Is Essex, CT a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Essex has remained a Seller's Market.
Key Takeaway
Essex is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Essex, CT
How much do homes in Essex, CT cost?
Median Sold Price
$572,000
$303/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Essex have sold for 6.5% more than they did a year ago.
Summary: The median home sold price in Essex was $572,000 in May 2024, up 6.5% from last year, and the median price per square foot was $303.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $367K | $338K | -7.9% |
| 2 Bedrooms | $393.5K | $350K | -11.1% |
| 3 Bedrooms | $560K | $575K | +2.7% |
| 4 Bedrooms | $649K | $792.5K | +22.1% |
| 5+ Bedrooms | $896.5K | $2.0M | +127.3% |
Summary: Essex housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 7.9%, 2 bedroom homes decreased by 11.1%, 3 bedroom homes increased by 2.7%, 4 bedroom homes increased by 22.1%, and 5+ bedroom homes increased by 127.3%.
Median Sold Price Compared To Nearby Cities
| Ivoryton | $397.5K | $465K | +17.0% |
| Old Saybrook | $545K | $620K | +13.8% |
| Essex | $536.9K | $572K | +6.5% |
| Deep River | $349.5K | $314K | -10.2% |
Housing Supply in Essex, CT
How many homes are available in Essex, CT?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 39 | 50 | +28.2% |
Summary: The Essex real estate market had 50 homes for sale in May 2024, a 28.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 10 | 10 | 0.0% |
| 3 Bedrooms | 14 | 24 | +71.4% |
| 4 Bedrooms | 13 | 14 | +7.7% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Essex housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 71.4%, 4 bedroom homes increased by 7.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 7 | 10 | +42.9% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Essex, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 10 homes were sold or pending in Essex in May 2024, up by 42.9% month-over-month. Of the 10 sold homes, 50% were sold under asking, 10% were sold at asking, and 40% were sold over asking.
Days on Market for Essex, CT
We’re sorry, we don't have information for this market at the moment
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