Sound Advice 06-28-24
It’s the question on the minds of everyone considering buying a home in the coming months: “What’s happening with home prices?” Realtor Elizabeth Johnstone offers some perspective:
“Home prices in New London County remain far above pre-pandemic levels. According to Federal Reserve Economic Data (FRED), the median listing price of housing inventory in New London, Connecticut just before the pandemic was about $320,000, and as of February 2024 had increased to about $480,000. The recent peak was reached in spring of 2023 at about $535,000, and has moderated since, to just under $440,000 in mid-summer 2023, and with a gradual increase since then. Although it is unclear where housing prices go from here, New London County remains a highly sought-after area to live in, and with limited inventory, sellers continue to have the upper hand when pricing within trend to sell. Keep an eye on the economy—interest rates, inflation and unemployment; it provides a window into shifting trends.”
Have a question for a local Realtor? Ask it here: welcomehome@theday.com
Elizabeth Johnstone
Berkshire Hathaway HomeServices
New England Properties (Mystic)
Mobile: (860) 287-1641
elizabethjohnstone@bhhsne.com
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