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Current home values in Connecticut

Home values have been rising throughout Connecticut and are up 0.8% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $736,169, Realtor says.

Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of current mortgage rates and the low monthly house payments they provide.

Here's how that works in Connecticut: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.

A 30-year mortgage for a $736,169 home at 3.33% would give a typical Connecticut homebuyer a monthly payment of $2,589, assuming a 20% down payment.

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How the Connecticut housing market stacks up

Older couple enjoying winter outside
Dan Hamscom / Shutterstock
Couples in Connecticut can enjoy hiking outside in winter

The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.

While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Connecticut, they're predicted to rise 3.4%.

Homes right now are going on the market in Connecticut at a median price of $174 per square foot, versus $134 per square foot nationwide.

Are you looking to buy? Take a look at the latest mortgage rate trends.

Connecticut home prices over the last 10 years

Year Avg. Price
2020* $259,272
2019 $257,163
2018 $253,575
2017 $243,567
2016 $235,783
2015 $233,217
2014 $233,100
2013 $229,167
2012 $226,975
2011 $236,833
2010 $251,133
2009 $257,958

*2020 price average through March 31, 2020.

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As home prices have increased, the average homeowner is sitting on a record amount of home equity. Savvy homeowners are tapping into their equity to consolidate debt, pay for home improvements, or tackle unexpected expenses. Rocket Mortgage, the nation's largest mortgage lender, offers competitive rates and expert guidance.

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How much for an average-sized home?

Here's what a 2,500-square-foot home in Connecticut is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.

Year Avg. Price
2020* $435,275
2019 $387,500
2018 $382,500
2017 $372,500
2016 $360,000
2015 $355,000
2014 $357,500
2013 $357,500
2012 $350,000
2011 $367,500
2010 $392,500
2009 $395,000

*2020 price average through March 31, 2020.

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About the Author

Doug Whiteman

Doug Whiteman

Former Editor-in-Chief

Doug Whiteman was formerly the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."

What to Read Next

It's a lengthy, complicated process, so just keep your eyes on the prize: your new home.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.