Redding, CT March 2025 Real Estate Market Report: Insights & Forecast
Assembled by: Judy Michaelis, 203-247-5000
Market Trends Report – February 2025
Overview
The overview below shows real estate activity from January 2025 to February 2025. You will see data comparisons between February and the previous month, the last three months and February 2024.
| Overview | YTD Avg. | February | January | Nov. – Jan. | Feb. 2024 |
|---|---|---|---|---|---|
| New Listings | 12 | 7 | 5 | 5 | 8 |
| Average Sales Price per Square Foot | 335 | 264 | 406 | 343 | 293 |
| Average Days on Market | 86 | 98 | 73 | 62 | 41 |
| Number of Properties for Sale | 34 | 15 | 19 | 27 | 24 |
| Average List Price | $1,610,434 | $1,689,793 | $1,531,074 | $1,555,336 | $1,794,200 |
| Median List Price | $1,517,000 | $1,659,000 | $1,375,000 | $1,350,000 | $1,322,500 |
| Average Sales Price | $1,341,084 | $1,013,167 | $1,669,000 | $1,108,409 | $1,107,858 |
| Median Sales Price | $1,162,875 | $975,750 | $1,350,000 | $979,000 | $852,500 |
| Sales Price / List Price Ratio | 95.75% | 95.52% | 95.98% | 96.97% | 101.92% |
| Number of Properties Sold | 11 | 6 | 5 | 9 | 12 |
| Month’s Supply of Inventory | 3.15 | 2.5 | 3.8 | 3.11 | 2 |
| Absorption Rate | 0.33 | 0.4 | 0.26 | 0.34 | 0.5 |
Average & Median Sales Price
The median sales price in February 2025 was $975,750, down -27.72% from $1,350,000 from the previous month and 14.46% higher than $852,500 from February 2024. The February 2025 median sales price was at its highest level compared to February 2024 and 2023.
The average sales price in February 2025 was $1,013,167, down -39.29% from $1,669,000 from the previous month and -8.55% lower than $1,107,858 from February 2024. The February 2025 average sale price was at a mid level compared to February 2024 and 2023.
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 February 2025 sales price/list price ratio was 95.52%, equal to the previous month and down from 101.92% from February 2024.
Number of Properties Sold & Absorption Rate
The number of properties sold in February 2025 was 6, up 20.0% from 5 from the previous month and -50.0% lower than 12 from February 2024. The February 2025 sales were at its lowest level compared to February 2024 and 2023.
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 February 2025 was 98 days, up 34.25% from 73 days from the previous month and 139.02% higher than 41 days from February 2024. The February 2025 DOM was at its highest level compared with February 2024 and 2023.
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 February 2025 was $264, down -34.98% from $406 from the previous month and -9.90% lower than $293 from February 2024.
Inventory & MSI
The number of properties for sale in February 2025 was 15, down -21.05% from 19 from the previous month and -37.50% lower than 24 from February 2024. The February 2025 inventory was at its lowest level compared with February 2024 and 2023.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The February 2025 MSI of 2.5 months was at its highest level compared with February 2024 and 2023.
New Listings
The number of new listings in February 2025 was 7, up 40.0% from 5 from the previous month and -12.50% lower than 8 from February 2024. The February 2025 listings were at its lowest level compared to February 2024 and 2023.
Judy Michaelis
Prefer the quick version? Here's a snapshot of the February 2025 Redding Market Update:
🏠 Prices fell dramatically – Median sales price dropped to $976K, down 28% from January but still 14% above last year. Market correction accelerating from recent peaks.
⏰ Market slowing significantly – Average days on market jumped to 98 days, up 34% from January and 139% higher than last year's 41 days. Clear buyer's market emerging.
📈 Inventory at record lows – Only 15 homes available, down 21% from January and 38% below last year. Severe supply shortage despite slower sales pace.
📊 Sales volume extremely weak – Just 6 homes sold, up slightly from January but down 50% from last year's 12. Lowest February volume on record.
What Buyers and Sellers Need to Know
✨ Sellers: Market conditions deteriorating rapidly with homes selling below asking (96% of list price) and taking over three months to sell. Price aggressively or wait for better conditions.
🔍 Buyers: Significant leverage with homes selling below asking and much longer market times. The 2.5-month supply indicates negotiating power, but inventory remains limited.
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