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Connecticut real estate

Connecticut – Time for This Housing Market to Turn the Corner

Even with the recession in the rear-view mirror, Connecticut couldn’t seem to get the monkey off its back. For years, realtors in Connecticut watched their industry get worse and worse, wondering if there was any end in sight.

Luckily, the housing market in the Constitution State finally started to show signs of life in 2012. In fact, 2012 marked the first time in eight years that any of Connecticut’s housing numbers actually showed year-over-year improvement.

Now, there’s real hope that the housing market here will turn the corner in 2013.

So, what can you expect from Connecticut for the foreseeable future?

Realtors here say it’s not out of the question to bank on a 3 to 5% increase in sales prices. While that certainly doesn’t sound as exciting as the double-digit gains sellers here saw in the mid-2000’s, experts explain that it’s also a much safer gain. When prices rise slower and steadier, there’s much less chance of them bursting later on – like what we saw a few years ago. So, if you’re thinking about buying here, that alone should give you some relief!

So, where are the homes for sale in Connecticut seeing the most success?

As of the end of 2012, the eastern side of the state was the most profitable. Both Windham and New London Counties saw their number of single-family home sales rise more than 15%, when compared to 2011. By year’s end, close to 3,000 homes were sold. The median sales prices were also up in both counties.

One thing that has really affected sales around the entire state for awhile has been the rental market. But instead of apartments, Connecticut’s rental market has been flooded with single-family homes. Realtors here say many families put their homes up for rent and moved other places – in many instances, to look for work someplace else. That’s because big area employers (like Pfizer) succumbed to layoffs.

So, as soon as Connecticut can get more of its residents back to work (and back in their own homes!), the rental market can go back to normal levels. Once the supply of single-family rental homes drops, more families will, presumably, be looking to buy.

When they do, they’ll have an interesting mixture to choose from. Luckily, the number of foreclosed homes for sale in Connecticut has gone down. However, some experts here say that the brand new constructions are actually cheaper than existing homes for sale.

So, it may not be your average housing market, but it’s an interesting one nonetheless!

Living in Connecticut

Are you looking for a place where you can enjoy the gentle sounds of the waterfront or the serenity of open farmland, while still being close to big cities? Then Connecticut might be the right state for you.

Connecticut enjoys a long maritime tradition with ports located on Long Island Sound. Bear Mountain, the state’s highest peak with an elevation of 2,323 feet, is located in the northwest corner in Salisbury.

While Connecticut summers can bring warm and humid temperatures, the winters tend to be cold and snowy. Connecticut’s colorful fall foliage, combined with its striking landscapes and charming small towns, attract visitors from all around the world.

Before you head to the hills or the shoreline, let’s go over some of the fast facts about Connecticut:

  • What is the population of Connecticut?
  • The population of Connecticut is 3,590,347
  • What is the capital of Connecticut?
  • The capital of Connecticut is Hartford
  • What is the largest city in Connecticut?
  • The largest city in Connecticut is Bridgeport

Bordered on the north by Massachusetts, the east by Rhode Island, the west by New York, and the south by Long Island Sound, Connecticut has long played an important part in American history and industry. Established in 1630 by the English, Connecticut is often revered for its participation in the American Revolution as well its role as a major supplier of military materials during the Civil War. Today, Connecticut is still chock full of historic sites, cozy inns, and charming villages.

For the adventurous, the picturesque hills and valleys of northwest Connecticut offer excellent opportunities for skiing, snowshoeing, hiking, biking, and tubing. Easy access to Long Island Sound and multiple lakes makes boating and waterskiing exciting options.

While white picket fences and red barns may come to mind when you think of Connecticut, this state also features several large cities and industries. Manufacturing includes helicopters, aircraft parts, transportation equipment and nuclear submarines.

Connecticut is also well-known for its financial services industry, including several insurance companies in the state capital, Hartford. With New York on its southwestern border, several towns in Connecticut have become a commuter’s dream, thanks to daily train services.

Connecticut also boasts several top-notch colleges and universities, including the University of Connecticut, Yale, and the United States Coast Guard Academy.

If you’re looking for the best of both worlds, this just might be it!

This is the Census data for Connecticut

Population

Total population estimate for Connecticut (July 1) 2012
3,590,347
Total population change for Connecticut- April 1, 2010 to July 1, 2012
0.5%

Age

Percentage of the population that's under 5 years old in Connecticut, 2011
5.5%
Percentage of the population that's under 18 years years old in Connecticut, 2011
22.4%
Percentage of the population that's 65 years and over Connecticut, 2011
14.4%

Gender

Percentage of the population that are females in Connecticut, 2011
51.3%

Race breakdown for Connecticut in percentages

White alone, 2011
82.3%
Black alone, 2011
11.1%
American Indian and Alaska Native alone,2011
0.5%
Asian alone, percent, 2011
4.0%
Native Hawaiian and Other Pacific Islander alone, 2011
0.1%
Two or more races, 2011
2.0%
Hispanic or Latino Origin, 2011
13.8%
Not Hispanic, White alone, 2011
70.9%

A little more about the residents of Connecticut

Percentage of residents who lived in the same house 1 year ago, 2007-2011
88.0%
Percent of residents who are foreign born 2007-2011
13.3%
Percent speaking a language other than English at home, 2007-2011
20.8%

Education

Percent high school graduates or higher for residents 25 years old and over in Connecticut, 2007-2011
88.6%
Percent with a bachelor's degree or higher for residents 25 years old and over in Connecticut, 2007-2011
35.7%

Veterans

Total number of Veterans living in Connecticut 2007-2011
235,132

Communting

The average travel time to work for workers in Connecticut (16 years and over not working at home), 2007-2011
24.7 mins

Real estate stats in Connecticut

Housing unit estimates, 2011
1,494,019
Owner-occupied housing units - percent of total occupied housing units, 2007-2011
68.9%
Housing units by units in structure - multi-dwelling structure, percent, 2007-2011
34.6%
Median value of specified owner-occupied housing units, 2007-2011
$293,100.00
Households, 2007-2011
1,360,115
Average household size, 2007-2011
2.53

Income

Per capita income for Connecticut in the past 12 months (in 2011 inflation-adjusted dollars), 2007-2011
$37,627.00
Median household income in Connecticut, 2007-2011
$69,243.00
Percentage of people living in poverty in Connecticut 2007-2011
9.5%

Business and commerce info for Connecticut

Private nonfarm establishments, 2010
89,234
Private nonfarm employment for pay period including March 12, 2010
1,436,992
Private nonfarm employment for pay period including March 12, 2010, percent change, 2000-2010
-7.1%
Total number of businesses in Connecticut, 2007
332,150
Percentage of Black-owned businesses in Connecticut, 2007
4.4%
Percentage of American Indian- and Alaska Native-owned businesses in Connecticut , 2007
0.5%
Percentage of Asian-owned businesses in Connecticut, 2007
3.3%
Percentage of Native Hawaiian- and Other Pacific Islander-owned businesses in Connecticut, 2007
NA
Percentage of Hispanic-owned businesses in Connecticut, 2007
4.2%
Percentage of Women-owned businesses in Connecticut, 2007
28.1%

Land size and population

Size of Connecticut in Square Miles, 2010
4,842.36 mi²
Population per square mile in Connecticut, 2010
738.1

Connecticut real estate

Oakville

Other City - Not In The State Of Florida

Outside Area (Outside Ca)

Pine Hill

Portland

Redding

Richards Corner

Ridgefield

Rockville

S.Wheeler

Salisbury

South Glastonbury

South Windsor

Stafford Springs

Stamford

Stonington

Stratford

Tolland

Trumbull