Crunching Numbers: Glastonbury's Real Estate Market in 2023 and What Lies Ahead

Breaking down the real estate headlines and MLS stats so you, the local homeowner, can stay informed on what matters to our hyper-local Glastonbury market.

Glastonbury's single-family home update:

There are only 16 available homes on the market in Glastonbury.

Amount of single family homes listed between:

100-200 = 0       200-300 = 0

300-400 = 1       400-500 = 1

500-600 = 2       600-700 = 2

700-800 = 0       800-900 = 2

900-1million + = 7

 

Glastonbury's condo market update:

Currently, there are only 4 condos on the market in Glastonbury.

In 2023 we had only 312 single family homes sell for the entire year as per MLS stats.

The last year we saw this low amount of homes sell was in 2011. At that time, the average interest rate was hovering around 4.5%. How many houses sold that year? A total of 291. In the last 20 years, rates were the highest on average when they went above 7% last year. Prior to that, we had seen rates as high as the upper 6's in 2006.

 

Meanwhile, the average price per homes continue to tick upwards. Last year per MLS stats the average price for single family homes was $591,434 at about $252 a square foot! It is interesting to point out the average home sold 5% over-asking last year. The over-asking average percentages do change with the different price points. It is beneficial to speak to a LOCAL Realtor to understand why this is and how a home that is in a desirable location with all the bells and whistles will garner even more than the average over-asking.

As we see interest rates continue to move lower this year, we will see more buyer activity!!

I have created a helpful seller’s guide. Visit for a free no obligation copy: https://bit.ly/SellerGuideRequest

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