Metropolitan Statistical Area (MSA):
Hartford-West Hartford-East Hartford, CT is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the Hartford-West Hartford-East Hartford, CT metropolitan statistical area (MSA) has been hit hard by the housing market crash of 2008. However, there are signs that the market is beginning to rebound. According to the most recent data from the National Association of Realtors, home sales in the MSA increased by 5.6 percent in 2013, and median home prices rose by 2.5 percent.
The rebound in the housing market is being driven by a number of factors, including an improving economy and historically low interest rates. The unemployment rate in the MSA has fallen from a peak of 9.4 percent in 2010 to 6.8 percent in 2013, and is expected to continue falling in 2014. This has helped to increase consumer confidence and spur demand for housing. In addition, mortgage rates remain at near-historic lows, making it an ideal time for buyers to enter the market.
Investors are also playing a role in the rebound of the housing market in the MSA. With prices still well below pre-crash levels, investors are scooping up properties as rental units or future flips. This activity is helping to drive up prices and create momentum in the market overall.
Looking ahead, it is expected that the Hartford-West Hartford-East Hartford MSA will continue to see positive trends in its housing market. Sales volume is expected to rise as more buyers enter the market and take advantage of favorable conditions; meanwhile, prices are forecasted to continue their gradual upward trend as well