Connecticut's Real Estate Market Was Unsteady In 2018
Connecticut's real estate market was unbalanced in 2018 with a bit of a seesaw effect happening in terms of home sales and home prices.
Remax Integra, a company based in Boston, explored the New England real estate market and compared Connecticut's trends to other states in the region. The company found that out of all of the New England states, only Connecticut and Boston saw average sale prices dip.
"Within Connecticut, most of Remax's regions saw average sale prices fall," according to National Mortgage News.
"Only the Hartford region and the Tolland area saw an increase in average sale prices. The Hartford area saw average sale prices rise 4.25% in 2018 to $238,124, an increase of $9,715."
NMN reported that the area with the largest decrease in sales for Connecticut happens to be Middlesex County with an 11.11% drop.
The region hasn't seen much in the likes of new construction and home prices are having an impact on that.
"The prices you can sell a new home for now aren't high enough to cover the costs of land acquisition and building materials and still allow the builder to make a profit," said Craig Milton, a broker with Remax Valley Shore in Old Saybrook, according to NMN.
To learn more about Connecticut's fluctuating real estate market, click on the image above.