What Happened in The Prospect CT Real Estate Market Prospect September 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.
Currently in Prospect CT there are 17 active residential listings for sale, with 3 new listings added in September . The homes for sale in Prospect CT range from a 1,226 square ft, 3-bedroom split level, listed at $155,500 to a 4,888 square ft, 4-bedroom colonial listed at $899,900.
The average list price of the homes currently available for sale in Prospect CT is $492,982. The average days on market for these homes are 99 days. In addition, there are currently 12 homes in pending status and 90 homes under hard deposit in Prospect CT.
In September 2022, 7 homes closed in Prospect CT. The homes that sold in Prospect CT ranged from a 667 square ft, 2-bedroom ranch, which sold for $225,000 to a 2,328 square ft, 3-bedroom colonial which sold for $450,000. The average value of the sold homes in Prospect CT in September 2022 was $354,857 with average days on market of 19 days.
By comparison, there were 5 closings in Prospect CT for the month of September 2021 with an average closing sales price of $344,400 and average days on market of 59. This would demonstrate that for Prospect CT in September of 2022, the market sales were greater by 2 sales than the period of 2021 and with an average sales value almost 3% greater. This shows a slight increase in values and with a slight increase in number of sales. Higher interest rates and lack of affordable inventory are prevalent as factors affecting the Prospect CT housing market.
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.
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.
Prospect CT September 2022 Real Estate Market Trends