By Northeast Private Client GroupMarket Overview
Annual sales activity in Hartford County has rebounded meaningfully from the slowdown in 2023, with 2024 and 2025 volumes reflecting renewed transaction momentum and improved market liquidity. Total dollar volume through 2025 has surpassed $1.4 billion, supported by steady deal flow and a recovery in average pricing. While cap rates have remained elevated relative to the 2021–2022 peak, they have stabilized in the mid-to-high 7% range, suggesting buyer and seller expectations are becoming more aligned. Average pricing and price per square foot levels indicate that investors continue to prioritize asset quality and location, even as underwriting remains disciplined. The county’s long-standing position as a volume leader underscores its diversified economy and steady capital flow, even in today’s higher interest rate environment.
Hartford County Commercial Sales
| Period | # Trans. | Volume | Avg. Price | Price Per SF | Avg. Cap |
|---|---|---|---|---|---|
| 2025 | 459 | $1.42B | $3.61M | $142.16 | 7.7% |
| 2024 | 453 | $1.37B | $3.21M | $134.30 | 7.3% |
| 2023 | 482 | $984.8M | $2.27M | $103.75 | 7.6% |
| 2022 | 595 | $1.67B | $2.98M | $125.93 | 6.8% |
| 2021 | 554 | $1.97B | $4.01M | $105.80 | 7.6% |
| 2020 | 519 | $800.2M | $1.91M | $77.08 | 7.6% |
| 2019 | 454 | $1.18B | $3.19M | $88.62 | 8.1% |
| 2018 | 358 | $873.0M | $2.89M | $74.28 | 8.4% |
| 2017 | 336 | $613.3M | $2.41M | $56.22 | 8.5% |
| 2016 | 345 | $576.8M | $1.84M | $65.67 | 8.1% |
| 2015 | 381 | $846.5M | $2.36M | $84.82 | 8.5% |
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Quarterly Property Sales
Quarterly sales activity in Hartford County has seen more consistency in 2025 than in the previous year and ended on a high, with the largest volume of deals closed in a fiscal quarter since 2023 Q3. Cap rates generally trended in the high-7% to low-8% range. Notably, pricing per square foot has remained firm across recent quarters, signaling sustained demand for well-located, higher-quality assets even as overall deal velocity normalizes. Hartford County’s sales market in 2025 felt uneven but directionally better than the years immediately following 2023. Activity did not move in a straight line, with quieter stretches giving way to bursts of volume tied to a limited number of sizable transactions. That pattern points to a market still finding its footing, where capital is available but highly selective and concentrated around better-quality opportunities rather than spread evenly across the landscape. Despite its inconsistencies, pricing metrics held up. Average deal sizes stayed north of $2 million and pushed closer to $2.6 million by year-end, suggesting that owners of stronger assets were able to transact without heavy concessions. Cap rates also edged lower over the course of the year, settling into the high-7% range by the fourth quarter, a sign that investor sentiment improved even as borrowing costs remained elevated. On a per-square-foot basis, values have shown little erosion, reinforcing the idea that demand remains intact for well-located properties, even as overall market momentum remains inconsistent.
