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:
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:
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:
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:
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.