2022, and this adjustment will continue well into 2023. As Anthony explains further in his 2023 predictions, home sales are predicted to be down overall in 2023, and prices expected to continue to increase. Buyer demand has been heavily impacted by increased mortgage rates and this lessening in demand combined with a lessening of supply – mostly from hesitant sellers being unwilling to list and give up their low mortgage rate – will result in lower sales when compared to 2022. As far as prices go, they are projected to increase, but given the current nature of the market, they are not expected to increase at the dramatic pace as they have been over the past few years. Lamacchia has served clients in Connecticut for years, but recently opened a branch office in Southington, CT, so we look forward to documenting real estate housing market data for the area at greater length in 2023.
To learn more about Connecticut performance, click here to read the 2022 Connecticut Year in Review Report.
Data provided by SmartMLS and InfoSparks and compared to the prior year.