Around the Nation: Residential Real Estate Update - Connecticut
By Jeff Adolph
State-by-state Update
Connecticut is situated in the northeastern region of the United States, with a population of 3,405,565 it is ranked as the 29th largest state in America by population.
Connecticut has a maximum income tax rate of 5%, and sales tax is set at 6%, while property tax is calculated on 70% of fair market value. However, the local government may also impose another 20% tax on property value.
Connecticut relies on agriculture and manufacturing of transport equipment, such as helicopters, aircraft and nuclear submarines to fuel its economy.
Homes on the southwestern Connecticut fringe near New York City metro are are expensive and many towns have a median of over $500,000. The most expensive region in Connecticut is Greenwich where homes mostly sell over the $1 million mark. Residential property in this state are in demand with there being more buyers than sellers. Typically, these buyers are either repeat investors or those looking to move-up. Homes are selling at 90-100% of their asking price and are sitting on the market for 30-90 days on average.
LGBT Real Estate Facts: There are 7,386 gay couples living in Connecticut making it the 27th gayest state in the nation. The gayest zip codes in this state are 06105 & 06106 in Hartford (pictured left), 06511 & 06515 New Haven, and 06604 & 06608 Bridgeport. -- gaydemographics.org
Main Story Source: House Hunt (2008) Real Estate Market Trends; available online at http://www.househunt.com
Picture Source: wikipedia
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