Realtor: Expect low supply of homes on the market, sky-high demand
If you are house hunting in Connecticut, prepare yourself for extremely low supply and sky-high demand.
Home prices in the state were up 12.3% year over year in December, according to CoreLogic.
According to Zillow, home values in Fairfield are up 17.1% to almost $676,000. In Stamford, they're up 10.4% to more than $579,000. In Bridgeport, they're a whopping 21.1% to $286,879 and in Norwalk they're up 11.9% to $362,600.
With inventory so low, expect prices to keep rising.
Some realtors believe that many of the people who wanted to sell already have. That's not to say there won't be plenty more homes on the market, just not the selling frenzy we saw last year.
Even with mortgage rates creeping up, already sky-high prices will keep climbing as well, albeit at a slower pace.
Expect the bidding wars to continue too as COVID-weary prospective buyers continue to look to leave New York City behind for the suburbs.