Home Values Rising in Connecticut Amid Coronavirus Crisis
See how the housing market is doing in the Constitution State during COVID-19.
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 today's bargain 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.
How the Connecticut housing market stacks up
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 today's best mortgage rates where you live.
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.
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.
