Bridgeport, CT Real Estate Report: Despite recent price gains, market still struggling to make a comeback. - Reid Real Estate Group

Bridgeport, CT Real Estate Report: Despite recent price gains, market still struggling to make a comeback.

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2019 ended with Bridgeport home sale prices heading high and sellers enjoying another year in a hot sellers market, but Bridgeport real estate recovery still has a ways to go! 

Bridgeport, CT Real Estate Market Report

The good news is, home sale prices in 2019 reached a median of $194,500, almost doubling since the bottom of the market in 2012:

graph of bridgeport median sale prices

While homes have been selling very quickly since 2014, 2019 took another turn. Home selling time nearly doubled last year to a median of 48 days on market. This is still relatively low, but certainly a change of direction:

graph of bridgeport median days on market through 2019 ten years

Despite having a population not much larger than New Haven, Stamford, or Hartford, Bridgeport far outpaces every other city in the state in the rate of foreclosures and short sales:

ct foreclosures

The high rate of foreclosures and short sales in Bridgeport can be attributed to the fact that despite the recent property value gains, real estate sales prices have never truly recovered after the housing bust. Bridgeport median home sale prices in 2019 we still 22% below the market peak in 2006:

graph of bridgeport sale price since 2006

While Connecticut real estate as whole has still not completely recovered, Bridgeport real estate is faring especially poorly in an attempt to make a comeback. Some of the issues that continue to plague Bridgeport and keep property values down include high property taxes, poverty, poor schools and crime.  

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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