Curious as to what the average list price of homes were in your area for 2017? Don’t worry, we’ve got you covered. Find your town below. Then, keep reading for tips for sellers and a chance for a free market evaluation!
New London County
East Lyme $538,711
New London $264,466
North Stonington $462,867
Old Lyme $530,594
New Haven County
North Branford $361,139
West Haven $214,970
Deep River $582,656
Old Saybrook $778,074
Is your house right on par with your town’s average? Is it above? Is it below? The amount of money a house is listed for can be difficult to understand, which is why we’ve outlined a few factors that can affect the amount a home is listed for. PLUS we’ve included an opportunity for you to receive a free market evaluation.
3 Factors Impacting Home Listing Price
#1 Local Supply & Demand
Ever notice that when you really want something it always seems to be out of stock and never goes on sale? Real Estate works in a similar manner. Too many homes on the market with not enough potential buyers, and prices are sure to take a fall. When roles are reversed and there are less homes than buyers, prices climb. According to Eastern Connecticut Association of Realtors, Connecticut is presently facing a lack of housing inventory. This is good news for sellers, as we are in a state of high demand with low supply.
#2 Size & Layout
Size is not as cut and dry as one would think: bigger doesn’t always mean better. Ample square footage with a poorly designed layout can actually deter buyers. In addition, closed floor plans in a large home can take away from the grandeur of size. The largest house in town may not have the highest listing price if it falls under the category of poorly designed.
When upgrading a home there are many factors to think about. One being, “Am I over-upgrading?” Yes, it is possible to upgrade too much. You see, your town and neighbors set a price ceiling. You can only ramp up the value on your home so much before it becomes too much for your area. That being said, the right upgrades can make a difference depending on how your home compares to your town’s average list price.
Written By: Briana Cabral
Marketing Coordinator & Blog Owner