Metropolitan Statistical Area (MSA):
Bridgeport-Stamford-Norwalk, CT is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the real estate market in the Bridgeport-Stamford-Norwalk, CT metropolitan statistical area (MSA) is booming. The combination of strong job growth, low interest rates, and limited new construction is resulting in rapidly rising prices and extremely tight inventory levels.
According to data from the National Association of Realtors, the median sales price for a home in the MSA was $430,000 in Q1 2018, up 11.6% from a year earlier. At the same time, the number of homes available for sale fell to just 1,670 units, a drop of 28.8%. This resulted in a "market time" of just 54 days, meaning that homes are selling very quickly once they are listed.
Investors are taking notice of these trends as well. In Q1 2018, investment sales volume in the MSA totaled $1.13 billion, up 36% from a year earlier according to Real Capital Analytics. And with prices continuing to rise and inventory levels remaining tight, it's likely that investment activity will continue to be strong in this market.
For those looking to buy a home in the MSA, it's important to be prepared for competition. Working with a knowledgeable and experienced real estate agent is critical in order to have the best chance at success when bidding on properties. And given the current trends, it's also important to be prepared to pay more than you may have initially expected – prices are only going up from here!