Local Sales Market Update - Naugatuck CT
Market Update – Naugatuck, CT 06770
July 2022 the average sales price for single family houses year to date in Naugatuck was $297,925 this is up 15% over July 2021. And the average Condo sales price was $138,062 which is up 12.8%.
Is there a declining market? Why are home prices still appreciating in Naugatuck?
It’s a familiar story of supply and demand! Currently there are 44 single family houses actively for sale in the Rubber City and 2 condos. There are 57 single family homes and 19 Condos under contract and on their way to closing. 33 single family houses and 9 Condos have closed/sold in the past 30 days.
There were 76 homes in Naugatuck for sale during August 2022 compared to 151 in August 2020 and 100 in August 2021. The number of homes for sale in Naugatuck during August has declined 24% over the previous 2 years. Close to 1,000 showings were booked for those 76 houses in August at the same time there were fewer houses were on the market. One can only conclude that there are more buyers than sellers, therefore the reason for appreciating prices.
Another factor considered in the strong home prices can be linked to the sustained low unemployment rate. There are also fewer foreclosures on the market because the lending criteria and has been greatly improved since the 2008 housing crisis producing a sustainable ownership in comparison to the crash.
The market has cooled off and shifted somewhat compared to the last two years due to the variable and climbing interest rates. However, the rates are still better than the double-digit rates of the 1990’s.