East Hartford Multi-Family Market Update: Sale Prices, Rental Rates & Trends
- Cameron Norfleet
- Mar 13
- 3 min read
If you're considering buying, selling, or investing in a multi-family property in East Hartford, understanding the local market trends is essential. Over the past year, the multi-family sector in East Hartford has been highly active, with strong demand from both investors and owner-occupants. Here’s a breakdown of the key statistics and what they mean for you.
Multi-Family Sales Trends in East Hartford
46 Multi-Family Sales in the Past Year Over the last 12 months, 46 multi-family properties have sold in East Hartford, highlighting a consistent level of activity in this segment of the market.
Median List Price vs. Sale Price The median list price for a multi-family home in East Hartford is $335,000, while the median sale price is $360,000. This means that, on average, properties are selling for more than their asking price—an indication of strong buyer competition.
Homes Are Selling Quickly Multi-family properties in East Hartford have a median days on market of just 10 days, meaning well-priced properties are going under contract fast. If you’re thinking of selling, this is great news, as it suggests a high demand for investment properties in the area.
Selling at 102% of List Price—What Does That Mean? On average, multi-family properties in East Hartford are selling for 102% of their asking price. This means buyers are often willing to bid over the asking price, either due to multiple offer situations or because of the overall market strength. If you’re a seller, this trend suggests pricing your property competitively could result in an even higher final sale price.
How Does Square Footage Impact Pricing?
The average square footage of a multi-family property that sold in East Hartford within the past year was 2,433 sq. ft. Sellers can use this as a benchmark when estimating the potential sale price of their property. If your multi-family property is similar in size, recent sales suggest that pricing around the median of $360,000 is reasonable. However, if your property is larger or has additional rental income potential, it could sell for even more.
Rental Market Trends in East Hartford
For landlords and investors, rental rates are just as important as sale prices. Here’s what the numbers reveal about East Hartford’s rental market:
1-Bedroom Apartments: Median rent of $1,285 (6 recorded transactions)
2-Bedroom Apartments: Median rent of $1,600 (11 recorded transactions)
3-Bedroom Apartments: Median rent of $2,200 (17 recorded transactions)
These rental prices show a strong demand for larger units, with three-bedroom apartments achieving the highest rental rates. This data is particularly useful for multi-family property owners who are evaluating rent adjustments or potential income from their investment.
What Does This Mean for Buyers, Sellers, and Investors?
Sellers: Now is a great time to sell, as properties are moving quickly and often selling above the asking price. If you're considering listing your multi-family home, pricing it strategically can attract multiple offers and maximize your sale price.
Buyers: Expect competition when purchasing a multi-family home. Be prepared to act fast and potentially offer above the asking price to secure a property in this market.
Investors: Rental rates remain strong, particularly for larger units. If you’re purchasing a multi-family property, understanding rental trends can help you calculate potential cash flow and return on investment.
The multi-family market in East Hartford remains a strong segment with rising prices, fast sales, and solid rental income potential. Whether you’re looking to buy, sell, or invest, understanding these trends will help you make informed decisions. If you need guidance navigating the market, feel free to reach out!
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