The Hartford metropolitan area has been ranked the No. 1 housing market for growth by Realtor.com, according to the real estate website’s 2023 housing forecast.
The region, which includes West Hartford and East Hartford, is among those that offer a larger share of affordable homes for a median income, according to the report.
Realtor.com’s 2023 Top Housing Markets report ranks the top 100 largest metro areas in the United States based on the combined yearly percentage growth in both home sales and prices expected in 2023.
The Hartford region is expected to see a 6.5% year-over-year increase in housing sales, along with 8.5% year-over-year growth in housing prices in 2023, the report says. Using those metrics, the region achieved a 15% combined growth rate, the highest in the nation.
The No. 2 spot went to El Paso, Texas, where housing sales are expected to grow 8.9%, with 5.4% price growth, giving it a combined total of 14.3%.
The Worcester, Mass.-metro area ranked No. 4, with a lower sales growth rate of 2.5% but a higher price growth rate of 10.6%.
The positive sales trends buck the nationwide average of -14.1% growth in housing sales, according to the forecast. Also, Hartford’s price growth is expected to be about 60% higher than the national average of 5.4% in 2023.
Last month, the Greater Hartford Association of Realtors said the price of homes in the region continued to rise in November, with the median sales price of a single-family house increasing 8.3%, from $300,000 to $325,000, year-of-year.
However, the number of sales decreased. Compared to November of 2021, closed sales decreased 34.6%, from 635 to 415, and pending sales dropped 33.6%, from 593 to 394, the organization said.
According to realtor.com, high prices and mortgage rates will continue to drive buyers to find lower-priced homes in 2023. Among the top 10 housing markets, about 23% of their housing inventory is considered affordable at the median income level, compared to 17% for other metro areas, the report says.
