Prospect CT July 2023 Real Estate Market Trends

What Happened in The Prospect CT Real Estate Market Prospect July 2023?  

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.

Search for homes in Prospect CT

Currently in Prospect CT there are 8 active residential listings for sale. The homes for sale in Prospect CT range from a 2,30 square ft, 4-bedroom colonial, listed at $299,900 to a 3,899 square ft, 5-bedroom colonial listed at $990,000. 

The average list price of the homes currently available for sale in Prospect CT is $493,463. The average days on market for these homes are 22 days.

In addition, there are currently 10 homes in pending status and 8 homes under hard deposit in Prospect CT.

In July 2023, 4 homes closed in Prospect CT. The average value of the sold homes in Prospect CT in July 2023 was $444,105 with average days on market of 61 days.

By comparison, there were also 4 closings in Prospect CT for the month of July 2022 with an average closing sales price of $466,250 and average days on market of 105. This would demonstrate that for Prospect CT in July of 2023, the market sales were similar to the period of 2022 and but with an average sales value almost 5% less.

This shows no decline in number of units only as inventory is minimal and still a very strong seller's market adjustment consistent with the shift that is taking place all over the country. This adjustment is driven by both the rise in interest rates as well as the increased rate of inflation.  Higher interest rates and lack of affordable inventory are prevalent as factors affecting the Prospect CT housing market.

For the year 2022, the market sales or absorption rate was 9 sales per month, with an average sales value of $352,298 and average days on market of 49. 

With this absorption rate the current inventory equates to a less than a 1-month inventory.  This is still a strong seller's market.

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 values in Prospect CT have demonstrated an inconsistency in value over the second half of the year.

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.

Prospect CT July 2023 Real Estate Market Trends