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While much of the country is experiencing a housing slowdown, Connecticut's market remains remarkably resilient. Home values across the state increased nearly 5% over the past year, with the average Connecticut home now valued at approximately $499,000. Additionally, the median time a home spends on the market has increased to 45 days, giving buyers more time to make informed decisions compared to the fast-paced environment of recent years.
Although inventory remains limited in many communities, more homes are coming to market. Realtor.com reported nearly 12,000 active listings statewide this spring and monthly inventory increased more than 19%, providing buyers with additional choices.
For prospective homeowners, this evolving market presents a unique opportunity. Buyers may face less competition on some properties and encounter sellers who are more open to negotiations on price, closing costs or other terms. Meanwhile, homeowners continue to benefit from strong property values and steady appreciation.
Whether you're purchasing your first home, upgrading to accommodate a growing family or looking to refinance, our mortgage team is here to help you navigate today's housing market and find a financing solution that fits your goals.
Ready to take the next step? Contact the experts at National Iron Bank today to learn more about your mortgage options.
Source: Yahoo! Finance and Realtor.com
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