Prospect CT August 2022 Real Estate Market Trends

By
Real Estate Agent with Mapleridge Realty, CT 203-206-0754 REB.0759001

What Happened in The Prospect CT Real Estate Market Prospect August 2022?  

 

Prospect CT is a town of App 10,000 residents located in New Haven County. It is bordered by Waterbury, Cheshire, Naugatuck and Bethany.  One noted by Money Magazine as one of the top 300 towns in the Nation, it has since adopted the title of Best small town in CT.

It serves as a predominately residential community whose residents commute to the nearby towns.  It has a well recognized Regional school system shared with Beacon Falls CT.  It is also recognized as a well-managed town with taxes under control. 

Prospect CT August 2022 Real Estate Market Trends 

Search for homes in Prospect CT

Currently in Prospect CT there are 16 active residential listings for sale, with 4 new listings added in August . The homes for sale in Prospect CT range from a 1,226 square ft, 3-bedroom split level, listed at $155,500 to a 1,940 square ft, 5-bedroom cape listed at $800,000. 

The average list price of the homes currently available for sale in Prospect CT is $476,656. The average days on market for these homes are 108 days. In addition, there are currently 13 homes in pending status and 10 homes under hard deposit in Prospect CT. 

 Prospect CT August 2022 Real Estate Market Trends

In August 2022, 10 homes closed in Prospect CT. The homes that sold in Prospect CT ranged from an 1,074 square ft, 2-bedroom ranch, which sold for $235,000 to a 4,327 square ft, 4-bedroom colonial which sold for $670,000. The average value of the sold homes in Prospect CT in August 2022 was $371,700 with average days on market of 27 days.

By comparison, there were 9 closings in Prospect CT for the month of August 2021 with an average closing sales price of $305,211 and average days on market of 34. This would demonstrate that for Prospect CT in August of 2022, the market sales were greater by 1 sale than the period of 2021 and with an average sales value almost 18% greater. This shows an increase in values and at with number of sales being constant.

 

For the year 2021, the market sales or absorption rate was 8 sales per month, with an average sales value of $328,690 and average days on market of 49. 

With this absorption rate the current inventory equates to a 2 month inventory.  This is still a strong seller's market.

 Prospect CT August 2022 Real Estate Market Trends

The graph demonstrates the average monthly sales value in Prospect CT with strong gains from month to month highly representative of the concerns created by the lower interest rates and for people seeking to have more space around them. The values in Prospect CT have demonstrated an inconsistency in value over the second half of the year.

For sellers it is essential to have a sales price on your home consistent with the most recent activity. We offer free market evaluations to assist you in your sale.

If you would like information on homes for sale in Prospect CT please call me at 203-206-0754 or send me an email. I would be happy to assist you or to discuss homes on the market in Prospect CT.

 Homes for sale in Prospect CT

Prospect CT August 2022 Real Estate Market Trends

 

 

Posted by

 

Edward (Ed) Silva
Broker Associate

Serving Central Connecticut Sellers and Buyers

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Comments (9)

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Very thorough stats on Prospect Real Estate Ed. Both buyer and sellers will benefit from your knowledge and experience in the area!

Sep 27, 2022 07:07 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

You definitely paint a good picture of Prospect, it seems like it would be such a great place to call home.

Sep 27, 2022 07:12 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Ed Silva - your marketing is very useful and informative. Buyers and Sellers will delight in your expertise. I know for sure, you care. 

Sep 27, 2022 07:12 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Ed and Thank You for sharing your market report with us here in the rain.  Make it a great day

Sep 27, 2022 07:22 AM
Roy Kelley
Retired - Gaithersburg, MD

Families on the move will appreciate your local real estate reports.

Sep 27, 2022 09:04 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Ed... would you expect your months supply of inventory to start increasing now from the two months you reported?

Sep 27, 2022 11:34 AM
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Sounds like a great place to live, with a choice of different types of homes for all levels of buyer. With the rising interest rates you might see increasing inventory as sales slow down a little. 

Sep 27, 2022 12:19 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Ed properties continue to increase in value at an amazing pace.  Buyers and Sellers would be wise to take advantage of this while it lasts.

Sep 27, 2022 03:45 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Prospect home buyers and sellers are sure to value your real estate market report, Ed.

Sep 28, 2022 07:41 AM