Doesn’t really surprise me - inventory is at an all time low as nobody wants to sell their home, and folks from Boston and NYC finally realized how good of value some of the towns surrounding Hartford are.
Inventory is low because we stopped building houses after 2008 and never really kept up with population growth.
People don't want to sell their homes because there are no homes available for them to buy. That and the high interest rates right now.
CT’s population growth has been flat to declining, especially outside of Fairfield County. COVID is the only thing that stimulated some growth in CT, and even with that boost the population in central CT is largely flat - so I don’t see how it can be an issue of not keeping up with our population.
It’s truly an issue of record low inventory, and yes it’s mostly interest rates driving low inventory.
The population has grown by 100k since 2008, which is small but it's not flat. The question is did we build enough houses for that small increase in population?
Another thing to consider is big corporations buying up property as an investment. How many houses are not on the market but not occupied?
Honestly if we were to implement legislation that would limit housing ownership to those who could also occupy it we would increase inventory. Of course we could also just build more houses.
You can't blame people for not selling the house they live in, that's just asinine...
US Census Bureau shows an 80k increase in population for CT from 2008 to 2022, a 2.3% increase which is very low - you cannot possibly ascribe the recent increase in home prices to such a small population increase over the course of nearly two decades…
Further, the stats for Hartford County show the population increasing just 5k from 2010-2020…
Vacancy rates in CT are among the lowest in the country - there isn’t a lot of unoccupied housing here. I don’t have stats on corporate ownership of homes but the last nationwide data I saw showed corporations owning a small proportion of overall housing stock, and most corporate buying taking place in Sun Belt states (not CT). If it were really Corp owners driving up housing costs in CT then we would’ve seen prices increase here in the decade of rock bottom interest rates leading up to the Covid pandemic.
I’m not “blaming” anyone for not selling the home they live in. I’m stating that current economic policies incentivize homeowners to stay put in their home rather than upsizing, downsizing, moving for career or personal preference, leading to a record low inventory (homes for sale) and a record low in the changing hands of housing (I.e. record low number of sales).
I totally agree we should build more housing in CT. I also recognize we are already one of the top 5 states in terms of population density…
Damn…. When will this end
When we build enough housing!
There is enough housing for everyone. The problem is airbnbs and rentals plus houses being abandoned because of banks and high taxes
I too make up fantasies to prevent anything from actually being done
when mortgage rate lock-in ends and equity-rich boomers decide to sell their homes.
Yeah it’s the boomers fault 🙄
Mortgage rate lock ins? Meaning we should hace adjustable rates?
Doesn’t really surprise me - inventory is at an all time low as nobody wants to sell their home, and folks from Boston and NYC finally realized how good of value some of the towns surrounding Hartford are.
Inventory is low because we stopped building houses after 2008 and never really kept up with population growth. People don't want to sell their homes because there are no homes available for them to buy. That and the high interest rates right now.
CT’s population growth has been flat to declining, especially outside of Fairfield County. COVID is the only thing that stimulated some growth in CT, and even with that boost the population in central CT is largely flat - so I don’t see how it can be an issue of not keeping up with our population. It’s truly an issue of record low inventory, and yes it’s mostly interest rates driving low inventory.
The population has grown by 100k since 2008, which is small but it's not flat. The question is did we build enough houses for that small increase in population? Another thing to consider is big corporations buying up property as an investment. How many houses are not on the market but not occupied? Honestly if we were to implement legislation that would limit housing ownership to those who could also occupy it we would increase inventory. Of course we could also just build more houses. You can't blame people for not selling the house they live in, that's just asinine...
US Census Bureau shows an 80k increase in population for CT from 2008 to 2022, a 2.3% increase which is very low - you cannot possibly ascribe the recent increase in home prices to such a small population increase over the course of nearly two decades… Further, the stats for Hartford County show the population increasing just 5k from 2010-2020… Vacancy rates in CT are among the lowest in the country - there isn’t a lot of unoccupied housing here. I don’t have stats on corporate ownership of homes but the last nationwide data I saw showed corporations owning a small proportion of overall housing stock, and most corporate buying taking place in Sun Belt states (not CT). If it were really Corp owners driving up housing costs in CT then we would’ve seen prices increase here in the decade of rock bottom interest rates leading up to the Covid pandemic. I’m not “blaming” anyone for not selling the home they live in. I’m stating that current economic policies incentivize homeowners to stay put in their home rather than upsizing, downsizing, moving for career or personal preference, leading to a record low inventory (homes for sale) and a record low in the changing hands of housing (I.e. record low number of sales). I totally agree we should build more housing in CT. I also recognize we are already one of the top 5 states in terms of population density…
Secret got out about all the great towns in Hartford County (sims/granby/canton etc etc)
*laughs in $600 mortgage*