Hot and Affordable
In June, Hartford, Connecticut came in as the hottest housing market of the month. A great deal of the interest in Hartford is its lower prices and availability of inventory.
In June, the median price for a home in Hartford, Connecticut was $260,000, which is 8.3% higher than that in 2022. The number of homes in Hartford sold in June fell from 71 in 2022 to 51 in 2023.
What this points to is a continuing shift in the dynamics of our economy moving away from the work-from-office economy to the work-from-home economy. As more and more employees are able to work from home, buyers are pursuing those properties in more affordable areas. The median sales price for a home in Hartford is 39% lower than the median sales price of a home nationally.
Now affordability is going to continue to be one of the primary drivers within this current real estate market. Inventory levels have fallen so dramatically that they appear to be finding a bottom, which buyers are learning how to navigate.
The New Jersey Real Estate Market Overview
A comparison of the New Jersey real estate market in 2018 versus June of 2023 shows that the new listings and closed sales figures for both years are relatively close.
In June 2023 there were significantly fewer new listings than there were in September of 2018: 7,167 versus 10,071, respectively. But the closed sales in September 2018 came in at 6,664 versus June of 2023, which was 6,230.
The big difference between September 2018 and June 2023 the inventory of available homes for sale: in 2018 there were 41,063 homes for sale versus 12,975 homes for sale in June of 2023.
Gloucester County 2023
And in Gloucester County, where the median price for a home in June of 2023 was $335,000, pn the inventory has had a continued impact on the number of closed sales. The months supply of homes available in June 2023 and June 2022 was the same, 1.8 months. But the median price has climbed significantly in the last few years. Compare that median price for June 2023 with the June median price in 2019 of $206,000, representing a 33% increase in just 4 years.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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