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Connecticut has seen home inventory diminish with endless buyer demand in the past few years.
So far in 2018, Connecticut median home marketing time dropped to just 33 days, and the median home sale price rose 5% over 2017 to $240,000:
CONNECTICUT RESIDENTIAL HOME SALE TREND:
Connecticut’s real estate values have been much slower to rise than most of the nation, so this is certainly fantastic news for many CT home owners. The Connecticut market peaked in 2007 at a median of $272,000, and proceeded to crash for the next 5 years, bottoming out in 2012 at $218,000. Thousands were left with negative equity and unable to sell, resulting in a flood of short sales and foreclosures. While many have managed to dig out of negative equity with the rising prices seen over the last few years, many remain.