The West Haven, Connecticut real estate market has been recovering since 2015 when home sales prices bottomed out. The last few years of increasing buyer demand, coupled with decreasing home inventory have led to homes selling faster and prices finally moving upward statewide. Some towns have fared better than others. West Haven real estate sales prices have been slow to start rising, but have consistently moved up for the last 3 years and continue to head up in 2018.
Median sales prices of West Haven homes peaked at $226,750 in 2005, before sliding down 36% over the next 10 years! 2015 median sales prices in West Haven hit a low of $145,000. Prices have since headed up and the 2018 YTD median sales price is currently $172,000:
The last few years have seen median sales prices in West Haven increase by 3-4 % per year.
This is certainly great news for West Haven home owners overall. However, for those who bought or refinanced their homes near the peak of the market, prices are still 25% below the values seen over a decade ago. Though upward movement has been consistent, many are still struggling with negative equity. There are options for those who need to sell but lack the equity to get out of the loan.