Bridgeport, CT home sale prices nearly double in 5 years, but what’s up ahead for the real estate market? - Reid Real Estate Group

Bridgeport, CT home sale prices nearly double in 5 years, but what’s up ahead for the real estate market?

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Bridgeport, CT sellers are enjoying another year of tremendous growth in home sale prices, but the bigger picture tells a different story of the Bridgeport real estate market!

Bridgeport, CT Real Estate Market Report:

Bridgeport Home Sale Prices:

chart of Bridgeport Median Sale price dec 2019

After several years of strong growth, the median home sale price in Bridgeport has grown by over 75% since 2014! The median sale price is currently at a decade high at $192,500!

Bridgeport Home Marketing Time:

graph Bridgeport Days To sell

Bridgeport homes are still moving very fast at a median of 27 days on market. However, 2019 is slower then the prior two years as homes are starting to sit on market a tad longer!

Bridgeport Short Sales and Foreclosures:

graph of Bridgeport Distress Property

The rate of of foreclosures and short sales in Bridgeport has been steadily dropping, as more homeowners are able to sell at a profit. While the current distress sale rate is half of what it was 5 years ago, 1 in every 5 home sales in Bridgeport is still a short sale or foreclosure. This rate is quite a bit higher than most other Connecticut cities.

Bridgeport Long Term Price Trend:

graph of Bridgeport long term sale price trend

While the short term outlook in Bridgeport is quite good, a look back further shows a market still trying to recover. While Bridgeport home sale prices have certainly been heading up since the market bottomed out in 2012, prices are still 25% below those of the peak of the market back in 2006. 

CT RELA ESTATE MARKET RECOVERY

This explains the high rate of short sales and foreclosures in Bridgeport, as many who bough or refinanced their homes in the latte 2000's are still waiting for their lost equity to return. If you owe more than your Bridgeport home could sell for, a short sale may be right for you.

What does it all mean for your Bridgeport home sale?

If you have the equity to sell, this would certainly be the time to do it! If you want to sell, but lack the equity you still have other options - Contact us today!

Minna Reid

Minna Reid is The Broker - Owner of Reid Real Estate Group. Reid Real Estate Group is a full-service Connecticut residential real estate brokerage, specializing in helping homeowners with legal and financial challenges including short sales, probate sales and tax lien complications.

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