Connecticut Real Estate: 60% of Homes Sold Above Asking Price in Late-Q4 2023

What factors are contributing to the fierce competition among Connecticut home buyers? In Late-Q4 2023, over 60% of homes sold in Connecticut were above their final asking prices, highlighting an intense market environment. The competition in Connecticut has dramatically changed since the 2010s, when only one or two out of ten sales closed above the list price. By early 2020, approximately 20% of homes sold above asking; this figure surged to over 50% within three years. Even though broader market competition eased in 2022, Connecticut's real estate market remained heated, with about half of homes still selling above asking prices in Late-Q2 2023. For buyers in Connecticut, the ongoing bidding wars and frequent above-asking deals have made navigating this market increasingly frustrating.

For expert insights on the Cheshire real estate market, connect with Eric Bergers, REALTOR® at William Raveis Real Estate.