Source: CT Insider —
Connecticut saw a shift from the norm in the 2021 residential real estate industry, as fairly steady prices morphed into a strong sellers’ market, experts said.
The change occurred amid a record year for the real estate market nationally. Median home sale prices hit highs, the overall supply of houses for sale plummeted, and mortgage rates dropped to historic lows, among other records, according to a report from real estate brokerage group Redfin.
Redfin’s report outlined 10 records the United States real estate market broke in 2021.
The market began heating up in 2020, and the trend continued last year.
“The middle to upper-end is moving like it hasn’t since 2004,” said Paul Breunich, president and chief executive officer of William Pitt and Julia B. Fee Sotheby’s International Realty.
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