Hartford, CT Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Hartford, CT Housing Market Trends

With 122,105 people, 46,690 houses or apartments, and a median cost of homes of $199,968, Hartford real estate values are some of the lowest in Connecticut, although compared to real estate around the nation, Hartford homes are still considered rather expensive.

Large apartment complexes or high rise apartments are the single most common housing type in Hartford, accounting for 44.63% of the city's housing units. Other types of housing that are prevalent in Hartford include duplexes, homes converted to apartments or other small apartment buildings ( 38.03%), single-family detached homes ( 13.98%), and a few row houses and other attached homes ( 3.33%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

Hartford is dominated by renter-occupied one, two, or no bedrooms apartments. 77.48% of Hartford's dwellings are rentals.

The housing in Hartford was primarily built before 1939 ( 40.09%), making the housing stock in Hartford some of the oldest overall in America, although there is a range of ages of homes in Hartford. The next most important housing age is between 1940-1969 ( 36.35%), followed by between 1970-1999 ( 19.17%). There's also some housing in Hartford built between 2000 and later ( 4.40%).

Vacant housing appears to be an issue in Hartford. Fully 14.73% of the housing stock is classified as vacant. Left unchecked, vacant Hartford homes and apartments can be a drag on the real estate market, holding Hartford real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Hartford Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Hartford, where house values have increased just 13.72%, which is annualized rate of 1.29%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Appreciation rates are so strong in Hartford that despite a nationwide downturn in the housing market, Hartford real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Hartford appreciation rates continue to be some of the highest in America, at 15.98%, which is higher than appreciation rates in 99.49% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Hartford. Hartford appreciation rates in the latest quarter were at 2.75%, which equates to an annual appreciation rate of 11.48%.

Importantly, this makes Hartford one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Connecticut, our data show that Hartford's latest annual appreciation rate is higher than 90% 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 city. Individual neighborhoods within Hartford differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Hartford - 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 2000, to assist you in making the best Hartford real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$199,968

Hartford, CT HOME PRICES

> $1,190,000
1.0%
1.0%
$893,001 - $1,190,000
0.4%
0.4%
$595,001 - $893,000
3.9%
3.9%
$476,001 - $595,000
2.1%
2.1%
$357,001 - $476,000
6.1%
6.1%
$238,001 - $357,000
18.9%
18.9%
$119,001 - $238,000
55.7%
55.7%
$60,001 - $119,000
9.1%
9.1%
$0 - $60,000
2.7%
2.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Very Low for CT

Value Relative To Nation

Number Of Homes And Apartments:
46,690

Hartford Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CT*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
65.19% 2.39%
9
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,355 / per month

Homeownership Rate

Owners
22.5%
22.5%
Renters
77.5%
77.5%
Vacant
14.7%
14.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
4.4%
4.4%
1970 - 1999
19.2%
19.2%
1940 - 1969
36.3%
36.3%
1939 or Older
40.1%
40.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
14.0%
14.0%
Townhomes
3.3%
3.3%
Small Apt. Buildings
38.0%
38.0%
Apt. Complexes
44.6%
44.6%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
6.3%
6.3%
1 Bedroom
25.1%
25.1%
2 Bedrooms
35.1%
35.1%
3 Bedrooms
26.2%
26.2%
4 Bedrooms
5.2%
5.2%
5 or more bedrooms
2.0%
2.0%
0.0% 100.0%
% OF HOMES