Taking a Look at the Housing Market in the New England States
The New England States is one of the nicest regions to live in throughout all of the United States. Not only does the region have a lot of history, but it also has beautiful scenery and gorgeous small towns. On top of all that, cities like Boston, Hartford, and Newport are stunning and have a lot to offer residents.
With so much going for the region, it’s no wonder why real estate such as Burlington houses for sale has such high demand. So what’s the housing market like in the region, and how realistic is it to purchase a New England home in today’s housing market?
Let’s take a look at the housing market in the New England states.
Massachusetts is often considered one the nicer New England states to live in, having plenty of great cities and wonderful areas. Boston and its suburbs are a very popular area in Massachusetts, as the city is one of the biggest in America. Other locations in Massachusetts are popular due to their proximity to vacation destinations such as Martha’s Vineyard.
In general, however, recent times have been rough for buyers looking in the state. The recent stay-at-home orders have dropped the number of listed homes, creating more demand than supply, and forcing prices up.
Much like in Massachusetts, a shortage of homes on the market continues to drive up housing prices in New Hampshire. Demand is quite as high for housing in New Hampshire, but many similar trends can be identified. Some of the hottest housing markets in New Hampshire are Merrimack County and Rockingham County, while areas like Coos County still have slow housing markets.
Although prices are high, houses fly off the market due to demand being higher than supply. As a result, not only are sellers getting great deals, they’re also selling their homes extremely fast.
Connecticut is home to many wealthy people due to the state’s proximity to New York City and Boston. Right now the Connecticut housing market is one of the strongest in the country in terms of home price. However, much like the rest of the New England states, Connecticut has seen a drop in houses for sale in recent times.
Typically housing prices drop drastically in the fall, as it’s not the home-buying season. However, due to the fact that there is such a small amount of houses on the market right now, prices haven’t fallen that much. As a result, Connecticut homeowners have the rare opportunity to sell their homes in the fall at a great price.
Compared to this time last year, median prices for Rhode Island homes are around 15% higher. Much like the rest of the New England states and the rest of the country, Rhode Island is currently in the midst of a seller’s market. Many people believe this won’t change any time soon, as COVID concerns and the delta variant have made people hesitant to move.
Securing a home in Rhode Island is extremely competitive right now, as there aren’t a lot of homes on the market and bidding is competitive. If you’re looking to buy a home in Rhode Island, working with a real estate agent is highly recommended, and prepare yourself for the possibility of a long house search.