Hartford, New York – Real Estate Market Snapshot, April 2024

Hartford’s Real Estate Pulse: An Overview

The real estate market in Hartford, Connecticut, is a dynamic landscape marked by fluctuating property values and home sale volumes. With an eye on the most recent data available from March 2024, let’s look into the trends and numbers that paint a picture of the current market conditions in Hartford and its neighboring cities. From average property values to per-square-foot costs, this report offers a comprehensive analysis grounded on the latest figures.

Hartford Property Value Trends and Sales Performance

Hartford’s real estate rhythms have ebbed and flowed, witnessing a peak in average property value at approximately $267,400 in January 2024 before sliding down to $225,000 in March 2024. The storyline for the average sale price per square foot tracks similarly, climbing to an apex of around $186 in August 2023 and tempering to $156 as of March 2024.

The market’s heartbeat is also mirrored in the number of properties changing hands. Sales hit a zenith in February 2024 with about 620 transactions, dwarfing the tranquility of October 2023, which saw around 433 properties sold. As of the latest data, March 2024 brings us an average sale price of roughly $134,251, with approximately 597 homes finding new owners.

Comparative Real Estate Dynamics in Nearby Cities

West Hartford emerges as a robust market with consistently higher property values than Hartford. With average values cresting between $359,000 to $400,000, this area asserts its pricier stature. March 2024 confirms this trend; an average property is valued at nearly $400,000, while the average sale per square foot stands at $244. Around 356 properties were sold, showing a vibrant market activity.

East Hartford presents an interesting middle ground – not as steep as West Hartford but elevated compared to Hartford, with property values oscillating from roughly $215,000 to $260,000. The average sale price here settled at about $248,537 in March, complemented by an average per square foot value of $189.

Other neighboring cities amplify the narrative of diverse market bearings. Newington shows pronounced market strength with an average property value peaking at $345,000 in February 2024, while March figures show properties valued at around $290,000 and sale prices hovering at approximately $310,739 with about 186 homes sold.

Bloomfield and Wethersfield also command higher average values and sale prices per square foot when stacked against Hartford. A home in Wethersfield garners an average value of $277,450, with its average sale per square foot cost at $224, and sales volume at around 128 properties in March. Bloomfield keeps pace, brandishing an average property value at $312,450 and an average sale price of nearly $295,000. Sales volume here is quieter, with about 80 properties sold.

Current Snapshot: March 2024 Market Values and Sales Volume

March 2024 unveils telling figures for Hartford. With an average property value standing at $225,000 and an average sale per square foot at $156, approximately 597 homes were sold. It suggests a moderate downturn from the January 2024 peak, yet the volume of property sold remains vigorous.

The surrounding cities display their respective market strengths. West Hartford upholds its status with high average values and an impressive sale price per square foot. East Hartford offers an attractive proposition with its higher-than-Hartford but lower-than-West Hartford values, and a respectable number of properties sold. Wethersfield and Newington exude stability with their higher-than-Hartford property values, while Bloomfield, with its subtle mix of value and volume, rounds out the regional market landscape.

These multiple geographic data points sketch a comprehensive and nuanced real estate portrait. It signals how varying locales offer distinct flavors of home values and market elasticity. By scrutinizing March 2024 data points, we glean insights not only into the current state of the Hartford property market but also the comparative vitality of its immediate neighbors.

Hartford and its vicinity are manifested as a real estate tapestry, where each city’s market reveals unique tendencies, but all are connected by the threads of regional ebb and flow. As an ongoing narrative, the story of Hartford’s real estate market is an unfolding tale told through numbers and trends.