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October 22, 2020

Report: Hartford's Sept. home-sale market was among hottest in U.S.

By Liese Klein

The Hartford area was one of the hottest residential real estate markets in the nation during the month of September, according to a new report by RE/MAX realty company.

Hartford recorded a 33.3% increase in year-over-year sales, joining San Francisco (up 34.7%) and Billings, Montana (up 37.1%) as the top gainers nationwide. 

RE/MAX surveyed 53 metro areas and found that the overall average number of September home sales was down 3.3% compared to August, but up 21.1% compared to Sept. 2019. 

Closings nationwide in September rose 21.1% from a year ago, with homes selling in a mere 39 days – a full week faster than in Sept. 2019, according to RE/MAX. National inventory fell 31.9% year over year as the number of homes on the market dropped to the lowest point in the 13-year history of the report.

RE/MAX credited the sales surge to pandemic lockdowns extending the summer peak homebuying season. As a result, September sales across the U.S. were only 3.3% lower than in August, compared to an average seasonal drop-off over the previous five years of 15.3%. Low interest rates, generational factors and a rebound in home construction also played a role. 

The buying boom is expected to continue into next year, RE/MAX said. 

"Demand is off the charts right now. Buyers of all ages are coming into the market… They're working through the challenges of tight inventory, high prices and competing offers to take advantage of historically low interest rates and, in many cases, the greater mobility they now enjoy through working remotely,” said Adam Contos, CEO of RE/MAX Holdings.

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