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The Connecticut Economic Digest Releases 2018 Housing Market in Review

The Connecticut Economic Digest
 

A new report in the September 2019 issue of The Connecticut Economic Digest, titled "2018 Housing Market in Review," finds Connecticut’s housing market experienced growth in 2018.

Total housing units authorized in 2018 were 4,815 single and multifamily homes, representing a 5.9% increase when compared to 2017 totals (4,547). However, the 2018 totals represent a 12.5% decrease from 5,504 units authorized in 2016.

Municipalities with the largest share of permits were New Haven (460 units), Simsbury (199 units), Westport (194 units), Stonington (183 units), and Milford (167 units). Multi-family housing accounted for 47% of permit authorizations, up precipitously from 1998, where only 23% of permit authorizations were multifamily.

Median single-family home prices rose to $268,000, a 3.2% increase over the 2017 sales price, according to data from the Warren Group. Single family home sales dipped slightly to 33,594 in 2018, a 1.9% decrease from 2017.

The Connecticut Economic Digest is a joint publication from the Connecticut Department of Labor and Department of Economic and Community Development.

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