STATE OF THE MARKET: 2019 Connecticut Real Estate Market Review - Reid Real Estate Group

STATE OF THE MARKET: 2019 Connecticut Real Estate Market Review

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2019 was another excellent year for Connecticut sellers as prices kept rising and homes continued to get snapped up quickly. Get the scoop on what's happening in the CT housing market!

2019 Connecticut Real Estate Market Report

Connecticut Home Sales:

The number of homes sold in CT started rising sharply in 2015. 2019 was another solid year for sellers.

Connecticut Home Sale Prices:

Median home sale prices have continued to rise yearly at a modest rate of 2% per year,  reaching a high of $244,000 in 2019.

graph of 5 year ct home sale prices

Connecticut Home Marketing Time:

After dropping to just 36 days in 2018, the days for CT homes to sell rose in 2019 to 51 days. This would signify a slight decrease in demand for homes as they sit longer than previous years.

graph of CT Days to sell 5 years

Connecticut Distress Property Sales:

As CT sellers have seen their equity increase, the rate of short sales and foreclosures has dropped significantly over the last decade. Just 1 in 11 home sales is currently a distressed sale.

Looking back at the long term trends in CT:

The number of homes sold in CT has been rising since 2011 and has almost reached the peak levels of the mid 2000's. 47,563 homes sold in 2019 versus 51,100 in 2006.

graph of CT long term sales

Unfortunately, home sales prices are not close to those we saw at the peak of the market just yet. While many US states have fully recovered from the bust, CT is not among them. Home sale prices in 2019 are still 10% below those we saw at the peak:

What's ahead for Connecticut Real Estate in 2020?

The year is just getting started, and while there would be no reason to believe the market would turn sharply in on direction or another, anything is possible! The slight slowdown in marketing time in 2019 would indicate that the rush is over and the market may be ready to start favoring buyers again soon. Also, while the CT market is finally close to recovering from the bust, it is not fully there yet. This leaves many homeowners who purchased or refinanced in the late 2000's still without the equity to sell at a profit. Luckily there are options for home owners who need to sell, but lack the equity to do so. 

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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