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Orange, Connecticut homeowners have enjoyed a few years of rising prices and a seller market, but is the trend turning?
Orange, CT Market Update, November 2019
Orange Home Sales Prices:
Home sales prices in Orange have been rising for a few consecutive years now. October closed with home sales prices at $367,750, a huge jump over October 2018. However, the year to date average of $363,510 is less than a 1% increase over the same period last year. This is much less than the growth we have seen in previous years.
Orange Number of Home Sales:
The number of home sales in Orange is actually down to five year low in 2018 at just 133 homes sold this year.
Orange Home Marketing Time:
Homes are selling slower in Orange. In fact, the median number of days for home to sell slowed from 47 days in 2018, to 77 in 2019...a whopping 40% increase!
Looking back even further at Orange, CT market trends:
The news isn't getting better here! Despite a few recent years of growth in the Orange CT real estate market, sales prices are still 13% BELOW the peak prices of 2006.
The current slowdown doesn't spell relief for the many Orange homeowners who are still upside down since the late 2000's. If you need to sell your Orange home, but lack the equity to do it, a short sale may be an option for you!