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While homebuyer competition is increasing across the United States, the share of homes selling for above asking price in three of Connecticut’s four major housing markets dropped year-over-year.
According to a new data from Redfin, in February the share of homes that sold above asking price in each major Connecticut market was:
- 60 percent in Greater Hartford, down from 62.1 percent in February 2024.
- 44.2 percent in Fairfield County, down from 50.2 percent in February 2024.
- 44.5 percent in the New London-Norwich area, down from 47.3 percent in February 2024.
- 49.1 percent in the New Haven area, up from 47.9 percent in February 2024.
February also featured one of the colder months in recent memory and the worst flu season in 10 years, potentially damping down on buyer activity.
Another indicator of buyer interest – price cuts on active listings – is tracking above the last three years, however.
Data from Redfin shows 3.1 percent of active Greater Hartford listings have taken dropped their price in the four weeks between Feb. 24 and March 23, the most recent data available. That compares to 2.1 percent for the same period in 2024. In Fairfield County, the share is 2.6 percent compared to 2.1 percent in the same period in 2024.
Eastern Connecticut is seeing the biggest spread year-over year: 4.6 percent of active listings there had price cuts in recent weeks, compared to just 2.8 percent in the same period last year.
Elsewhere in the nation, major locals such as San Francisco and New York saw the largest increases in homes selling above asking price. In San Francisco, 57.2 percent of homes that sold went for above their original list price, up 7.5 percent year-over-year. In Nassau County, the share of homes sold above asking price increased 4.4 percent year-over-year to 47.1 percent.
Nationwide, 64.2 percent of homes sold for less than their original list price, compared with 60.9 percent a year earlier. The increase in homes selling below their asking price illustrates the importance of properly pricing a home when it goes on the market.
Commercial Record staff writer James Sanna contributed to this report.
