Despite a rising cost of living, including increased taxes, Connecticut home prices are steadily rising.
Not only did Connecticut home prices rise in April, they shot upward. According to The Hartford Courant, home sales in April rose to their highest in over a decade. What’s more, it was the 7th consecutive month where prices rose.
What’s Going On?
“Coming out of the recession, there may be some pent-up demand. There may be people in a house that’s too big, a house that’s too small or a house that’s too far away from a job.”
Analysts are quick to point out that it is still too early to read anything into the increase. Connecticut has seen stagnant job growth in recent years so the increased home prices are somewhat puzzling. A strong housing market usually coincides with, or foretells a healthy job market.
In recent years, Connecticut has seen an increase in residents migrating out of the state to avoid high cost of living expenses. If a strong housing market does indeed bring about a healthy job market, this could change.
Overall, the median sales price for a home in Connecticut rose 6.4% to $250,000. An increase from $235,000.
Depending upon where you currently live, those Connecticut home prices either have you saying “that much!” or “That’s all?” Why? Because the old adage about real estate holds true. It’s all about location, location, location.
Large cities and densely populated areas tend to see an increase in home prices over rural or even suburban markets. Connecticut home prices are high, but they’re not the highest in the nation.
It may be true that the rising costs are forcing people into the market. Some current homeowners may be looking to downsize to save money while others may be looking to strike while the market is hot.
In either case, location matters and has a huge impact on home prices. So whether you’re looking to buy or sell, City vs City can help.
What’s City vs City?
City vs City is a powerful cost of living app which uses real, local data gathered at the zip code level to determine expenses. Factors such as housing costs, state and local taxes, and more are factored in to determine your cost of living.
City vs City then allows you to compare your costs with another city of your choosing. As a result, you’ll see a side by side comparison of costs. Thinking of moving into Connecticut? Out of Connecticut? City vs City allows you to compare your current costs with your potential new location!
If you’re thinking of moving, don’t make a move without downloading City vs City first!