Milford, CT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Milford, CT Real Estate Data

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 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Milford Housing Market Information

With 52,087 people, 20,573 houses or apartments, and a median cost of homes of $345,367, real estate costs in Milford are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Connecticut communities.

Single-family detached homes are the single most common housing type in Milford, accounting for 69.31% of the city's housing units. Other types of housing that are prevalent in Milford include large apartment complexes or high rise apartments ( 14.68%), duplexes, homes converted to apartments or other small apartment buildings ( 9.39%), and a few row houses and other attached homes ( 5.57%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Milford. Owner-occupied housing accounts for 76.65% of Milford's homes, and 54.19% 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. Milford's housing was primarily built during this period, from the '40s through the '60s. A full 40.23% of the city's housing hails from this era. Other housing ages represented in Milford include homes built between 1970-1999 ( 30.93%) and housing constructed before 1939 ( 19.52%). There's also some housing in Milford built between 2000 and later ( 9.31%).

Milford Home Appreciation Rates

Milford's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Milford during the period has been just -1.92%, which is lower than 80% of US communities.

Over the last year, Milford appreciation rates have trailed the rest of the nation. In the last twelve months, Milford's appreciation rate has been 1.03%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Milford were at -0.47%, which equates to an annual appreciation rate of -1.86%.

Relative to Connecticut, our data show that Milford's latest annual appreciation rate is higher than 70% 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 Milford differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Milford - 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 Milford real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$345,367

Milford, CT HOME PRICES

Value Range
> $1,032,000 2.2
$774,001 - $1,032,000 1.8
$516,001 - $774,000 8.3
$413,001 - $516,000 11.5
$310,001 - $413,000 25.0
$206,001 - $310,000 37.3
$103,001 - $206,000 10.1
$51,001 - $103,000 1.2
$0 - $51,000 2.5

High for CT
Very High for Nation

Value Relative to Nation Value Relative to State
12.5454119301535 27.810650887574

Number Of Homes And Apartments:
20,573

Milford Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CT*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
44.83% 2.17% 10 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,778 / per month

Homeownership Rate

Homeownership
Owners 76.65
Renters 23.35
Vacant 7.84

Housing Market Details

 

Age of Homes

AGE OF Milford HOMES
2000 or Newer 9.3
1970 - 1999 30.9
1940 - 1969 40.2
1939 or Older 19.5

Types of Homes

TYPE OF Milford HOMES
Single-Family 69.3
Townhomes 5.6
Small Apt. Buildings 9.4
Apt. Complexes 14.7
Mobile Homes 1.0
Other 0.0

Home Size

SIZE OF Milford HOMES
No Bedroom 2.01
1 Bedroom 12.50
2 Bedrooms 26.70
3 Bedrooms 37.34
4 Bedrooms 16.86
5 or more bedrooms 4.59