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Quarter 2 2023
In Connecticut, the second quarter of 2023 ended with optimism, as the Federal Reserve decided not to raise rates after 10 consecutive increases dating back to March of 2022. While this may only be a pause, there has been a significant ripple effect from the rates on the U.S. economy and, most importantly, the housing market. Our low inventory level remains a challenge for potential buyers locally and nationwide. Inflation finally moderated from its peak of 9.1% last summer. However, at least for now, affordability and supply continue to weigh heavily on the market.
In Rhode Island, Buyer demand in the Ocean State remains particularly robust. Despite peak demand, supply has dropped to the lowest levels in years. This shortage of inventory of existing homes has not been mitigated by new home construction. Rhode Island has reported an average increase in median sales price of 2.5%. The number of homes sold dropped 26% and have an unprecedented short average market time of 32 days. As one might expect in a heated, limited inventory market, the list-to-selling price ratio has remained quite high, with sales consistently exceeding the listed prices.
Berkshire Hathaway HomeServices New England Properties' Monthly and Quarterly Market Reports are available for all Connecticut, Rhode Island, Massachusetts, and Westchester County, New York towns.
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