| Period | # Trans. | Volume | Avg. Price | Price/SF | Avg. Cap |
|---|---|---|---|---|---|
| 2025 Q4 | 161 | $340.0M | $2.66M | $123.14 | 7.9% |
| 2025 Q3 | 163 | $296.3M | $2.19M | $96.02 | 8.4% |
| 2025 Q2 | 132 | $247.6M | $2.19M | $100.97 | 8.3% |
| 2025 Q1 | 150 | $304.9M | $2.35M | $73.02 | 8.8% |
| 2024 Q4 | 146 | $243.6M | $1.92M | $114.07 | 8.1% |
| 2024 Q3 | 160 | $232.2M | $1.77M | $117.06 | 7.9% |
| 2024 Q2 | 194 | $312.7M | $2.11M | $86.79 | 7.5% |
| 2024 Q1 | 132 | $209.5M | $2.14M | $91.42 | 9.6% |
| 2023 Q4 | 140 | $152.3M | $1.36M | $68.23 | 8.0% |
| 2023 Q3 | 132 | $362.6M | $3.49M | $84.54 | 6.9% |
| 2023 Q2 | 143 | $235.3M | $2.05M | $84.76 | 8.1% |
| 2023 Q1 | 144 | $259.2M | $2.20M | $110.64 | 7.4% |
| 2022 Q4 | 157 | $634.9M | $4.81M | $102.37 | 7.6% |
| 2022 Q3 | 266 | $611.8M | $2.97M | $71.86 | 8.2% |
| 2022 Q2 | 217 | $394.8M | $2.06M | $71.65 | 7.1% |
| 2022 Q1 | 179 | $278.2M | $1.77M | $89.05 | 8.1% |
| 2021 Q4 | 245 | $445.4M | $2.27M | $80.08 | 8.6% |
| 2021 Q3 | 194 | $297.2M | $1.81M | $98.41 | 8.0% |
| 2021 Q2 | 232 | $332.2M | $1.79M | $56.24 | 8.4% |
| 2021 Q1 | 159 | $169.8M | $1.29M | $55.54 | 8.3% |
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Multifamily Market Overview
Hartford County Multifamily Finds Its Balance
Hartford County’s multifamily market feels calmer than it did a few years ago, but it has not lost its solid transactional foundation. Deal volume is lower than the 2022 peak, yet sales activity in 2025 has held up well, showing that investors are still willing to transact when pricing makes sense. Per-unit values have remained relatively steady over the past three years, pointing to continued confidence in the county’s rental demand and long-term fundamentals. Cap rates in the low-to-mid 8% range suggest buyers are being more careful, but not stepping away, with a clear focus on durable cash flow and downside protection. Many of the trades that are being done today are for stabilized assets where income is predictable and capital needs are limited; this has led to a slight increase in per-unit values. Overall, the market appears balanced, with sellers adjusting expectations and buyers underwriting to realistic rent growth and expense assumptions.
| Period | Volume | Price/Unit | Avg. Cap |
|---|---|---|---|
| 2025 | $235.6M | $117,031 | 8.3% |
| 2024 | $265.2M | $116,351 | 7.8% |
| 2023 | $238.8M | $112,540 | 7.5% |
| 2022 | $792.4M | $108,912 | 7.7% |
| 2021 | $459.1M | $103,357 | 9.0% |
| 2020 | $263.0M | $81,113 | 8.6% |
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Market Asking Rent Trend
Office Market Overview
Office Market Defined by Selectivity and Opportunistic Capital
Office investment activity in Hartford County remains cautious and selective, though transaction momentum has not stalled. 2024 was largely a year on pause for Hartford County office sales. In 2025, activity came back, not all at once, but enough to show the market is still functioning. Deal volume and pricing moved back toward levels seen in 2020 and 2023, which tells you investors didn’t disappear, they just waited for the deals to pencil out again. Rents did grow, but that growth clearly cooled as the year went on, keeping underwriting grounded. Buyers are still cautious, but they are no longer frozen, and sellers who adjusted expectations were able to transact. What’s happening now is not a comeback story, it’s business resuming under tighter rules. Buyers are clearly underwriting for risk, which shows up in higher cap rates and a preference for assets where downside is already priced in. For now, the office market is moving forward deal by deal, with liquidity available for sellers who adjust expectations and clarity on execution.
| Period | Volume | Price/SF | Avg. Cap |
|---|---|---|---|
| 2025 | $102.9M | $54.13 | 10.4% |
| 2024 | $65.9M | $38.68 | 8.9% |
| 2023 | $109.4M | $60.38 | 8.2% |
| 2022 | $172.2M | $60.85 | 10.6% |
| 2021 | $155.1M | $56.82 | 7.1% |
| 2020 | $98.0M | $47.01 | 12.3% |
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Office Market Asking Rent Trend
Retail Market Overview
Retail Resurgence Driven by Stability and Everyday Demand
Retail has quietly become one of the more active corners of the Hartford County investment market. After a muted 2023, deal flow snapped back, and 2025 volume has already surpassed 2022 levels, a rare outcome across the Northeast market. Buyers seem far less focused on chasing yield and more interested in durability, which shows up in steady pricing per square foot and continued interest in grocery-anchored and service-oriented centers. Cap rates have moved higher than the last cycle’s lows, but not enough to disrupt demand, especially for assets with clean rent rolls and limited capital needs. What’s getting done today are practical deals, smaller properties, familiar tenants, and underwriting that assumes stability rather than growth. In a market where many sectors still feel uncertain, retail stands out as one where investors seem comfortable making decisions and moving forward.
