Oh good. Here’s another study telling us what we already know. Connecticut’s real estate market is among the worst in the nation. However, I didn’t know how bad we had it until now.
NBC Connecticut says our buddies at Wallethub shanked our reputation once again over our finances. So, out of 300 viable markets, Connecticut’s are the worst. Good to know we’re home to the worst cities for home purchases and sales.
The study put our metro areas: namely New Haven, Waterbury, Hartford, and Bridgeport, at the bottom of the pile.
First of all, Wallethub compiled their list based on a purported 21 key metrics. Besides home values, they also surveyed the number of days a home sits on the market, and median home-price appreciation. Not to mention, they also looked at “under water” and foreclosed homes.
And we sure have a lot of those in those areas.
But, that’s not all. Wallethub also studied affordability, overall population growth rate, unemployment rate, and other economic factors. Again, all things Connecticut ranks rather poorly on.
So, naturally, that’s why Bridgeport, Hartford, Waterbury, and New Haven all made the top 10 worst real estate cities. They came in 5th, 6th, 8th, and 10th, respectfully.
Heck, Bridgeport came in 1st for having the highest percentages of home with a negative equity. (Waterbury came in 3rd).) Bridgeport even claimed the title of having among the highest percentage of delinquent mortgage holders in the nation.
Hartford also came in 5th overall for having the highest foreclosure rate. Waterbury can boast of having the 2nd lowest median home-price appreciation in the nation, too.
However, despite our strong showing, we couldn’t outdo New Jersey. So, there’s that. Newark, Paterson, and Elizabeth came in 1st, 2nd, and 3rd.
Meanwhile, Texas claims to have some of the best real estate in the country. Frisco, McKinney, and Allen topped the “best of” list this year. Richardson also came in 5th.
Anyways, kinda strange that New Haven and Hartford managed to be named among the 100 best American cities this year. To me, it sounds like someone paid for that particular placement.
But, Wallethub’s blessing can’t be bought, it seems. So, congratulations to us for showing up dead last in yet another national roundup.
Do you think the real estate market will improve in those cities… or just continue to get worse?