How is The Bridgeport Real Estate Market 2019?
If you are looking at investing in Bridgeport real estate as a potential investment opportunity, you must read till the end. There are nearly 30 Bridgeports in the United States, but the original one in the United States is Bridgeport, Connecticut. This is a historic city often written off as part of the Rust Belt or overshadowed by New York City sixty miles to the southwest.
There are a number of reasons to consider investing in Bridgeport. Based on the last twelve months, short-term real estate investors have found good returns in Bridgeport. Bridgeport is home to a little under two hundred thousand people.
Bridgeport plus its suburbs is home to about 300,000 people. However, Bridgeport is part of the Bridgeport-Stamford-Norwalk area. This extended metro area is home to around a million people. Is Bridgeport going to be one of the hottest real estate markets for investors in 2019? To answer this question, let’s take a look at the latest Bridgeport real estate market trends and find out the prospects of investing in Bridgeport, Connecticut in 2019.
Bridgeport Real Estate Market Forecasts 2019 & 2020
The median home value in Bridgeport is $175,500 on Zillow. Bridgeport home values have gone up 5.3% over the past year and Zillow's Bridgeport real estate market prediction is that the prices will rise 1.9% in 2020. The median list price per square foot in Bridgeport is $139, which is lower than the Bridgeport-Stamford-Norwalk Metro average of $272. The median price of homes currently listed in Bridgeport is $189,900 while the median price of homes that sold is $168,800. The median rent price in Bridgeport is $1,600, which is lower than the Bridgeport-Stamford-Norwalk Metro median of $2,600.
According to LittleBigHomes.com, the Bridgeport real estate market forecast for the 12 months ending with the 3rd Quarter of 2019 is positive. Their accuracy of the Bridgeport real estate market trend prediction is 78%. Accordingly, they estimate that the probability for rising home prices in Bridgeport, CT is 78% during this period. If this Housing Market Forecast is correct, home prices will be higher in the 3rd Quarter of 2019 than they were in the 3rd Quarter of 2018.
Bridgeport Housing Market Forecast 2019 – 2021
The Bridgeport housing market forecast for the 3 years ending with the 3rd Quarter of 2021 is also positive. The accuracy of the Bridgeport housing market trend prediction is 74%. Accordingly, LittleBigHomes.com estimates that the probability for rising home prices in Bridgeport, Connecticut is 74% during this period. If this Housing Market Forecast is correct, home values will be higher in the 3rd Quarter of 2021 than they were in the 3rd Quarter of 2018.
Check this page each quarter for updates to the Bridgeport, Connecticut Real Estate Forecast.
Bridgeport Real Estate Market Trends
Bridgeport real estate market trends indicate an increase of $13,500 (8%) in median home sales and a -5% drop in median rent per month over the past year. The average price per square foot for this same period rose to $133, up from $120. Trulia has 263 resale and new homes for sale in Bridgeport, CT, including open houses, and homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
The median sales price for homes in Bridgeport for Mar 6 to Jun 5 was $175,000 based on 170 home sales. Average price per square foot for Bridgeport was $133, an increase of 11% compared to the same period last year. The median rent per month for apartments in Bridgeport for May 11 to Jun 11 was $1,900.
Data by Redfin shows that the Bridgeport housing market is somewhat competitive. The average sale price of a home in Bridgeport was $200K last month, up 17.6% since last year. The average sale price per square foot in Bridgeport is $118, up 37.2% since last year. Some homes get multiple offers. Homes in the Bridgeport housing market sell for about 1% below list price and go pending in around 59 days. Hot homes in Bridgeport, Connecticut can sell for about 2% above list price and go pending in around 26 days.
Bridgeport Housing Market Statistics
|Median Sales Price||$175,000 (On Trulia)|
|Price Per Square Ft||$133|
|Median Rent Per Month||$1,900|
|Median Household Income||$36,750|
|Transportation||82% people commute by car, public transport available|
There are 494 homes for sale in Bridgeport, ranging from $10K to $2M on Realtor.com. 45 of which were newly listed within the last week. Additionally, there are 168 Bridgeport rental properties, with a range of $1 to $4K per month. Bridgeport also has affordable condo/townhomes, and affordable 1 – 2 bedroom listings. The median list price of homes in Bridgeport, CT was $199.9K in April 2019, trending up 5.3% year-over-year. The median listing price per square foot was $118.
The median list price in Bridgeport, CT is $209,900 on Movoto.com. The median list price in Bridgeport went down 3% from May to June. Bridgeport's home resale inventories is 214, which increased 5 percent since May 2019. The median list price per square foot in Bridgeport is $137. May 2019 was $141. Distressed properties such as foreclosures and short sales remained the same as a percentage of the total market in June.
