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Prospect CT July 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 July 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 July 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 760 square ft, 2-bedroom mobile home listed at $ 95,000 to a 1,236 square ft, 3-bedroom raised ranch listed at $ 449,000. 

The average list price of the homes currently available for sale in Prospect CT is $303,971. The average days on market for these homes are 52 days.  

In addition, there are currently 4 homes in pending status in Prospect CT and 6 homes under a hard contract.

 Prospect CT July 2024 Real Estate Market Trends 

In July 2024, 4 homes closed in Prospect CT. The average value of the sold homes in Prospect CT in July 2024 was $461,225.

By comparison, there were 3 closings in Prospect CT for the month of July 2023 with an average closing sales price of $384,667 and average days on market of 32. This would demonstrate that for Prospect CT in July of 2024, the market sales were 1 greater than the same period of 2023 and with an average sales value almost 16% 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 and possibly the higher valued homes stabilizing.

 

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 July 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 July 2024 Real Estate Market Trends

Posted by

 

Edward (Ed) Silva
Broker Associate

Serving Central Connecticut Sellers and Buyers

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Do you know anyone who is behind on their mortgage and doesn't know what to do? I may be able to help them. I am an experienced Short Sale Broker

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Michael Elliott
Fathom Realty - Burlington Township, NJ
Burlington, New Jersey Residential Sales

This is a great report, Ed!  Have a great weekend.

Aug 24, 2024 04:12 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Prospect definitely seems like it would be a great place to call home, but I think the weather there is too cold for me, haha.

Aug 24, 2024 05:36 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Ed, I hope we do not see many short sales in the U. S.  not a fan of them.  Make it a great night at the car show.

 

Aug 24, 2024 08:07 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

Hi Ed... I believe national inventory is at just over 4 months of supply... so at under two months your market is doing well.

Aug 24, 2024 10:02 AM
George Souto
George Souto NMLS #65149 - Middletown, CT
Your Connecticut Mortgage Expert

Ed that is a huge jump in the average sales price.  Is that because there was a house that skewed the numbers, or has that become the average price.

Aug 24, 2024 10:16 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

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

Aug 24, 2024 02:19 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Ed, thanks for the update for Prospect Ct, and sure hope you sold some of these homes!

Aug 24, 2024 03:15 PM
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

From your report, it looks like Prospect, CT is an attractive place to buy a home.

Aug 25, 2024 08:45 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Ed:

It's clearly still a housing market favoring sellers in Prospect CT. While sales volume did not shift much that is quite a price increase from July 2023 to 2024!

Jeff

Aug 26, 2024 07:34 PM