Connecticut has many positive attributes. It is a state that gets to sample the best of everything: Close to New York and Boston. Shoreline communities and rolling pastures. The beauty of all four seasons.
But every year since 2011, more people move out of the state than into it. This fact is not new information, but it does build up questions for homeowners in Connecticut who are planning to move, either in-state or out-of-state:
When should I sell?
We’ve gathered up some facts to assist you when making the decision to sell in Connecticut.
Who is leaving Connecticut?
According to the 2017 United Mover’s Study by United Van Lines, 57% of moves in Connecticut were outbound, with 43% inbound. This marks the third consecutive year that Connecticut has been on the list for top outbound states, fourth on the list in 2017.
Many people who are moving out of state are high-income tax filers and their families. Data from the Internal Revenue Service shows that after Connecticut’s second largest tax increase in 2015, over 20,100 residents moved, with the largest tax group leaving being those earning over $200,000 per year. Between 2015 and 2016 alone, this accounted for $2.6 billion in adjusted gross income moving to other states.
Where are people relocating?
Many of the people leaving Connecticut are moving South or West. The 2015-2016 data from the IRS found the top states people from Connecticut moved to were Florida, California, Massachusetts, North Carolina, and Texas.
The United Mover’s Study found the states with the most inbound moves in 2017 were Vermont, Oregon, Idaho, Nevada, and South Dakota. This takes into account all inbound moves, not just new residents from Connecticut. Overall, this study found people are leaving Northeast states (with the exception of Vermont) and going West.
Housing Market In Connecticut
The Housing Price Index (HPI) in Connecticut has been increasing since 2012, just very slowly. A review from the Federal Housing Finance Industry found that from 2012-2017, Connecticut HPI had the slowest growth in the nation – just 5.5% – compared to the national average of 30%. Of course, some Connecticut marketplaces are doing better than others. This means that if you bought a home before the 2008 recession, you may just break even, or possibly lose money, on the sale of a single family residence.
One + Company is upfront with this information, not because we want to discourage you, but because we want everyone to be able to make informed, purposeful decisions when it comes to real estate.
Even in a slowly increasing housing market, One + Company has had continued success in getting homes sold due to our aggressive marketing and home exposure approach.