Prospect CT September 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 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. 

 Prospect CT September 2022 Real Estate Market Trends

Search for homes in Prospect CT

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.

 Prospect CT September 2022 Real Estate Market Trends

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.

 Prospect CT September 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 September 2022 Real Estate Market Trends

 

Posted by

 

Edward (Ed) Silva
Broker Associate

Serving Central Connecticut Sellers and Buyers

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Comments (7)

Eric Bouler
Gardner Realtors, Licensed in La. - New Orleans, LA
Listening to your Needs

Nice Blog. Nice to see your blog today. Have a great month now.

 

Oct 06, 2022 06:11 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Ed, thank you for sharing the current market for Prospect CT, and seeing days on market increasing here too.

Oct 06, 2022 06:17 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Ed,

Very thoughtful market overview for Prospect CT. Good to see inventory of 2 months is still the case but can see days on market increasing.

Oct 06, 2022 06:33 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

My message, as well, Ed... less than two months supply of homes is still keeping sellers in the driver's seat. Buyers might be able to negotiate a bit of asking price now but they shouldn't be fooled into thinking it's a buyer's market.

Oct 06, 2022 06:51 AM
Roy Kelley
Retired - Gaithersburg, MD

Good Thursday morning, Ed.

I  hope you are having a productive week.

Oct 06, 2022 07:48 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Ed Silva - I did not realize that Prospect was a small town. The city were I lived in Northern, IL before moving to Texas only had about 8,000 residents and I swear, just about everyone I knew, knew each other's name or what kind of car and/or truck they drove, and something about the kids or the family. I really enjoyed being in a small community. Is it about the same for Prospect, CT?

Oct 07, 2022 06:40 PM
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Hi Ed,
Thank you for sharing the real estate information.
Buyers and sellers in your area will benefit from your expertise.
Wishing you continued success.

Bob

 

Oct 07, 2022 10:31 PM