Hartford Real Estate Bounces Back: May 2024 Sees Recovery with Average Values Rising to $247,000

In recent months, the Hartford, CT real estate market has experienced noteworthy fluctuations. As of May 2024, the average property value in Hartford stands at $247,000, reflecting a recovery from a low of $225,000 in March 2024. This trend is paralleled by a climb in the average sale price per square foot, which peaked at $133 in May 2024, up significantly from $118 in the previous month. These numbers highlight a renewed interest in Hartford properties, potentially indicating a responsive yet volatile market.

• Read our previous report on the state of the market in Hartford from April this year

In terms of the number of sold homes, in February 2024 alone, 620 properties exchanged hands, whereas, by May 2024, this number slightly decreased to 605. These changes suggest that while buyer interest remains high, it might be influenced by seasonal fluctuations or other market-specific factors.

Comparative Insights Across Nearby Cities

When comparing Hartford with neighboring cities, West Hartford showcases a significantly higher average property value of $399,500 and a per square foot value of $228. These figures mark it as a more affluent area relative to Hartford, with properties generally attracting higher pricing.

In East Hartford, the average property value as of May 2024 is pinned at $264,950 with a per square foot value of $187. These figures are closer to Hartford’s but represent a slightly more affordable market. Similarly, Newington and Wethersfield present a middle-ground, with average values of $294,450 and $305,000 respectively, coupled with higher per square foot values nearing $201 and $183.

Surprisingly, Bloomfield aligns closer to West Hartford with an average property value of $362,450, yet the per square foot value at $160 is considerably lower than that of its higher-end neighbors. This could suggest larger property sizes or a differing buyer demographic.

Analysis of Property Sales and Market Stability

In West Hartford, there were 360 sold homes, a substantial number yet considerably lower than Hartford’s 605. This disparity could reflect diverse market pressures such as inventory levels or buyer demand variances.

East Hartford and Newington witnessed significantly lower sales volumes at 210 and 176 respectively, aligning with their market sizes and consumer interest levels. The consistency in the number of properties sold month-to-month across these areas reveals a relatively stable market, possibly indicative of established communities with less speculative buying.

Bloomfield and Wethersfield, although contrasting in average values, share a lower sales volume close to 100 properties. This could be due to the niche market segments they cater to, possibly affected by specific local economic or societal factors.