When is the best time to sell your house in Connecticut? This is often a question that real estate agents talk about with clients. If you have the luxury of choosing when you can sell your home and buy your next property, you want to choose the most active season. This will ensure you can close at a good price and experience a smooth and efficient process.
The housing market can be difficult to navigate. Understanding whether you are in a seller or buyer’s market is a great place to start. It can also be helpful to know when the most optimal months/seasons are to sell your house. This information will help you hit the ground running. To help you on your journey, here is everything you need to know about selling your house at the right time in Connecticut.
When is the Best Time to Sell Your House in Connecticut?
There is a pattern to the Connecticut housing market, which enables real estate agents to see trends and advise on optimal times to put properties on the market. Despite the COVID pandemic and the state of the economy, the housing market in Connecticut is still pretty predictable in terms of human behaviors and trends.
Looking at all the data on the Connecticut housing market over the past few years, Spring is the best time to sell your house. As the weather starts to get warmer and life starts to show, buyers get more serious about the process and have the motivation to make steps in buying a new home. It is just after the rush of the holidays and many people want to settle into their new home before summer and academic years start again.
The majority of houses on the market have shown to:
- Sell above their listing price
- Sell within 1-3 months
More specifically, if you sell your home in early Spring, around April-May, you are likely to sell your house quickly compared to selling it earlier in the year. This can be shown by the median days on market.
According to Redfin:
- January 2023: 53 median days on the market
- May 2023: 30 median days on the market
As you can see, properties spend a lot less time on the market in early Spring.
If you put your house on the market in July, records show that you are more likely to sell for the listing price or more. In July 2023, the median sale price was $430,000, which is an 8.4% increase from 2022, and nearly $100,000 more than the median sale price in February 2023 at $333,000. 66.2% of houses sold above the listing price in July 2023, compared to 42.6% in February 2023.
When is the Worst Time to Sell Your House in Connecticut?
According to the housing market data, the worst months to sell your house in Connecticut are February and November. This does not mean you shouldn’t or can’t sell your home during this time, it just means that it isn’t the most optimal according to the housing market trends over the last few years. This could result in taking a little longer to sell your house or selling slightly lower than the asking price.
For many people, you will sell your house when you need to and do not always have the time to wait around for a particular season. Fortunately, there are always people looking for a property and who are eager to buy. If you do have to sell your house in one of the off-seasons, then you can benefit from less competition. And if you are looking to buy a house at the same time, then whatever you lose from a property, you will gain on the one you purchase.
Balance the Market with Your Needs
Not only do you need to think about the best time in terms of the Connecticut housing market, but also the best time for you. Make sure you know what you want and are financially ready to put your house on the market. Selling your house is not always a certain formula, and although there are optimal times to sell your house, you want to be prepared for all scenarios.
If you want to sell your house, it is a good idea to consider when the best time to sell your house in Connecticut will be. This will be an important factor when it comes to selling your home. If you choose the right, or optimal time to sell your home, then the process will be quick and easy, it will save you money and be a hassle-free process. Alternatively, if you try to sell your house when the time isn’t right, you may lose money, it will be long and stressful and it can even hinder your chances. When people see that a house has been on the market for a long time, they may get the wrong impression.
Speak to your local real estate agent in Connecticut to find out what is best for your property and personal circumstances.