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Connecticut Real Estate Market Update - September 2023

The Connecticut real estate market has been a topic of interest for many, especially given the dynamic changes and trends observed throughout 2023. Here's a comprehensive update on the Connecticut housing market for September 2023:

1. Median Selling Price
Connecticut's median selling price for the first six months of 2023 was $350,000. This is an increase from $335,000 during the same period in 2022. This data suggests a steady appreciation in property values over the year.

2. Yearly Price Increase
According to data from Redfin, as of August 2023, home prices in Connecticut saw a rise of 9.8% compared to the previous year. Homes were selling for a median price that reflected this increase.

3. Market Shifts
The Connecticut real estate market has been undergoing significant shifts. For instance, the median sale price had increased by 7.6% in April 2023.

4. Recent Sales
A notable sale was a house on Nonepoge Road in Fairfield, Conn., which sold for $830,000 on September 5, 2023. This was 16 percent above its original listed price from late July.

5. Median Home Prices
Connecticut's median home sold for $350,000 in the first half of 2023, marking an increase of $15,000 from the previous year, translating to a 4.5 percent increase.

6. Average Home Price
As of January 2023, the average price of a home in Connecticut was $360,182. This represents a 9.9% increase year over year.

7. Local Market Reports
Hartford: The housing market forecast for Hartford, CT indicates a 1.4% increase as of 
30-09-2023, a 3.4% increase by 30-11-2023, and a 6.7% increase by 31-08-2024. Additionally, the Hartford real estate market had 229 homes for sale in August 2023, which is a 1.8% increase compared to July 2023.

Fairfield: The Fairfield real estate market had 248 homes for sale in August 2023, marking a 6.1% decrease compared to July 2023.

The Connecticut real estate market has shown resilience and growth in 2023. With median home prices on the rise and a noticeable shift in market dynamics, it's evident that the state's housing market is robust. Whether you're a potential homebuyer, seller, or a real estate enthusiast, keeping an eye on these trends can offer valuable insights into future market movements.    

Here are the sources referenced in the Connecticut Real Estate Market Update for September 2023:

CT Insider
Fire Cash Buyers
Rocket Homes

Note: All data and statistics mentioned above are based on the latest available information and are subject to change.

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