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Prospect CT March 2024 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 March 2024?  

 

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.

 

Search for homes in Prospect CT

Currently in Prospect CT there are 9 active residential listings for sale. The homes for sale in Prospect CT range from a 924 square ft, 2-bedroom mobile home listed at $100,000 to a 3,899 square ft, 4-bedroom colonial listed at $899,900. 

The average list price of the homes currently available for sale in Prospect CT is $477,577. The average days on market for these homes are 35 days.  

In addition, there are currently 3 homes in pending status in Prospect CT. 

 

In March 2024, 2 homes closed in Prospect CT. The average value of the sold homes in Prospect CT in March 2023 was $368,000 with average days on market of 78 days.

By comparison, there were 3 closings in Prospect CT for the month of March 2023 with an average closing sales price of $454,932 and average days on market of 59. This would demonstrate that for Prospect CT in March of 2024, the market sales were less than the same period of 2023 and with an average sales value almost 24% lower, which can only be explained as lack of inventory.

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 2023, the market sales or absorption rate was 7 sales per month, with an average sales value of $379,045 and average days on market of 47. 

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

 

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 show a gradual increase in values despite the lack of inventory and still higher interest rates.

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 March 2024 Real Estate Market Trends

Posted by

 

Edward (Ed) Silva
Broker Associate

Serving Central Connecticut Sellers and Buyers

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Roy Kelley
Retired - Gaithersburg, MD

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

Apr 15, 2024 07:55 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

Ed, Sure it can be attributed to a shortage in inventory. However, you're the go-to expert for both buyers and sellers in Prospect!

Apr 15, 2024 07:57 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Ed and thank you for sharing this information with us here in the Rain.  Make it a great start to the week!

Apr 15, 2024 08:46 AM
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

"The last 4 months of the chart show a gradual increase in values despite the lack of inventory and still higher interest rates."

That pretty much sums up market, also.

Apr 15, 2024 10:24 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Ed that is the biggest drop in year over year statistics I have seen yet.  Hopefully things turn around.

Apr 15, 2024 01:13 PM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

You definitely know what is going on in the Prospect real estate market and those who get the chance to work with you are lucky!

Apr 16, 2024 04:47 AM
Roy Kelley
Retired - Gaithersburg, MD

Good Wednesday morning, Ed. I hope all is going well for you this week.

Apr 17, 2024 07:55 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Ed:

You're certainly the agent to help buyers and sellers in Prospect make sense of what's been happening in the housing market and to help them make the best buying and selling decisions, given the inventory and prices.

Jeff

Apr 17, 2024 02:41 PM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

Low inventory means high demand and increase in prices, Ed. Hope the phone is ringoing and wishing you many more sales this year!

Apr 17, 2024 03:11 PM