Connecticut is a small state with a rich history, miles of coastline, and plenty of communities within a stone’s throw away from some of the major cities of the United States. It also has a thriving real estate market that offers plenty of opportunities.
This guide will go over why you should buy a property in Connecticut. The market may be competitive right now. Yet, Connecticut Real Estate is a must-watch market.
The homes will be bought and sold fast. If you are interested in purchasing property, read more to find out why Connecticut may be the best place. Let’s take a look now at the following list below:
Location
Connecticut is a state located in the southern half of the New England region. It is sandwiched between two major US cities – Boston and New York City. Fairfield County, located in the southwestern part of the state, is a popular location for real estate.
It is especially convenient for those who work in New York City and intend to commute on a regular basis. While Boston may be farther away from various towns and cities in Connecticut, it’s also a great place to travel to, especially when you want to get away for a weekend. Boston has plenty of rich history and several tourist attractions that you can check out including the Freedom Trail, Faneuil Hall, and the Old North Church among others. Boston can be accessible by I-95 and even Amtrak rail.
Likewise, you can also take a day trip or weekend getaway to New York City. If you travel to the Big Apple, you can check out the Statue of Liberty, the Empire State Building, One World Trade Center, and others.
Whether you know it or not, Connecticut is a central location for commuters and travelers. If you intend to travel internationally, you can easily access three airports with direct international flights. They include Logan Airport in Boston, JFK Airport in New York City, and Newark International in Newark, New Jersey.
The real estate market
The real estate market in Connecticut is robust, but competitive. According to the Miller Samuel report, the median home value in Fairfield County for Q1 2024 was approximately $545,000. It has increased 6.9% from the previous year and will probably continue to strengthen over the course of the next few years.
This can be a great opportunity for real estate investors looking to purchase a property that can give them an excellent ROI. Likewise, people looking to buy a primary residence in Connecticut can take the opportunity to purchase a home.
Either way, the real estate market provides plenty of opportunities. Keep in mind that the home values may vary from one local market to the next. Which means that the housing market will differ in Greenwich compared to Putnam or Norwich. In Greenwich for example, for Q1 2024, the median sale price for a single-family house was a little bit over $3 million, when the price in Fairfield County was about $660,000.
A single-family home with the same number of bedrooms and bathrooms may be high-priced in one community. Meanwhile, you can get a different price in another. If you are planning to buy a property in Connecticut, you’ll want to take a look at how much you can be able to afford.
This means you will need to exclude certain intended locations. And that also means emphasizing your focus on other areas of Connecticut. You will still have a handful of opportunities, even if you narrow down your search area.
The demand for rental property is high
If you are a real estate investor searching for rental property, the demand will be high. That demand comes from tenants looking for an apartment of their own. You’ll be able to generate plenty of rental income that will be fair for the current market.
Connecticut has plenty of educational institutions, a strong job market, and plenty of people who commute to New York City and the surrounding area for work. You’ll want to consider your investment goals when you’re looking to acquire rental properties.
At the same time, you want to consider the expenses you’ll be dealing with. This includes property taxes, insurance, property management, and other specific expenses. The location will also play a role in your decision to purchase rental properties.
You may consider purchasing an apartment building in Bridgeport. This can be great for those looking for an apartment while looking to land a job in New York City. They’ll commute throughout the work week and be able to find a place away from the city.
One of the critical needs of a potential tenant is to be farther away from the city and its higher rent, so people will be looking for a greener, more spacious environment to live in. Commuters who don’t want to pay a very high amount of rent for a small apartment in New York City can consider cities like Greenwich or Westport.
Excellent transportation network
Connecticut has a transportation network that includes several highways, trains, and buses. It will be easier to get around thanks to these options. This will be a huge plus for those who commute to and from New York City for work.
It’s also great for those who like to travel. They will be able to hop on a train for a day trip to New York City. Or they can use the transportation network to easily access one of several airports.
Summary
Buying a property in Connecticut can be a challenge. However, you have four reasons why you should consider the area to buy a property. You’re in an excellent location that may meet the demands of your potential tenants.
Or you may be someone looking for a place to live for your primary residence. You may be looking for a place to live while you plan on commuting to your job in New York City or other communities in Connecticut. Contact us at BARNES New York today and don’t miss out on the opportunity to purchase property in Connecticut whenever they arise.
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