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A Comparative Analysis of Homes Sold in New Milford, CT: 2023 vs. 2024
The real estate market in New Milford, CT has experienced notable changes between 2023 and 2024. These shifts are influenced by various factors, such as fluctuating interest rates, changing buyer demand, and evolving market conditions. Let’s take a closer look at how homes sold in New Milford in 2023 compare to those sold in 2024, alongside a discussion of interest rates and programs available for first-time homebuyers.
#### Homes Sold in New Milford, CT in 2023
In 2023, the housing market in New Milford was relatively steady, with a balanced demand from both buyers and sellers. The average sale price for homes during the year hovered around $375,000, with homes typically selling within 30-45 days of being listed. Inventory was moderate, and the market catered to a mix of first-time homebuyers, downsizers, and families looking to move to a suburban, community-focused town.
Interest rates in 2023 ranged from 5.5% to 6% for a 30-year fixed mortgage, which, while higher than the record lows seen in previous years, still allowed buyers to enter the market with reasonable monthly mortgage payments.
