Low Inventory High Demand Is Now the Best Time to Sell in Connecticut

Navigating the market? Get the best price for your home with the right strategy. Call us today to learn more! 📞🏡

If you’ve been thinking about selling your home, now might be the perfect time. Housing inventory is extremely low in many Connecticut towns, creating strong demand for available homes. Let’s break down what’s happening in the market and what it means for buyers and sellers.

What Does ‘Months of Supply’ Mean?

Months of supply refers to how long it would take for all the current listings to sell if no new homes came on the market. A balanced market typically has about 5 to 6 months of supply—anything less favors sellers because demand exceeds supply. Right now, many towns in Connecticut have less than 1 month of supply, meaning homes are selling fast, and buyers are competing for limited options.

Market Breakdown: East Hartford, Southington, and Newington

Some areas are facing critically low inventory, making it an excellent time to list a home. Here’s a snapshot of what’s happening:

• East Hartford:

  • .52 months of supply (extremely low!)

  • 15 single-family homes currently listed

  • 29 homes sold in February 2025

• Southington:

  • .54 months of supply

  • 13 homes currently listed

  • 24 homes sold last month

• Newington:

  • .56 months of supply

  • Only 5 homes currently listed

  • 9 homes sold last month

👉 We urgently need more homes to list in these areas! If you're considering selling, call our office at (203) 200-0933 to discuss how you can take advantage of this hot market.

Most Active Zip Codes: February 2024 vs. February 2025

Looking at year-over-year comparisons, one zip code stood out the most in terms of sales growth:

06010 – Bristol, CT

• 32 homes sold in February 2025 (📈 up 39.1% from last year!)

• Median sale price: $320,000 (up by $47,000)

• $220 per square foot

• 18 days on market (🏡 This means homes in this area are selling quickly!)

• Homes selling at 2.5% over asking price (Sellers are getting more than their list price!)

06770 – Naugatuck, CT

• 26 homes sold

• Median sale price: $360,000

• $217 per square foot

06118 – East Hartford, CT

• 19 homes sold

• 16 days on market

• Homes selling at 6% over asking price!

  
  

  🔥 That’s HUGE for sellers! If you list your home in this area, you could get significantly more than your asking price.

What’s Happening in New Haven?

New Haven’s market is also experiencing low inventory:

• 1.9 months of supply for single-family homes

• Breaking it down by price range:

  • $200k-$399k: 2.08 months of supply

  • $400k-$599k: 1.4 months of supply

📢 What This Means for Buyers & Sellers:

• Sellers: If you’re in these price ranges, your home is in high demand and may sell quickly.

• Buyers: Expect competition—especially in the lower price ranges. Be prepared to act fast and submit strong offers.

How Price Drops Affect the Market

• In the last 90 days, listings that dropped their price went pending in a median of 19 days (📉 This means when sellers adjusted their price, buyers acted quickly).

• In February, the median time from a price drop to going under contract was just 9 days (⏳ If a home price was reduced, it typically got an offer within about a week).

• Median of 5 new pending sales with a price drop (🧐 This means that in many cases, homes that lowered their price went under contract almost immediately).

Rising Rents in Waterbury: Could This Housing Project Help?

Rising housing costs: Will new affordable developments help stabilize the market?

Developers have proposed an affordable housing project in Waterbury, Connecticut, comprising 63 single-family homes on approximately 30 acres near the city's border with Prospect.

Addressing the Need for Affordable Housing

The initiative aims to address the pressing need for affordable housing in the area, offering residents access to quality homes at more attainable prices. The development is expected to enhance the local community by providing modern housing options and potentially stimulating economic growth through increased residential presence.

A Growing Trend in Connecticut

This proposal is part of a broader trend in Connecticut, where developers and city officials are increasingly focusing on affordable housing projects to meet growing demand and support community development.

