Last Updated: August 7, 2022

Connecticut's Real Estate Statistics

Written By: Barbara L. Pearce
Plain Gray Map of Connecticut

We have all read many articles about the real estate market around the country, and some of them have more local information. What is specific to Connecticut suggests a shift in what's driving the rise in prices. Two years ago, Fairfield County led the region in increased home sales, and it seemed clearly to be related to the pandemic. People who worked in NYC, but no longer had to be there on a daily basis, were moving to suburbs where they could have both more outdoor and indoor space, and a decent commute for those days when they had to appear in person.

Hartford & New Haven

Now, the two cities with the strongest sales are Hartford and New Haven. In part, of course, that's because much of the supply in Fairfield has disappeared. However, it also reflects another current market trend, which is demographic. Millennials, who were slow to form households, are now doing so. As first-time homebuyers, Hartford and New Haven counties are more within their financial reach. While they may still be telecommuting a good portion of the time, they are able to live in those more affordable areas, and may be working in cities other than New York. If so, they are likely to make less in salary, and therefore be looking farther from Manhattan.

Home Price Increases

To buttress this theory, today's papers brought the news that the percentage of Connecticut home mortgages that are underwater--meaning that the house is worth less than the amount borrowed on it--is seeing the fourth fastest decline in the country. While convoluted, this double negative means that home prices are increasing more rapidly, because the value of the homes are more often above the mortgage amount. That trend would have to affect those parts of the state where underwater mortgages were most common, and those were the areas outside of Fairfield County. If prices are going up faster in the rest of the counties, that's better news for our economy in Connecticut, since it means that we aren't just prospering in reaction to NYC, but building a better base for future growth here. And we can all get behind that!

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