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:
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:
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:
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:
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.
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.