In 2020, the Connecticut real estate market saw a mix of factors that led to a strong comeback in the second half of the year.
Record low mortgage rates created a strong sense of urgency for buyers, while low inventory increased the competition. These factors led to a strong seller’s market, which is carrying over into 2021.
As property values continue to rise, homeowners across the country are gaining more equity, creating stability in the market that was lacking in 2008. Because of this, experts predict that the market will remain strong.
Keep reading as we break down 2020 market statistics across Connecticut, and in New Haven, Middlesex, and New London Counties.
Connecticut 2020 Market Statistics
Single-Family Homes
| 2019 | 2020 | +/- | |
| Number of Sales | 35,443 | 42,524 | 20% |
| Median Sales Price | $265,000 | $305,000 | 15.1% |
| Number of New Listings | 52,664 | 51,124 | -2.9% |
Condominiums
| 2019 | 2020 | +/- | |
| Number of Sales | 8,875 | 9,772 | 10.1% |
| Median Sales Price | $167,500 | $185,000 | 10.4% |
| Number of New Listings | 12,028 | 12,176 | 1.2% |
Across Connecticut, the number of single-family sales increased by 20% compared to 2019, with 42,524 closings in 2020. The median sale price also increased by 15%, to $305,000. The number of new listings that came on the market decreased by almost 3%.
Condominiums in Connecticut had a 10% increase for both the number of sales (9,772) and the median sale price ($185,000) in 2020. The number of new listings remained about the same, increasing by about 1%.
New Haven County 2020 Market Statistics
Single-Family Homes
| 2019 | 2020 | +/- | |
| Number of Sales | 7,715 | 8,763 | 13.6% |
| Median Sales Price | $238,500 | $265,000 | 11.1% |
| Number of New Listings | 10,640 | 10,539 | -0.9% |
Condominiums
| 2019 | 2020 | +/- | |
| Number of Sales | 2,280 | 2,479 | 8.7% |
| Median Sales Price | $145,000 | $159,000 | 9.7% |
| Number of New Listings | 3,016 | 2,879 | -4.5% |
In New Haven County, the number of single-family homes sold in 2020 increased by 13.6% to 8,763. The median sale price increased by 11.1%, to $265,000, and the number of new listings saw a slight decrease of about 1%.
Condo units in New Haven County had an 8.7% increased in the number of units sold, up to 2,479, while the median sale price increased by 9.7% to $159,000. The number of new listings decreased by 4.5%
Middlesex County 2020 Market Statistics
Single-Family Homes
| 2019 | 2020 | +/- | |
| Number of Sales | 1,998 | 2,439 | 22.1% |
| Median Sales Price | $283,000 | $306,000 | 8.1% |
| Number of New Listings | 3,084 | 2,959 | -4.1 |
Condominiums
| 2019 | 2020 | +/- | |
| Number of Sales | 403 | 441 | 9.4% |
| Median Sales Price | $140,000 | $155,500 | 11.1% |
| Number of New Listings | 527 | 507 | -3.8% |
The number of single-family sales in Middlesex County increased by 22% to 2,439 closings in 2020. The median sale price increased by 8%, up to $306,000. The number of new listings decreased by 4%.
Condo sales in Middlesex County increased by 9.4%, with 441 sales throughout the year. The median sales price rose to $155,500, an 11% increase. The number of new listings decreased by close to 4%.
New London County 2020 Market Statistics
Single-Family Homes
| 2019 | 2020 | +/- | |
| Number of Sales | 3,269 | 3,627 | 11% |
| Median Sales Price | $237,500 | $265,000 | 11.6% |
| Number of New Listings | 4,641 | 4,157 | -10.4% |
Condominiums
| 2019 | 2020 | +/- | |
| Number of Sales | 465 | 537 | 15.5% |
| Median Sales Price | $134,000 | $145,000 | 8.2% |
| Number of New Listings | 654 | 677 | 3.5% |
In New London County, the number of sales increased by 11%, up to 3,627 in 2020. The median sale price increased by 11.6% to $265,000, and there was a 10.4% decrease in the number of new listings, compared to 2019.
Condominiums in New London County had 537 sales, a 15.5% increase compared to 2019. The median sales price increased by 8.2% to $145,000, and the number of new listings also increased by 3.5%
Ready to Learn More?
If you are interested in how these numbers are affecting today’s, or what the stats mean for you as a buyer or seller, contact us to learn more about your local market!
**All statistics pulled from SmartMLS on 1/18/21.