Deep Dive: Where things stand now for real estate in Connecticut heading into 2022
2021 was a wild ride for real estate -- home prices up, rent prices up and inventory low. In this week's Deep Dive, News 12's Kristie Reeter looks to see where things stand now heading into the new year.
Where did 2021 stand when it came to real estate in Connecticut?
"Real estate prices climbed across the country up 20% year over year but especially in some markets," says Caleb Silver with Investopedia. "In Connecticut, we saw Litchfield County up at 20.8% just above the national average but as you go down state, New Haven up 17.8%, Fairfield 16.4% and Hartford only up 15.5% year over year."
Does Silver have any projections for the new year?
"Yeah, we know interest rates are going to rise which means mortgage rates are going to rise too and then inventory is pretty tight so expect home sales to probably slow in the first quarter and into the second quarter and prices hopefully to come down a little bit - they have been sky high across the country," says Silver.