Hartford and New Haven metro areas are among the U.S. markets expected to hold up best in 2023, according to a new report from Redfin.
Real estate company Redfin releases a year-ahead market report on trends it anticipates seeing and markets it predicts to perform well.
The 10 predicted markets to hold up best in 2023 include two Connecticut metro areas, New Haven and Hartford, at spots nine and 10 respectively.
According to the report, the metros anticipated to perform well in 2023 have an emphasis on affordability as well as a geographical preference for Midwest and East Coast areas like Chicago, upstate New York and parts of Connecticut.
Redfin also noted that “measures of home buyer demand and competition in these metros are nearly as strong as they were in the beginning of 2022.” Given that markets like New Haven and Hartford did not experience as intense pandemic-era growth as other metros in the U.S., there is less room for major declines. The stability of these two particular Connecticut markets are what Redfin thinks will help them hold up in 2023, given that it predicts national declines in home prices of up to four percent.
Redfin also notes that as mortgage rates take center stage in 2023, the overall market will cool considerably in terms of number of home sales, which is why it is significant that Hartford and New Haven are predicted to be somewhat exempt from these market woes.
