Market Overview

We’re three months into 2022, and the Connecticut Real Estate Market is as competitive as ever. Homes are in short supply and sell quickly, typically in under two months and with multiple offers. The Connecticut market by some estimates has 100% more buyers than sellers, which is driving up prices, but not necessarily incenting homeowners to put their properties on the market. And fixer-uppers are not an easy solution, since buyers are aware of delays in materials and shortages of labor, meaning extra months before homes are move-in ready. Interest rates, though they will be closely watched, are not typically a factor for buyers who can afford to buy homes in the $1 million-plus range, as is often the case in the Connecticut market. Still, it’s one more factor to consider in the 2022 marketplace.

Commutable Charm

Why is Connecticut so desirable? For starters, it’s home to some of the country’s most iconic suburbs. Commuters have traveled by train to New York City from Stamford, Greenwich, New Canaan, Darien, and other household-name locations for generations. But the area is so much more – a thriving combination of residential, retail, and educational offerings. The population is culturally diverse, dating back to Native American history and wave after wave of immigrants from all around the world who settled and thrived here. And smart, too! At 39%, the number of residents with a college degree exceeds the national average, and the public schools are among the best in the country.

Connecticut is a big-small state, with something for everyone. Suburbs cluster around major employment centers, including Hartford, New Have and of course New York City, which helps to explain the migration of over 30,000 city residents here in the past few pandemic years. Like everyone who comes here, recent new arrivals settled in large cities, in small towns, in historic homes and in appealing new construction. The two challenges to buying in Connecticut are ‘where to live?’ since almost all choices are accessible to city, country, and coast, and ‘what to buy?’, since properties come on and off the market quickly. It is a seller’s market, but a diverse one with options for anyone willing to explore all the choices the Constitution State has to offer.

Top Towns

If you’re ready to make the move, here’s a look at a few appealing options, some hidden gems as well as well-known towns. For more details, Average values are from homes for sale listings as of January 2022.

West Hartford: family-friendly, diverse, and inclusive, with great recreational facilities and a ‘walk score’ life.  Average list price: $340,000

Ridgefield: close to the Berkshires and to New York City?  That’s the Connecticut dream. Colonial roots, sophisticated amenities, and more affordable than Darien or Greenwich.  Average list price: $700,000

Greenwich: if you are interested in moving up, there is no more famous high-end hometown than Greenwich. Less than 60 minutes to Grand Central Terminal.  Best in class schools. And an eye-popping collection of homes and estates reflected in the values. Average list price: $2.3 million