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Prospect CT November 2023 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 November 2023?  

 

Prospect CT is a town of App 11,000 residents located in New Haven County. It is bordered by Waterbury, Cheshire, Naugatuck and Bethany.  Once 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 November 2023 Real Estate Market Trends

Search for homes in Prospect CT

Currently in Prospect CT there are 8 active residential listings for sale. The homes for sale in Prospect CT range from a 2,244 square ft, 3-bedroom colonial listed at $299,900 to a 2,452 square ft, 4-bedroom colonial listed at $649,000. 

The average list price of the homes currently available for sale in Prospect CT is $497,075. The average days on market for these homes are 65 days.

In addition, there are currently 5 homes in pending status and 6 homes under hard deposit in Prospect CT. 

 Prospect CT November 2023 Real Estate Market Trends

In November 2023, 7 homes closed in Prospect CT. The average value of the sold homes in Prospect CT in November 2023 was $358,429 with average days on market of 20 days.

By comparison, there were 7 closings in Prospect CT for the month of November 2022 with an average closing sales price of $386,986 and average days on market of 67. This would demonstrate that for Prospect CT in November of 2023, the market sales were identical as the same period of 2022 but with an average sales value almost 9% lower. 

This is the impact of the recent years of increasing values and homes that would appeal to mid-level buyers not being available on market.

 

For the year 2022, the market sales or absorption rate was 9 sales per month, with an average sales value of $352,298 and average days on market of 49. 

With this absorption rate the current inventory equates to a almost a 3 week supply of homes. This is still, however, a strong seller's market.

 Prospect CT November 2023 Real Estate Market Trends

The graph demonstrates the average monthly sales value in Prospect CT with small gains from month to month for the last quarter of the year, highly representative of the concerns created by the lower interest rates and for people seeking to have more space around them.

The last 4 months of the chart shoe a spike in value for October and the other months relatively consistent in pricing.

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 November 2023 Real Estate Market Trends

Posted by

 

Edward (Ed) Silva
Broker Associate

Serving Central Connecticut Sellers and Buyers

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Comments (7)

Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hello Ed... a three week supply of homes is like no supply if you ask me!

Dec 12, 2023 10:46 AM
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

Attention Owners now is your chance to sell your home in Prospect. And, Ed Silva can get it SOLD! 

Dec 12, 2023 12:04 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Ed this is one of the few market reports that I have seen the average price go down from last year.  One of the 7 closings must of been a big sale.

Dec 12, 2023 03:58 PM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I grew up in a city that has a population of around 7,000 people, so a little less than Prospect, but with the development I am working on there, I am thinking it might grow to the size of Prospect, population-wise, haha.

Dec 13, 2023 04:44 AM
Roy Kelley
Retired - Gaithersburg, MD

Families considering a move to the area will appreciate your local real estate market reports.

Dec 14, 2023 10:52 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Ed:

Your market report is a well-done overview of the Prospect housing market but buyers and sellers will need additional guidance from you to better understand what the local market conditions...still favoring sellers...mean for their individual buying and seller decisions.

Jeff

Dec 14, 2023 04:24 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

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

Dec 14, 2023 05:14 PM