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

STATE OF THE MARKET: Connecticut Real Estate Report 2019

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Despite a slowdown in 2019, the Connecticut real estate market is still on a steady upward path!

Sales are still strong in 2019, although the spring real estate market didn’t hit with the strength of previous years:

graph of CT Home sales 2019

After dropping to a record low of 33 days in 2018, Connecticut home marketing time slowed to 55 days in 2019:

graph of CT home marketing timeframes

Connecticut home sales prices are still headed up though, and are currently at a decade median high of $237,000:

graph CT home sale prices 2019 aug

As prices continue to head up, the Connecticut distress situation has eased and short sales and foreclosures continue to decline :

graph of ct foreclosures and short sales

What does it all mean for your Connecticut home sale?

If you bought your home within the 5-7 years, you should be sitting pretty with some growing equity! If you want to sell, this would certainly be the time to reap the rewards of a continuing sellers market! 

The only downside is for those who bought prior to the last housing crash in the mid to late 2000's. Unfortunately, Connecticut has yet to fully recover from the bust, leaving many Connecticut homeowners still owing more than their homes are worth. 

CT RELA ESTATE MARKET RECOVERY

Minna Reid

Minna Reid is 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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