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Prospect CT June 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 June 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 11 active residential listings for sale. The homes for sale in Prospect CT range from a 776 square ft, 2-bedroom mobile home listed at $ 95,000 to a 2,544 square ft, 4-bedroom colonial listed at $ 575,000. 

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 64 days.  

In addition, there are currently 5 homes in pending status in Prospect CT and 8 homes under a hard contract. 

 Prospect CT June 2024 Real Estate Market Trends

In June 2024, 2 homes closed in Prospect CT. The average value of the sold homes in Prospect CT in June 2024 was $461,000.

By comparison, there were 9 closings in Prospect CT for the month of June 2023 with an average closing sales price of $432,333 and average days on market of 29. This would demonstrate that for Prospect CT in June of 2024, the market sales were 7 less than the same period of 2023 and with an average sales value almost 7% 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 2 months 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 June 2024 Real Estate Market Trends

Posted by

 

Edward (Ed) Silva
Broker Associate

Serving Central Connecticut Sellers and Buyers

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EdSilvaCTrealestate.com


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Roy Kelley
Retired - Gaithersburg, MD

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

Have a great day and an outstanding week.

We have another very hot day in Maryland. I spent the morning shopping at Costco.

Jul 08, 2024 09:53 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Ed... your inventory is low so I'm amazed at your days on market being over two months for current inventory.

Jul 08, 2024 10:39 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, sounds like Prospect's real estate market is holding its own.    Hope you have some of these sales.

Jul 08, 2024 12:02 PM
George Souto
George Souto NMLS #65149 - Middletown, CT
Your Connecticut Mortgage Expert

Ed that is a BIG difference in the number of closing from one year to the other.

Jul 08, 2024 01:02 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Ed:

As always you've presented some pertinent information about the Prospect CT housing market that will help buyers and sellers. That's a pretty low inventory.

Jeff

Jul 08, 2024 02:40 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

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

Jul 08, 2024 07:41 PM
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

Homebuyers, home sellers, and those relocating, Ed has the inside scoop on the numbers shaping the Prospect real estate market!

Jul 09, 2024 04:53 AM
Patricia Feager, ABR,CRS,GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Ed Silva, 203-206-0754 - I gravitate towards people who sound credible and know what they are talking about. I would defintely refer buyers relocating to you! 

Jul 09, 2024 06:06 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

The mobile home listed for $95K sounds like it would be a cramped space, but it would sure be better than living on the streets, haha.

Jul 09, 2024 06:17 AM