April 2025 Market Update: Glastonbury

In today’s real estate market, staying informed is more important than ever. The numbers and trends can be overwhelming, but that’s where I come in. As your local real estate professional, it’s my job to make sense of the data and help you understand how it impacts your decisions. Whether you're buying, selling, or just curious about the market, having the right insights can empower you to make the best choices for your situation. That’s why I’m here — to break down the numbers and provide you with clear, actionable information that helps you navigate the ever-changing market.

The real estate market in Glastonbury continues to evolve with significant shifts in both pricing and inventory levels. Whether you’re a buyer or seller, understanding these trends can help guide your next move. Let’s break down the key market highlights and explore what they mean for you.

For Sellers: The Market is Competitive, And Inventory is Low

If you're considering selling your home, you may find that this is a favorable time, especially for single-family homes. Here’s why:

• Low Inventory: With just 0.72 months of supply for single-family homes, the market remains highly competitive. This means there are fewer homes available for sale, which can work to your advantage. When there’s limited supply, buyers often find themselves in bidding wars, which can drive prices up.

• Strong Pricing Trends: The median sale price for single-family homes has steadily increased from $485,000 in 2023 to $521,000 in 2024, and is projected to rise further in 2025 to $583,000. This shows a strong seller’s market where home values continue to appreciate, and sellers can expect to get top dollar for their homes.

• Fast Turnaround: Homes are selling quickly, with the median days on market dropping to just 9 days in April 2025. Sellers can expect fast sales, particularly for well-priced homes in desirable locations.

• Buyer Demand by Price Range: Homes in the $400K-$599K range are seeing the most sales, indicating that homes in this price point are particularly competitive. If your home falls within this range, you may see multiple offers.

For Buyers: Patience and Preparation Are Key

If you're looking to buy in this competitive market, here’s what you need to know to stay ahead:

• Limited Inventory Means Increased Competition: With just 0.72 months of inventory, homes are moving fast, particularly in the $400K-$599K range. Buyers will need to be prepared to act quickly, often competing with other buyers for desirable properties.

• Expect to Pay Over Asking: The data shows that many homes are selling above the asking price, especially in competitive price ranges. In fact, homes in the $400K-$599K price range are typically closing around 8.55% above the asking price. Buyers should be prepared for the possibility of bidding wars.

• Rising Prices: With median asking prices for single-family homes climbing steadily, buyers should expect to face higher home prices than in previous years. The median price for a single-family home is expected to reach $583,000 by 2025, up from $485,000 in 2023. This trend makes it crucial to get pre-approved for a mortgage and be ready to make competitive offers.

• More Homes Coming Soon: While inventory is low now, there are signs of improvement. New listings in April 2025 increased by 27.8% compared to the previous year, which could mean more options for buyers in the near future.

Key Takeaways

• For Sellers: It’s a great time to list your home, especially if it’s priced competitively. Homes are selling quickly and often for above asking price, thanks to low inventory and high demand.

• For Buyers: The market remains highly competitive. Prepare to act fast, especially in the most popular price ranges. Getting pre-approved and having your financing in order will put you in the best position to win in a bidding war.

Whether you’re buying or selling, staying informed and being prepared will help you navigate this dynamic market. If you're ready to make your move, I’m here to help guide you every step of the way.