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Prospect CT May 2024 Real Estate Market Trends

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

What Happened in The Prospect CT Real Estate Market Prospect May 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.

 Prospect CT June 2024 Real Estate Market Trends

Search for homes in Prospect CT

Currently in Prospect CT there are 7 active residential listings for sale. The homes for sale in Prospect CT range from a 938 square ft, 2-bedroom mobile home listed at $119,000 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 $428,943. The average days on market for these homes are 69 days.  

In addition, there are currently 5 homes in pending status in Prospect CT.

 Prospect CT June 2024 Real Estate Market Trends 

In May 2024, 7 homes closed in Prospect CT. The average value of the sold homes in Prospect CT in June 2024 was $429,242 with average days on market of 32 days.

By comparison, there were 9 closings in Prospect CT for the month of May 2023 with an average closing sales price of $377,689 and average days on market of 65. This would demonstrate that for Prospect CT in June of 2024, the market sales were 2 less than the same period of 2023 and with an average sales value almost 14% higher.

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 1 month of inventory This is still a strong seller's market.

 Prospect CT June 2024 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 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 May 2024 Real Estate Market Trends

Posted by

 

Edward (Ed) Silva
Broker Associate

Serving Central Connecticut Sellers and Buyers

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George Souto
George Souto NMLS #65149 - Middletown, CT
Your Connecticut Mortgage Expert

Ed the is a big difference in the average value of homes sold, and days on the market.

Jun 11, 2024 08:21 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, not many listings for sale, so buyers may need to step up and make quick decisions.

Jun 11, 2024 08:35 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Ed... strong seller's market might just be a bit of an understatement!

Jun 11, 2024 08:50 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!

Jun 11, 2024 08:52 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Thanks for sharing and enjoy your week!

Bill Salvatore, Realtor- Arizona Elite Properties

Jun 11, 2024 09:41 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Ed Silva, 203-206-0754  Great to see a strong seller's market in your area 

Jun 11, 2024 03:41 PM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

It seems that the Prospect real estate market is strong and everyone should be relying upon Ed Silva, 203-206-0754 for assistance!

Jun 12, 2024 06:22 AM
Roy Kelley
Retired - Gaithersburg, MD

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

Have a great day and a very productive week.

Jun 12, 2024 07:39 AM
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I see from your chart that sales values fell off a bit but are now climbing. I wonder how long that will go. Is there another correction in the future?

Jun 14, 2024 01:08 PM