The Connecticut real estate market has been performing quite contrast as compared to the dropping realty market elsewhere in the United States of America. Despite the recent subprime crisis and lowered property values throughout the United States of America, the property prices in Connecticut have been performing relatively well.
Real Estate Prices in Connecticut
Realty value of homes present on the fringe of New York’s metropolitan area and Connecticut are known to be quite highly priced and expensive. The median home prices in Connecticut are estimated to be $500,000. This price does in no way reflect the price of the more valued homes, which can go up to even one million dollars and above.
Some of the most expensive Connecticut real estate will be found in regions such as Greenwich, New Canaan, Darien and Westport. In these regions, the property price range for homes begins with a hefty $1.5 million up to several million dollars. Out of all the states in the North East of the United States of America, Connecticut has the most multi-million dollar homes. In fact, it is second only to California in the whole of the USA.
Connecticut real estate prices have shot up dramatically over the last 10 years and have proven to be a great investment for the people. In 2003, 3.3% of the homes present in Connecticut were priced at over a million dollars each. The more recent trend has shown a growth in the Connecticut real estate market as well. In fact, last year (i.e. 2007) was the first year in which the median price of houses in Connecticut had risen above the $300,000 mark. This shows clearly that while the rest of the country’s realty market was going down, Connecticut real estate market was actually on a rise.
The question why Connecticut’s realty prices have gone up is mainly to do with the growing economy of the state. The state does also not have overbuilt standing inventories of homes in the market. For these reasons real estate experts, such as Barry Rosa (Vice President of New Homes & Land/Specialty Markets Prudential Connecticut Realty), find buying realty in Connecticut as a good prospect for investment.
With the economy in a slump, no one really knows how the realty market is going to respond to these lows of the economy in the country. However, Connecticut is definitely well poised among other states to come up in the real estate prices. With lowered mortgage rates, people can purchase property with more ease than before. Nevertheless, there is also a risk involved due to the subprime crisis, which had occurred at the end of 2007.
Careful decisions have therefore to be made in order to decide whether one should invest in real estate and property or not. If one is willing to risk a little, the chances of making a lot more does exist. After all, if there is no pain, there is usually not much gain. The Connecticut real estate market looks excitingly inviting for realty investors to look at due to its growing prospects and its resilience against the downward market trends.