Bridgeport, CT, is one of the most populous municipalities in Connecticut and the fifth-most populous city in New England. Bridgeport is a city of diverse neighborhoods, boasting 13 officially delineated neighborhoods across 16 square miles of land. It offers an exceptional quality of life for over 150,000 residents, with 1,300 acres of public land for parks and a plethora of attractions, including majestic shoreline parks, fascinating museums, regional baseball, hockey, and festivals, as well as national musical acts and performances. In this article, we'll explore the latest housing updates in Bridgeport, CT. We'll provide you with detailed insights to help you make informed real estate decisions.
Quick Facts:
- Bridgeport is home to over 150,000 residents.
- The median price of Bridgeport homes was $328K, up 21.3% from last year.
- Homes sell in 60 days on average.
- The median annual income of a Bridgeport household is $50,597.
Bridgeport, CT, in a Nutshell
Bridgeport is a vibrant center of academic excellence, offering numerous opportunities for higher education and learning. Besides, it has affordable real estate options that make it an attractive destination for folks looking to settle down in southwestern Connecticut. With a moderate homeownership rate and a low median property value, Bridgeport is an ideal place to call home for individuals and families looking for comfortable living. Additionally, its average commute time and vehicle ownership per household present an accessible transportation network for smooth connectivity within and around the city.
Economy
Bridgeport is a city that has a diverse job market with a total of 42,048 jobs available. The majority of these jobs are within the Health Care and Social Assistance sector. Unfortunately, the city's overall unemployment rate has averaged 13 percent, which is higher than the national average. The city's median household income is $50,597, which is considerably lower than the statewide median of $78,444. Notably, Bridgeport has the lowest median household income of all the towns in Fairfield County. Despite these challenges, the city's unemployment rate is currently at 5.70%, which is an improvement from the previous year's rate of 6.60%. Moreover, this unemployment rate is lower than the long-term average of 8.70%.
Bridgeport, CT, Real Estate Market
The real estate market in Bridgeport, Connecticut is currently experiencing a steady rise in the number of properties being sold. As of May 2023, the average days on the market for single-family homes were at 56. This indicates that properties are not staying on the market for very long, providing an excellent opportunity for investors to make a quick purchase. The average sales price for single-family homes is currently at $347K, marking a significant increase from the previous year. In comparison to the national average for single-family homes, this figure remains relatively affordable, making it an attractive option for prospective buyers. In May 2023, a total of 37 units were sold. Furthermore, at 99%, the percentage of asking price for single-family homes sold in Bridgeport, Connecticut is currently considered high, providing sellers with excellent returns on investment. Overall, the Bridgeport, Connecticut housing market is experiencing promising growth. This is an exciting time for both potential buyers and sellers in the area.
Real Estate Trends
The latest update on the real estate market in Bridgeport, Connecticut reveals that a considerable percentage of homebuyers in the area are looking to stay within the metropolitan region. From February to April 2023, data shows that 72% of Bridgeport homebuyers were on the lookout for properties within the vicinity. Meanwhile, 28% considered moving out of Bridgeport altogether.
When it comes to the sources of incoming homebuyers in Bridgeport, 3% are from outside metropolitan areas across the country. Out of these, those hailing from Buffalo appear to be the most interested in setting up residency in Bridgeport. Following closely behind are San Francisco and Springfield homebuyers.
On the other hand, the top destinations for Bridgeport homebuyers looking to move out of the area are Miami, Philadelphia, and Houston. This data provides significant insight into the minds of homebuyers in Bridgeport, showcasing the areas they are most interested in moving to. Overall, the findings demonstrate that there is a vast demand for real estate in Bridgeport and its surrounding metropolitan region.
Final Thoughts
Bridgeport is a vibrant and growing city that provides an abundance of opportunities for potential homeowners. Its diverse job market and relatively affordable housing prices are just some of the factors attracting more buyers to choose Bridgeport as their home. Moreover, its excellent transportation network makes it easy for residents to get around the area or venture out into nearby cities. All in all, Bridgeport is proving to be a desirable place to live and invest in real estate. With an influx of recent homebuyers looking for properties within the metropolitan region, it’s no wonder that more and more people are considering making Bridgeport their future residence.
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