Hartford is among the top 10 towns and cities in the county with the strongest home sale price gains. There are many qualities that entice individuals and families to the beautiful and popular town of Hartford, including the house prices, cost of living and the variety of benefits and amenities that one can enjoy.
The popular capital of Connecticut has recently been named Realtor.com’s top market for 2023, and is predicted to be one of the busiest in the real estate market. People from all over the country are choosing to make Hartford their home. Now that the impact from the COVID-19 pandemic has settled, people are looking for properties they can call home. A place where they can feel safe, nurture their family and enjoy a higher quality of life.
Whether you are looking to buy your first home, or to relocate, Hartford is a place to keep your eye on.
Hartford house prices
Connecticut’s home sale market turned in lackluster price growth in 2019, at less than 1% compared to the previous year — and Hartford County fared even worse, with a slight price decline.
But across Hartford County’s 29 towns and cities, there were bright spots on the price front. The Courant analyzed data from The Warren Group on the largest segment of the home sale market — single-family houses — and found where the median price gains were the strongest in Hartford County. The median is the mid-point of sale prices, half above, half below.
Hartford’s housing market and house prices have taken a good turn. In 2022, the housing market saw a 2.0% increase in house prices and a median sale price, compared to last year. The average time a house is taking to sell on the market has decreased by approximately 10 days, and some homes are receiving a variety of offers. It appears that the housing market in Hartford for 2023 is competitive. In recent weeks, there has been a boom of interest in Hartford, and it is predicted that it will be the most active year in real estate.
Overall, house prices in Connecticut are seemingly expensive, however, the quality and value for your money is exceedingly high when compared to surrounding places like Massachusetts, New Jersey and New York.
While mortgage rates were low, they have been slowly increasing in 2022. Those interested in buying a property in Hartford, can expect to see interest rates above 5% for a standard, 3–year fixed mortgage.
Some towns with more homes priced on the upper end showed little to no increase or even a decline, compared with 2018.
West Hartford Real Estate, for instance, was flat, though the town is one of just a handful in Connecticut that has fully recovered from the housing recession of a decade ago. West Hartford home prices in December 2022 increased by 2.1% from the year before, with a median selling price of $358,000. Homes appeared to be selling quicker, with an average of 33 days on the market, down from 53 the previous year.
Avon Real Estate also was essentially flat, off 0.2%, and Glastonbury Real Estate was down 1.4%, both a year-over-year basis. Both of those towns have not fully recovered from the housing downturn, with Avon reporting a staggering 40.1% decline on house prices as of December 2022.
Economist Donald L. Klepper-Smith cautioned that smaller samples of sales can skew the results, perhaps because the mix of houses sold has changed in a particular year. Even so, shifts — up or down — in median sale prices are a well-watched indicator in the housing market. The impact of the COVID-19 pandemic cannot be ignored, and many markets are still recovering several years on.
Cost of living in Hartford
The cost of living of any state you wish to live in is an important factor to consider when investing in property. This will ensure that your house move will be suitable with your budget and salary, and you can lead a good quality of life.
The cost of living in Hartford is lower than the state average, by approximately 10%. Occupants of Hartford will find that necessities such as food, groceries and clothing, as well as house prices and utilities are slightly higher than average.
Why is Hartford a good place to live?
Hartford is one of the oldest cities in the country, dating back to when it was founded in 1635 and has been ranked one of the best places to live in Connecticut. It has grown into a popular and diverse place to live, with a good cost of living, affordable housing and lots of opportunities for jobs and education.
Hartford is a great spot for art and culture, as it houses the Harriet Beecher Stowe Center, the Wadsworth Atheneum Museum of Art, the Bushnell Center for the Performing Arts and the Mark Twain House & Museum. The center of the City is thriving with opportunities from job opportunities to luxury places to dine.
Hartford is a place that has something for everyone.
If you are looking to buy a house in Connecticut, why not consider moving to Hartford?