Bridgeport, CT Single Family And Multi-Family Homes
Following the housing market decline in 2007, single family rental properties became favorable options for investors, saving in construction or refurbishment prices. The quick turnaround for an owner to rent out their property means cash flow is almost immediate. Single family rental homes have grown up to 30% within the last three years. Almost all the housing demand in the US in recent years has been filled by single family rental units.
As per the data from the real estate company called Neigborhoodscout.com, the median house price in Bridgeport, CT is $208,491, which indicates that home prices in Bridgeport are above the national average for all cities and towns. Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Bridgeport, accounting for 39.81% of the city's housing units.
Other types of housing that are prevalent in Bridgeport include large apartment complexes or high rise apartments ( 27.68%), single family detached homes ( 26.41%), and a few row houses and other attached homes ( 6.02%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.
People in Bridgeport primarily live in small (one, two or no bedroom) units, chiefly found in duplexes, homes converted to apartments or other small apartment buildings. Bridgeport has a mixture of owner-occupied and renter-occupied housing.
Currently, there are 188 single family homes for sale in Bridgeport, CT on Zillow. Additionally, there are 59 single family homes for rent in Bridgeport, CT. Under potential listings, there are about 33 Foreclosed and 266 Pre-Foreclosure homes. These are the properties that may be coming to the market soon but are not yet found on a multiple listing service (MLS).
Bridgeport, CT Foreclosures And Bank Owned Homes 2019
Foreclosures will be a factor impacting home values in the next several years. According to Zillow, in Bridgeport 2.0 homes are foreclosed (per 10,000). This is greater than the Bridgeport-Stamford-Norwalk Metro value of 1.6 and also greater than the national value of 1.2.
The percent of delinquent mortgages in Bridgeport is 5.1%, which is higher than the national value of 1.1%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth.
The percent of Bridgeport homeowners underwater on their mortgage is 26.9%, which is higher than Bridgeport-Stamford-Norwalk Metro at 9.9%.
|Foreclosures in Bridgeport||183|
|Homes for Sale||162 (RealtyTrac)|
|Median List Price||$200,000 (5% ⇑ vs Apr 2018)|
There are currently 183 properties in Bridgeport, CT that are in some stage of foreclosure (default, auction or bank owned) while the number of homes listed for sale on RealtyTrac is 162. In May 2019, the number of properties that received a foreclosure filing in Bridgeport, CT was 4% lower than the previous month and 36% lower than the same time last year.
Home sales for April 2019 were up 0% compared with the previous month, and down 100% compared with a year ago. The median sales price of a non-distressed home in Bridgeport, CT was $0. The median sales price of a foreclosure home in Bridgeport, CT was $0, or 0% higher than non-distressed home sales.
Bridgeport, CT Home Prices And Real Estate Appreciation 2019
Real Estate prices have dropped in Bridgeport, Connecticut over the last then years, as home values have seen a decline of 12.96% during the ten year period. In the latest quarter, Bridgeport real estate home appreciation rates at 0.88%, which equates to an annual appreciation rate of 3.58%.
The thing to be noted is that the Bridgeport real estate appreciation rates are so strong that despite a nationwide downturn in the housing market, Bridgeport real estate has continued to appreciate in value faster than most communities.
In the last twelve months, Bridgeport real estate appreciation rates continue to be some of the highest in the U.S. at 8.10%, which is higher than real estate appreciation rates in 82.76% of the cities and towns in the nation. Bridgeport appreciation rates in the latest quarter were at 0.88%, which equates to an annual appreciation rate of 3.58%.
The above statistics on real estate appreciation in Bridgeport, CT were taken from NeighborhoodScout.com. You can visit their page for more information. Relative to Connecticut, their data shows that Bridgeport's latest annual real estate appreciation rate is higher than 90% of the other cities and towns in Connecticut.
Best Places To Buy Real Estate In Bridgeport, CT
If you are looking to buy real estate in Bridgeport, you should know the best places to invest in. There are 84 schools in Bridgeport, CT. There are 35 elementary schools, 28 middle schools, 10 high schools and 11 private & charter schools. There are 13 neighborhoods in Bridgeport. Some of the best neighborhoods in or around Bridgeport, Connecticut are North End, Black Rock and North Bridgeport.
Black Rock has a median listing price of $299.9K, making it the most expensive neighborhood. Downtown Bridgeport is the most affordable neighborhood, with a median listing price of $127.5K. Here are the 10 best neighborhoods in Bridgeport to invest in real estate because they have the highest appreciation rates (List by Neigborhoodscout.com).
