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A new report from real estate data firm ATTOM says the few Hartford-area residents who are selling their homes have seen the biggest gain in raw profits among any of the nation’s major metro areas.
The median homeowner who sold in the third quarter in Greater Hartford saw profits from the sale 33 percent greater than the median homeowner who sold in the third quarter of 2022, the firm said.
Rochester, New York was the runner-up with a 24 percent increase in seller profits. Quarter-over-quarter, Buffalo, New York beat out all comers with a 22 percent rise in the raw median seller profit followed by New York City with a 15 percent jump.
Measured annually, the typical nationwide raw profit also was up, by 3.2 percent, from $125,875 in the third quarter of 2022. Profits on median-priced home sales nationwide, measured in raw dollars, increased from $123,716 in the second quarter of 2023 to $129,900 in the third quarter, a 5 percent gain.
“Prices and profits around the U.S. got another boost over the summer as the housing market continued recovering from last year’s setbacks,” ATTOM CEO Rob Barber said in a statement. “Things do remain uncertain heading into the market’s annual Fall slowdown, especially at a time when mortgage rates are rising again, home affordability is getting tougher and the potential for a recession hangs in the air. But the latest gains fell in line with what we often see during the third quarter and showed that any predictions of an extended market fallback may have been premature.”
Another measurement of one trend driving the price increases, average homeowner tenure, showed two other Connecticut cities were leading the nation for how long homeowners were holding onto their properties.
Fairfield County and the Norwich/New London area clocked in with the second- and third-longest average homeowner tenures in the nation at 12.79 years and 12.59 years, respectively, following homeowners on Cape Cod in Massachusetts, who were staying in their homes an average of 13.84 years.
