4 Things To Expect from the Spring Housing Market in Connecticut

Spring is in full swing, and the Connecticut housing market is picking up along with it. If you’ve been wondering whether now is the right time to buy or sell, here’s the inside scoop on why this spring may be a great time to make your move.

1. There Are More Homes for Sale

After a long stretch of tight inventory, the number of homes for sale is finally improving. According to recent national data from Realtor.com, active listings are up 27.5% compared to this time last year.

Buyers: This means you have more choices and can be more selective.

Sellers: With more homes available than in recent years, you’re more likely to find what you’re looking for when you move. And since inventory is still below pre-pandemic levels, demand for your home remains strong.

2. Home Price Growth Is Moderating

As inventory grows, the pace of home price growth is slowing down. This is because prices are driven by supply and demand. When there are more homes for sale, buyers have more options, so there’s less competition for each house. While prices aren’t dropping at the national level, different areas in Connecticut may experience varying levels of price growth.

Buyers: The slower pace of growth means prices aren’t rising as quickly as before, making it easier to buy.

Sellers: While prices are still rising, overpricing your home in a more balanced market could mean it takes longer to sell. Pricing your house competitively will be key.

3. Mortgage Rates Are Stabilizing

One of the biggest hurdles for buyers has been high, volatile mortgage rates. But there’s good news—rates have stabilized in recent weeks and have even declined slightly since the beginning of this year. According to Selma Hepp, Chief Economist at CoreLogic:

“With the spring homebuying season upon us, the recent improvements in mortgage rates may help invite homebuyers back into the market.”

Buyers: When mortgage rates are more stable, it’s easier to plan ahead because you have a better idea of what your future payment might be.

Sellers: Slightly lower rates that are starting to stabilize are encouraging more buyers to move forward with their plans—good news for demand when you’re selling your house.

4. More Buyers Are Returning

With more inventory, slowing price growth, and stabilizing mortgage rates, buyers are gaining confidence and returning to the market. Demand is picking up, and data from the Mortgage Bankers Association (MBA) shows an increase in mortgage applications compared to the start of the year.

Buyers: Acting sooner rather than later could be a smart move before your competition heats up even more.

Sellers: More buyers in the market mean a better chance of selling your house quickly.

Bottom Line

Do you have questions about what the spring market means for you? Connect with a local real estate expert to discuss the best strategy for buying or selling in Connecticut this season.