Connecticut Real Estate Market Trends & Analysis

The Connecticut real estate market has faced more obstacles than the majority of states across the country. As a result, real estate in Connecticut is poised to carry the same momentum of year’s past. Investors may expect familiar trends to continue for the foreseeable future: A distinct lack of inventory should facilitate an increase in bidding wars, faster price appreciation rates, and quicker home sales.

Despite recent gains, however, Connecticut real estate prices remain relatively cheap when compared to their national counterparts, which bodes well for the state’s future prospects. Affordability, in conjunction with exceptional healthcare options and educational institutions, have already begun attracting more millennial buyers. Additionally, an impending surge in new construction permits should alleviate the inventory burden and allow the local housing market to get back on track. Small as they may seem, these interim trends could very easily establish the foundation for a healthy real estate market moving forward. Now, more so than in years past, may be as good of a time as any to look into the Connecticut real estate market.

Connecticut Real Estate Fees & Regulations

Real Estate

Closing Conducted by: Attorneys
Conveyance: Warranty Deed

Foreclosure Procedure

Primary Foreclosure Method: Judicial
Process Period: 5 - 6 months
Notice of Sale: Court
Redemption Period: Court Determined

Taxes

Income Tax: 3.0% - 6.99%
Corporate Tax: 9%
Sales Tax: 6.35%
Estate Tax: 7.2% - 12%
Inheritance Tax: No
Median Property Tax: 1.63%
Property Taxes by County: http://www.tax-rates.org/connecticut/property-tax#Counties

Average Transactional Costs

Closing Cost: $2,555
Transfer Fee: Transfer fee 0.75% up to $800K; 1.25% of value over $800K
Origination Fee: $1,885.00

Overview

  • Median Home Value: $243,800
  • 1-Year Appreciation Rate: +1.3%
  • Median Home Value (1-Year Forecast): +0.3%
  • Median Rent Price: $1,825
  • Price-To-Rent Ratio: 11.13
  • Average Days On Market: 81
  • Percent With Negative Equity: 11.2%
  • Unemployment Rate: 3.6% (latest estimate by the Bureau Of Labor Statistics)
  • Population: 3,572,665 (latest estimate by the U.S. Census Bureau)
  • Median Household Income: $73,781 (latest estimate by the U.S. Census Bureau)
  • Percentage Of Vacant Homes: 7.89%
  • Foreclosure Rate: 1 in every 1,685

Connecticut Foreclosure Trends & Statistics

Tax Lien Investing

  • Tax Lien or Deed: Tax Deed Sale with Right of Redemption
  • Interest Rate: 18% after Tax Deed sale
  • Redemption Period: 6 months after Tax Deed sale