Markets Across Connecticut, Including Northern Westchester and Berkshire Counties, Experience Sales Improvement in January

In January 2024, several housing markets in Connecticut, Northern Westchester County, New York, and the Berkshires, Massachusetts saw notable sales improvements compared to the same month last year, a stark turnaround following a year of declining sales. In addition, greatly reduced inventory levels, a significant challenge to the market in recent years, demonstrated lower declines than usual or in some cases improvement versus this time in 2023.

Closed dollar volume was ahead of the same month last year in several counties, increasing by 21% in Fairfield County, 13% in Middlesex County, 22% in New London County, 7% in Hartford County, 2% in Litchfield County, 11% in Berkshire County and 8% in Northern Westchester County, though Westchester County as a whole remained behind this time last year by 5% in closed volume—yet even a decline of 5% is a positive indicator when compared to dollar volume decreases in the 30% range from January of both 2021 and 2022 to the same month this year. Some territories including New London, Middlesex and Northern Westchester Counties also witnessed growth in closed unit sales, while Fairfield and Hartford Counties were nearly flat month over month. New Haven County was behind January of last year in closed volume and units, but as in Westchester County, those declines were not as significant as compared to January of 2021 and 2022.

In another positive trend, the prolonged period of low inventory we’ve experienced appears to be heading toward a shift. Some regions including New Haven, New London, Hartford and Northern Westchester Counties saw increases in new listing dollar volume month over month, while Berkshire County’s dramatic improvements in both units and volume for new listings were reflected in a 20% increase in overall inventory levels. In other areas such as Fairfield Westchester, Middlesex and Litchfield Counties, overall inventory as well as units and volume for new listings taken fell month over month, but the decreases were less significant when compared to January of 2021 and 2022.

We predicted these outcomes in our annual 2023 market report, providing a deep analysis of where we see the market is heading. For more insights, please read our most recent Market Watch here.

The accompanying charts provide a full review of the January data for all market areas, comparing January 2024 to the same month in 2023, sourced from various MLSs.

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