Planning and Community Involvement

As the project progresses, it will undergo various planning and approval stages to ensure it aligns with local regulations and community needs. Stakeholders and residents will likely have opportunities to engage in discussions and provide input to shape the development's outcome.

Will This Development Impact Rental Prices?

One major question is whether this new development will help bring down or stabilize rental prices in Waterbury. Between March 6, 2024, and March 6, 2025, the median rent for a one-bedroom apartment in the city was $1,100, while a two-bedroom cost $1,500, and a three-bedroom averaged $1,700. These prices reflect a dramatic increase compared to five years ago, when, between March 6, 2019, and March 6, 2020, rents were significantly lower—$750 for a one-bedroom, $950 for a two-bedroom, and $1,150 for a three-bedroom.

Over that five-year period, Waterbury rental prices surged by 46.7% for a one-bedroom, 57.9% for a two-bedroom, and 47.8% for a three-bedroom. With such steep increases, the addition of 63 affordable homes could provide some relief, but will it be enough to curb the rising cost of renting in the city?

What do you think—will this development help stabilize or reduce rental prices in Waterbury, or will demand continue to drive costs higher?

A Path to Homeownership: House Hacking and Multi-Family Homes

For renters who are tired of paying high rent, now might be the time to consider homeownership. There are currently 29 multi-family homes for sale in Waterbury, presenting an opportunity for buyers to start building equity while offsetting their mortgage costs with rental income. House hacking—purchasing a multi-family property and renting out one or more units—can be a great way to lower your own living expenses and transition from renting to owning.

Regardless of whether rent prices come down, stay the same, or continue to rise, it’s always better to be on the receiving end of high rents rather than the paying end. If you’re interested in seeing if you qualify to purchase a home, contact us today to explore your options!

Landlords Face Hefty Fines in East Hartford – How Will This Impact Renters?

East Hartford officials have recently strengthened their anti-blight measures to ensure better property maintenance and living conditions for residents. Mayor Connor Martin announced that fines for property maintenance violations have been increased from $100 to up to $1,000 per day or incident. This initiative aims to hold landlords accountable and prevent situations like the one at Chapman Arms Apartments, where residents were displaced due to heating failures.

While these measures are designed to improve living conditions, they also raise important questions. Do you think these increased fines are fair? Will they genuinely motivate landlords to maintain their properties, or could they lead to unintended consequences? Some argue that such financial penalties might push landlords to raise rents or even sell their properties due to financial hardships, which could, in turn, hurt tenants by making housing even less affordable or reducing the number of available rental units in the market.

As of March 6, 2025, the median rent in East Hartford stands at $1,850. Breaking it down further, the median rental price of a one-bedroom apartment is $1,270, a two-bedroom is $1,600, a three-bedroom is $2,200, and a four-bedroom is $2,700. With rental prices already at these levels, will stricter enforcement of blight laws place additional financial strain on landlords, leading to even higher rents? Or is this a necessary step to ensure safe and habitable housing for all residents?

The town has also improved its relocation assistance process to support residents during emergencies. Laurence Burnsed, Director of Health and Human Services, emphasized the need for responsive caseworkers to assist tenants facing unexpected displacement.

Hannah Srajer, President of the Connecticut Tenants Union, supports these stricter policies, stating that they will motivate landlords to uphold housing standards. Mayor Martin clarified that these efforts specifically target absentee landlords who neglect their responsibilities, aiming to ensure a higher quality of life for East Hartford residents.

As these policies take effect, the debate remains open. Are they the right approach to solving housing issues, or will they lead to unintended economic shifts? How do you think this will impact East Hartford’s rental market in the long run?

For landlords seeking to navigate these changes, Triniyah Real Estate offers property management services through our sister company. Whether you need full management services or simply want help finding a tenant, we’re here to assist you. Contact us below to learn more about how we can support you! Are they the right approach to solving housing issues, or will they lead to unintended economic shifts?

How do you think this will impact East Hartford’s rental market in the long run?