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Weichert Realtors Briotti Group
Mobile: 1-860-397-6350 Office: 1-860-397-6350Website Agent Listings Contact Joseph Valente
Located in the South West of the state of Connecticut, the quaint town of Trumbull is a short hour and a half away from New York City. As remote work trends remain at high levels, real estate agents in Trumbull CT will help you find the perfect affordable home in close proximity to the Big City. Not that that’s the only reason why people should move to the town of Trumbull, Connecticut. Up next, we’ll cover a few aspects of what life in Trumbull, Connecticut looks like. Once you’re done reading the analysis below, you can come back and contact realtors in Trumbull CT for more details regarding the housing market.
Being close to the internationally recognized metropolis of New York City comes with both pros and cons. However, real estate agents in Trumbull CT can’t help but see the positives. Their city’s real estate market is growing hotter by the day. According to realtors in Trumbull CT, real estate prices recorded a 14% appreciation rate over the past year. The trend started in the middle of 2020 when home prices were at a median of $381,000, but by February of 2022, they reached a whopping $496,000.
The strong appreciation rate transforms the city into one of those towns that gained due to the great pandemic migration, but how this trend will continue is yet to be determined. The city’s economy is fairing quite well, but we’ll see what real estate agents in Trumbull CT have to say about that in a bit. Firstly, top realtors in Trumbull CT will underline that the city’s median home value is currently at $496,000, approximately 36.4% of the properties available on the market are between $378,000 and $503,000. Less than 5% are priced above $950,000. Considering that and the fact that New York City is located so close by, the housing cost comparison doesn’t even deserve to be mentioned as the Big Apple’s median housing price is $746,000.
Those numbers make the homeownership rate unexpectedly high with almost 86% of the city’s residents owning their homes. Still, real estate agents in Trumbull CT want to mention that their city’s average rent price is $2,100. Towns that can be considered suburbs of New York City aren’t only appealing to young families but to young professionals as well.
According to realtors in Trumbull CT, the city’s job market managed to overcome the struggles resulting from the pandemic. While unemployment insurance claims did spike during April of 2020, rates leveled out in July 2021. The employment change between mid-2020 and mid-2021 experienced an increase of approximately 8.5%. Real estate agents in Trumbull CT saw the biggest employment growth in the Leisure and Hospitality industry while Financial Activities were the least affected and experienced low employment change.
Getting past the increase experienced, let’s see what realtors in Trumbull CT have to say about the wages. Median household income experienced a 3% year-to-year growth rate between 2018 and 2019, reaching $122,000, but by 2020 it exceeded $150,000. By far, the biggest percentage of the population is employed in Management Occupations with median earnings of $113,000. Still, the highest earnings come from the Computer and Mathematical Occupations with median incomes of $119,000.
When it comes to industries, real estate agents in Trumbull CT are aware that the Health Care and Social Assistance industry employs the highest number of residents. While the Finance and Insurance industry is the 5th most common industry in Trumbull CT, it is also the highest paying industry with a median income of $110,000.
The small, quaint town of Trumbull, Connecticut, is a perfect destination for young families and older adults due to its great public school system, low crime rate and proximity to New York City. Realtors in Trumbull CT are aware that it rarely gets better than that. To top it all off, the job market is going strong and shows no signs of slowing down. The rising housing prices should be enough proof that this town is ready to grow.