E Main St / Stillman St
Connecticut Ave / Seaview Ave
Huntington Rd / Knowlton St
E Main St / Huntington Tpke
Boston Ave / Seaview Ave
Knowlton St / Arctic St
Granfield Ave / Palisade Ave
Newfield / Mill Hill
Huntington Tpke / Broadbridge Rd
Should You Invest In Bridgeport Real Estate In 2019?
Is it worth buying a house in Bridgeport, CT? Investing in real estate is touted as a great way to become wealthy. Many real estate investors have asked themselves if buying a property in Bridgeport is good investment? You need to drill deeper into local trends if you want to know what the market holds for the year ahead.
We have already discussed the Bridgeport housing market 2019 forecast for answers on why to put resources into this market. Although, this article alone is not a comprehensive source to make a final investment decision for Bridgeport, but we have collected ten evidence based positive things for those who are keen to invest in the Bridgeport real estate in 2019.
Investing in Bridgeport real estate will fetch you good returns in the long term as the home prices in Bridgeport have been trending up 5.3% year-over-year. Let’s take a look at the number of positive things going on in the Bridgeport real estate market which can help investors who are keen to buy an investment property in this city.
1. It Is in a Resurgence
Bridgeport has long been considered a city in decline. However, it is currently experiencing a resurgence. Employers are moving out of the New York City metro area to cities like Bridgeport. The cost of real estate and the cost of doing business are lower, but they remain a short distance from the NYC consumer market.
This has led to a robust job market and construction is booming. This is attracting young people, too. The Bridgeport housing market is poised to take off.
2. Bridgeport Real Estate is Affordable
The Bridgeport real estate market is surprisingly affordable. The median home was worth around 180,000 dollars in 2016, a full hundred thousand less than the average Connecticut home. That isn’t reason enough to snap up a Bridgeport real estate investment property.
What does make it worth your while is the relatively strong rental market. The median rent in 2016 was roughly 1100 dollars. However, given the influx of new residents, both property values and rents are rising.
3. The Opportunity to Find Deals
The Bridgeport real estate market saw a massive downturn when the Great Recession hit in 2006. Many home owners ended up deeply underwater in their homes. One of the interesting facets of the Bridgeport housing market is that the foreclosure rate remains higher than the national average.
This gives those looking for a Bridgeport real estate investment property a good chance of finding properties to fix and flip or fix and rent out.
4. The Positive Long-Term Trajectory
Most homes in the Bridgeport housing market remain under the 200K mark, but it isn’t far from the Fairfield area where homes are worth twice that. Hit Westport, and the median home is worth more than a million dollars.
We can expect the value of any Bridgeport real estate investment property to increase as people flock here from more expensive real estate markets – including but not limited to New York City.
5. The Specific Neighborhoods Primed for Takeoff
The Bridgeport real estate market includes multi-million dollar homes and cheap homes in working class neighborhoods. Real estate investors sometimes try to determine which neighborhoods are up-and-coming so they can buy homes they know will appreciate.
Bridgeport has recommitted to a long-term redevelopment plan along its twenty or so miles of waterfront. This allows those looking for a Bridgeport investment property to know where property values are going to skyrocket over the next few years.
Work has resumed in the north downtown neighborhood, too, after a lull. New apartments and condos are being built in the area.
6. The Strong Bridgeport Rental Market
While the Bridgeport housing market is relatively affordable to outside investors, home affordability is low relative to the incomes of those living in the area. About half of middle class households in the Bridgeport real estate market are “cost burdened”.
The high paying manufacturing jobs that left the area were replaced by lower-paying service sector jobs. Furthermore, many are simply in the habit of renting. About sixty percent of residents rent rather than own their homes.
A secondary impact of the loss of regional manufacturing jobs is that many renters are afraid to buy homes though they could afford it, because they cannot guarantee their continued employment.
7. The Limits on Additional Housing Stock
Several issues limit the potential addition of housing stock to the greater Bridgeport real estate market. One is the fact that 15 percent of towns in the area outright prohibit multi-family housing. In three quarters of the cities in the area, a special permit is required to build new multi-family housing.
This means that it would be difficult for developers to tear down existing warehouses and built new condo or apartment buildings. A less obvious constraint on the housing supply is how long the area has been densely populated.
It is cheaper to build new homes on former farmland, since it is expensive to tear down one building to put up another. The fact that the area has been urbanized for literally centuries makes such redevelopment more costly.
Aside from the predictable costs of tearing down a building, there are surprises like buried oil tanks and lead paint in homes that have to be removed. These issues help explain why the Northeast is home to so many superfund sites.
