Redding, CT January 2025 Real Estate Market Report: Insights & Forecast
Assembled by: Judy Michaelis, 203-247-5000
Market Trends Report
Overview
The overview below shows real estate activity from January 2024 to December 2024. You will see data comparisons between December and the previous month, the last three months and December 2023.
| Overview | YTD Avg. | December | November | Sep. – Nov. | Dec. 2023 |
|---|---|---|---|---|---|
| New Listings | 137 | 3 | 7 | 12 | 6 |
| Average Sales Price per Square Foot | 318 | 326 | 297 | 305 | 336 |
| Average Days on Market | 69 | 57 | 55 | 57 | 69 |
| Number of Properties for Sale | 365 | 19 | 33 | 37 | 26 |
| Average List Price | $1,619,630 | $1,722,000 | $1,595,212 | $1,534,123 | $1,782,042 |
| Median List Price | $1,169,708 | $1,499,000 | $1,250,000 | $1,207,500 | $1,122,500 |
| Average Sales Price | $996,056 | $729,818 | $926,409 | $930,504 | $1,287,889 |
| Median Sales Price | $891,533 | $639,000 | $948,000 | $851,333 | $850,000 |
| Sales Price / List Price Ratio | 99.98% | 96.2% | 98.72% | 99.26% | 98.83% |
| Number of Properties Sold | 114 | 11 | 11 | 10 | 9 |
| Month’s Supply of Inventory | 4.09 | 1.73 | 3 | 3.93 | 2.89 |
| Absorption Rate | 0.32 | 0.58 | 0.33 | 0.27 | 0.35 |
Average & Median Sales Price
The median sales price in December 2024 was $639,000, down -32.59% from $948,000 from the previous month and -24.82% lower than $850,000 from December 2023. The December 2024 median sales price was at its lowest level compared to December 2023 and 2022.
The average sales price in December 2024 was $729,818, down -21.22% from $926,409 from the previous month and -43.33% lower than $1,287,889 from December 2023. The December 2024 average sale price was at its lowest level compared to December 2023 and 2022.
Sales Price / List Price Ratio
The sales price/list price ratio is the average sale price divided by the average list price for sold properties expressed as a percentage. If it is above 100%, homes are selling for more than the list price. If it is less than 100%, homes are selling for less than the list price.
The December 2024 sales price/list price ratio was 96.2%, down from 98.72% from the previous month and down from 98.83% from December 2023.
Number of Properties Sold & Absorption Rate
The number of properties sold in December 2024 was 11, equal to the previous month and 22.22% higher than 9 from December 2023. The December 2024 sales were at its highest level compared to December 2023 and 2022.
Absorption rate is the avg number of sales per month divided by the total number of available properties.
Average Days on Market
The average days on market (DOM) is the number of days a property is on the market before it sells. An upward trend in DOM tends to indicate a move towards a buyer’s market, a downward trend tends to indicate a move towards seller’s market.
The DOM for December 2024 was 57 days, up 3.64% from 55 days from the previous month and -17.39% lower than 69 days from December 2023. The December 2024 DOM was at its lowest level compared with December 2023 and 2022.
Average Sales Price per Square Foot
The average sales price per square foot is a more normalized indicator for the direction of property value. The sales price per square foot in December 2024 was $326, up 9.76% from $297 from the previous month and -2.98% lower than $336 from December 2023.
Inventory & MSI
The number of properties for sale in December 2024 was 19, down -42.42% from 33 from the previous month and -26.92% lower than 26 from December 2023. The December 2024 inventory was at its lowest level compared with December 2023 and 2022.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2024 MSI of 1.73 months was at its lowest level compared with December 2023 and 2022.
New Listings
The number of new listings in December 2024 was 3, down -57.14% from 7 from the previous month and -50.0% lower than 6 from December 2023. The December 2024 listings were at its lowest level compared to December 2023 and 2022.
Judy Michaelis
Prefer the quick version? Here's a snapshot of the December 2024 Redding Market Update:
🏠 Prices dropped sharply – Median sales price fell to $639K, down 33% from November and 25% below last year. Lowest December prices since 2022.
⏰ Homes selling slightly slower – Average days on market rose to 57 days, up 4% from November but still 17% faster than last year's 69 days.
📈 Inventory at extreme lows – Only 19 homes available, down 42% from November and 27% below last year. Lowest December inventory on record.
📊 Sales volume steady – 11 homes sold, same as November and up 22% from last year despite tight inventory.
What Buyers and Sellers Need to Know
✨ Sellers: Homes selling at 96% of asking price in 57 days. The 1.7-month supply strongly favors sellers despite price corrections.
🔍 Buyers: Significant price correction creates opportunity, but inventory remains extremely tight. Properties selling below asking, but expect limited choices and quick decisions needed.
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