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Home shoppers looking for a bargain in Connecticut might want to avoid these nine markets.
A report from Berkshire Hathaway HomeServices New England/New York/Hudson Valley Properties revealed the places where average home sales exceeded $1 million in the first quarter.
Most of the high-end price points are in the state’s southeast portion.
Greenwich led with an average sale price of $2.94 million in the first quarter, according to the report. There were 148 listings sold in Greenwich last quarter and the average price rose just 2 percent year-over-year.
Two other municipalities cracked the $2 million mark: Westport, at $2.2 million, and Darien, at $2.1 million. New Canaan fell short by about $20,000.
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The other municipalities where average single-family home sales surpassed $1 million last quarter were Sharon ($1.3 million), Weston ($1.2 million), Wilton ($1.1 million), Washington and Easton (each just below $1.1 million). Killingsworth rounded out the top 10 priced markets, though it fell $56,000 short of seven figures.
Waterbury and Meriden didn’t see $1 million sales prices on average, but still had big gains from last year. Waterbury had a whopping 202 sales in the first quarter and the average sale price rose 20 percent annually. The average price rose 21 percent in Meriden.
Connecticut buyers were squeezed — and sellers empowered — by the low inventory problem plaguing shoppers across the country. By the end of the quarter, there were only 1.4 months’ worth of available single-family homes in the state, well below normal.
“Across all price points, if we had the inventory, we would sell it,” said Candace Adams, CEO of Berkshire Hathaway HomeServices New England/New York/Hudson Valley Properties.
Buyers have been duking it out for whatever homes are available. Most listings last quarter received 20 to 30 offers as total sales of single-family homes dropped more than 17 percent year-over-year.
The median selling price of a single-family home in the state was $345,000 in the quarter, up 4.5 percent from 2021. Homes spent a median of 29 days on the market, a staggering 29 percent drop from last year.