8. The Benefits of It over NYC
If you need a reason to consider Bridgeport real estate investment over hotter markets like New York City or Boston, we’ll provide several. And they’re all based on the fact that it isn’t New York City, though the northern end of the Bridgeport housing market is a de facto NYC suburb.
First, renters in a Bridgeport real estate investment property aren’t protected by New York’s strict rent control laws. Those were already strict, but they just got worse. For example, NYC just made it much harder to raise rents even for wealthy tenants or raise rents to pay for capital expenses like replacing windows or HVAC systems.
Furthermore, you don’t pay New York City’s steep taxes, either. While Connecticut isn’t necessarily landlord friendly, it is far easier to evict someone for non-payment of rent than in New York.
9. The Relatively Better Tax Rate
While Connecticut ranks among the most heavily taxed jurisdictions in the United States, it is a relative bargain compared to its neighbors. This is why New York residents are moving to the area.
A side benefit of the lower property values in the Bridgeport housing market is that it translates to a much lower property tax bill when all other things are equal.
10. The Unusually Large Student Market
Bridgeport isn’t a college town per se, but there are multiple colleges in the area. There isn’t much demand for Bridgeport rentals by Housatonic Community College, but there is modest demand near St. Vincent’s College.
The largest colleges in the area are the University of Bridgeport and Fairfield University, both of which have around five thousand students. Sacred Heart University in nearby Fairfield hosts almost six thousand scholars.
This means you can have a diverse Bridgeport real estate investment portfolio consisting of properties near each of the major schools. Then your profitability isn’t tied to the rise and fall of one particular institution.
Bridgeport Real Estate Investment
Maybe you have done a bit of real estate investing in Bridgeport, CT but want to take things further and make it into more than a hobby on the side. It’s only wise to think about how you can and should be investing your money. If you are a home buyer or real estate investor, Bridgeport real estate investment definitely has a track record of generating one of the best long term returns in the U.S. through the last ten years. If you invest wisely in Bridgeport real estate, you could secure your future. If you are a beginner in the business of cash flow real estate investing, it very important to read good books on real estate.
Most investors naturally gravitate to residential property investment. When looking for the best real estate investments, you should focus on markets with relatively high population and employment growth. Both of them translate into high demand for housing. If housing supply meets housing demand, real estate investors should not miss the opportunity since entry prices of homes remain affordable.
You must also collaborate and learn from savvy real estate investors who have retired early on in their lives by investing in some of the best real estate markets like Bridgeport, CT. You shouldn’t buy investment real estate because a market is “hot” or someone put together a list of how wonderful it is to live there. That doesn’t guarantee people will continue to move to the area or that rental rates will remain high. We’ve presented ten reasons to consider investing in the Bridgeport real estate market that address the fundamental concerns of savvy investors.
Buying an investment property is different from buying an owner-occupied home. Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor in Bridgeport, CT is your ability to find great real estate investments in that area.
According to real estate experts, buying in a market with increasing prices, low interest, and low availability requires a different approach than buying in a cooler market.
We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.
The aim of this article was to educate investors who are keen to invest in Bridgeport real estate in 2019. However, we always recommend to do your own research and take help of a local real estate investment counselor.
Other Best Places To Invest in Real Estate
The other best place to invest in real estate is Tacoma, WA. Rents and property values in the Tacoma area are rising due to increased demand and constrained supply. This is an ideal time to buy. Furthermore, there are many reasons to consider investing in Tacoma real estate over homes and condominiums in nearby housing markets.
The Tacoma housing market is ideal for those who want to rent to college students. By being home to so many universities, it allows investors to diversify their holdings instead of being beholden to the reputation and enrollment of any particular school.
Tacoma is home to the University of Puget Sound, the University of Washington Tacoma Campus, Faith Evangelical College, Pacific Lutheran University and St. Martin’s University to name a few.
Another market to invest in real estate is the NYC real estate market. There are a no. of positive things to seriously consider NYC real estate investment despite the steep price tag. Prices are relative, and prices are relatively low given New York City’s recent market conditions.
While there are a number of regulatory and legal changes being proposed, the odds are that this will only increase the number of distressed property owners while eventually yielding higher rental rates. The NYC housing market can be described as cool, though some will call it a buyer’s market.
Things slowed down significantly in 2016 and 2018 as several groups of international buyers found it harder to buy properties or had less need to do so.
Let us know which real estate markets you consider best for real estate investing! If you need an expert investment advise, you may fill up the form given here.
One of our investment specialists will get in touch with you to discuss all facets of searching for, buying, and owning a turnkey investment property.
*Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, the Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.
Long term trajectory
The strong rental market
It isn’t NYC
Foreclosure / deals
The ongoing redevelopment
Limits on new housing
Housing Market Data, Trends and Statistics