The price of any item is determined by the supply of that item, as well as the market demand. The National Association of REALTORS (NAR) shed some light on the relationship between Seller Traffic (supply) and Buyer Traffic (demand) in CT.

Buyer Demand

The map below was created after asking the question: “How would your rate buyer traffic in CT?”

The darker the blue, the stronger the demand for homes in that area. CT came in with a weak demand level.

Seller Supply

The Index also asked: “How would your rate seller traffic in CT?”

As you can see from the map below, the majority of the country, including CT, has weak Seller Traffic, meaning there are far fewer homes on the market than what is needed to satisfy the buyers who are out looking for their dream homes.

Bottom Line

Looking at the maps above, it is not hard to see why prices are appreciating. Until the supply of homes for sale starts to meet the buyer demand, prices will continue to increase. If you are debating listing your home for sale, meet with a real estate professional at Dave Jones Realty who can help you capitalize on the demand in the market now!