Bloomfield appreciation rates and housing market information
Bloomfield housing market information
With a population of 20,502, 8,554 total housing units (homes and apartments), and a median house value of $200,044, Bloomfield real estate values are some of the lowest in Connecticut, although compared to real estate around the nation, Bloomfield homes are still considered rather expensive.
Single-family detached homes are the single most common housing type in Bloomfield, accounting for 66.57% of the town's housing units. Other types of housing that are prevalent in Bloomfield include large apartment complexes or high rise apartments (20.62%), duplexes, homes converted to apartments or other small apartment buildings (7.34%), and a few row houses and other attached homes (5.47%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Bloomfield. Owner-occupied housing accounts for 74.99% of Bloomfield's homes, and 57.49% have either three or four bedrooms, which is average sized relative to America.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Bloomfield's housing was primarily built during this period, from the '40s through the '60s. A full 48.78% of the town's housing hails from this era. Other housing ages represented in Bloomfield include homes built between 1970-1999 (33.54%) and housing constructed between 2000 and later (10.01%). There's also some housing in Bloomfield built before 1939 (7.67%).
Bloomfield home appreciation rates
Appreciation rates for homes in Bloomfield have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 21.51%, which ranks in the top 30% nationwide. This equates to an annual average Bloomfield house appreciation rate of 1.97%.
NeighborhoodScout's data show that during the latest twelve months, Bloomfield's appreciation rate, at 0.56%, has been at or slightly above the national average. In the latest quarter, Bloomfield's appreciation rate has been -0.16%, which annualizes to a rate of -0.63%.
Relative to Connecticut, our data show that Bloomfield's latest annual appreciation rate is higher than 50% of the other cities and towns in Connecticut.
One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Bloomfield differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Bloomfield - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Bloomfield real estate investment or home purchase decisions.