The renter population in Hartford has decreased significantly over the years, from 9% in 2013 to just 3% in 2022. Despite this decline, average rent prices have shown a substantial increase. In 2013, the average rent was $696, which rose to $1,167 by 2022, representing a 67.7% increase over nine years. This sharp increase in rent prices, coupled with the declining renter population, suggests a potential shortage of rental properties in the area or an increase in the quality of available rentals.

In 2023 and 2024, the upward trend in average home prices continued in Hartford. The average home price reached $210,665 in 2023 and further increased to $220,063 in 2024. This represents a 4.7% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, homeownership rates in Hartford remained high, indicating a strong preference for homeownership in the community.

Looking ahead, based on the observed trends, it is projected that average home prices in Hartford will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, possibly at a faster rate than home prices, given the limited supply of rental properties in the area. However, the extremely high homeownership rate may limit further growth in this sector.

In summary, Hartford has experienced a significant shift towards homeownership over the past decade, with homeownership rates reaching 97% by 2022. This trend has been accompanied by substantial increases in both average home prices and average rent prices. The city's housing market has shown resilience in the face of rising interest rates, with continued growth in home values through 2024. These trends suggest a strong local housing market with a clear preference for homeownership among residents.