| Period | Volume | Price/SF | Avg. Cap |
|---|---|---|---|
| 2025 | $391.8M | $134.62 | 8.1% |
| 2024 | $257.3M | $132.71 | 8.9% |
| 2023 | $190.6M | $106.02 | 7.5% |
| 2022 | $351.5M | $99.01 | 7.1% |
| 2021 | $202.9M | $105.91 | 6.6% |
| 2020 | $95.7M | $49.63 | 6.9% |
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Retail Market Asking Rent Trend
Industrial Market Overview
Industrial Market Strengthens as Pricing and Rent Growth Accelerate
Industrial investment activity in Hartford County has moderated from its 2022 peak, but market fundamentals remain intact. Transaction volume has declined, while pricing continues to sit well above pre-pandemic levels, reflecting the magnitude of repricing that occurred during the logistics and distribution expansion. Even with fewer trades, demand remains concentrated around functional assets with modern layouts, clear ceiling heights, and strong access to regional highway networks. Cap rates have moved higher from the most aggressive levels of the last cycle, reflecting changing interest rate conditions rather than asset-level distress. Investors continue to underwrite industrial properties as long-term holds, with greater emphasis on tenant quality and in-place demand rather than forward rent assumptions. As a result, the market has slowed, but capital remains active and disciplined, supporting pricing stability across well-positioned assets.
| Period | Volume | Avg. Price/SF | Avg. Cap |
|---|---|---|---|
| 2025 | $220.2M | $60.51 | 8.0% |
| 2024 | $204.3M | $78.87 | 8.0% |
| 2023 | $299.2M | $70.92 | 9.0% |
| 2022 | $444.3M | $56.51 | 7.0% |
| 2021 | $230.7M | $43.96 | 9.0% |
| 2020 | $132.6M | $41.10 | 7.8% |
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Industrial Market Asking Rent Trend
NPCG Transactions
| Property & Address | Sale Price | Units | SF | PPU/PPSF | |
|---|---|---|---|---|---|
|
194 Washington Street 194 Washington St, Hartford, CT Multifamily |
$15,550,000 | 141 | 107,750 | $110,280 |
|
Castle Apartments 100 Norton Park Rd, Hartford, CT Multifamily |
$7,000,000 | 46 | 39,990 | $152,174 |
|
Congress & Maple Portfolio Various Properties Multifamily |
$3,837,500 | 46 | 39,150 | $83,424 |
|
Walnut Street Apartments 1 Walnut St, Hartford, CT Multifamily |
$1,138,000 | 10 | 7,320 | $113,800 |
|
North Main Street Apartments 404 North Main St, Hartford, CT Multifamily |
$850,000 | 7 | 5,200 | $121,429 |
Notable Transactions
| Property & Address | Sale Price | Units | SF | PPU/PPSF | |
|---|---|---|---|---|---|
|
411 Burnham St East Hartford, CT Industrial |
$11,500,000 | — | 138,972 | $82.75 |
|
1267-1299 Burnside Ave East Hartford, CT Multifamily |
$10,710,000 | 100 | 84,960 | $126.06 |
|
10 Sedona Circle South Windsor, CT Retail |
$5,923,076 | — | 10,000 | $592.31 |
|
1344 Silas Deane Hwy Rocky Hill, CT Office |
$4,000,000 | — | 55,547 | $72.01 |
Your Market Expert
| Agent Information | Contact | |
|---|---|---|
|
Taylor Perun Senior Vice President, Investment Sales Licensed in: CT, MA, NY |
203-307-1576 tperun@northeastpcg.com |
Interested in more information?
Data gathered from CoStar Inc. & Analyzed by Northeast Private Client Group. Data verified by Northeast Private Client Group [Quarter] [Year].
