W
hen entering Connecticut's housing market, understanding real estate commissions is crucial for financial planning and negotiation strategy. Changes to commission handling rolled out in 2024 aim to increase transparency and help buyers and sellers make informed decisions.

    Here are the key stats on Connecticut's current housing market:

    * Median Home Sale Price: $460,200

    * Housing Supply: 10,032 (-6.1% YoY)

    * Homes Sold Above List Price: 62.1% (-2.5 pts YoY)

    Real estate commissions in Connecticut involve fees paid to agents for facilitating home sales or purchases. These fees are typically a percentage of the sale price and are paid at closing.

    Historically, sellers covered both their agent's commission and the buyer's agent fee. However, new regulations require buyers to agree to their agent's commission in writing before touring homes. While buyers can still ask sellers to cover these fees, the amount is now more flexible and open to negotiation.

    Average real estate commission rates vary depending on the transaction, agent, and negotiation between parties. Factors like location, market trends, and services offered by agents play a role. Here are typical commission amounts based on median home prices in some of Connecticut's largest cities:

    * Bridgeport: $380,000 - 1.5% ($5,700), 3% ($11,400), 5% ($19,000)

    * Stamford: $717,500 - 1.5% ($10,763), 3% ($21,525), 5% ($35,875)

    * New Haven: $345,000 - 1.5% ($5,175), 3% ($10,350), 5% ($17,250)

    You can negotiate real estate commissions in Connecticut since there are no laws setting commission amounts. Factors like the agent's experience, marketing strategies, and knowledge of the local market influence negotiations.

    Tips for a successful negotiation include comparing multiple agents, considering incentives, and leveraging your property's appeal to secure lower fees.

    The recent changes to real estate commission involve buyers signing written agreements outlining their agent's commission before touring homes and buyer agent compensation no longer being displayed on MLS listings. Buyers in Connecticut must agree to their agent's commission in writing, while sellers continue to negotiate with listing agents about the commission they offer a buyer's agent.

    To find a real estate agent in Connecticut, consider working with Redfin, which offers competitive fees and experienced agents. Selling a home without an agent (FSBO) is another option to avoid paying commission fees, but it comes with extra responsibilities.