Connecticut, the wealthiest state in the country, has the highest average income per resident. Connecticut residents, known as Connecticuters, benefit from jobs that yield some of the highest incomes in the country. Close proximity to other major cities has helped provide numerous jobs to residents. Various industries have also helped to develop the state into what it is today. A lot of the success in the state’s economy has come from the heavy manufacturing and agriculture in the state. The production of several different types of transportation equipment plays one of the largest roles in the economy of the state; while agriculture and financial institutions remain major contributors as well.

The state’s location is very close to New York, Boston, and Philadelphia. The proximity of such cities has helped the state in many different ways. Many Connecticuters living near the southern and northern borders have the opportunity to commute to work in New York or Boston. Both cities provide numerous jobs with high paying incomes. Such close proximity also makes Connecticut a great vacation spot for neighboring states. Connecticut’s beautiful coastline and quaint villages are very popular spots along the East Coast. With its long coastline, most of the state retains much of the maritime culture that dates back to the early 17th century. Towns throughout the state express a very rich historical background. Town greens, many established during the colonial period, are still a central point for cities. Many historical sites are also found throughout the state. Famous authors like Mark Twain and many others found the Connecticut scenery appealing and have homes still standing to this day. Other more modern attractions and opportunities are found in the larger cities that make up the state. Read more »

The largest city in the state is Bridgeport. The city is considered to be a part of the New York City greater area. With a population of 137,912, it has a much smaller feel than the Big Apple. Many of the largest businesses and attractions are in the neighboring city of New Haven. New Haven is home to Yale University, and many other major businesses in the downtown area. Yale University is one of the most prestigious universities in the nation and attracts thousands from all over the world. Both New Haven and Bridgeport represent the greater area containing the majority of the state’s population. Many mid-sized towns line the southern coast and are becoming more and more popular with the support of New York City.

Sales Trends
The housing market in Connecticut is relatively healthy with the help of many different factors. Wealthier residents in the state have taken advantage of lower housing prices and continue to buy luxurious new homes. The state has the second highest number of multimillion dollar homes in the country (second to California). With 3.3% of the homes in the state priced above $1 million, luxury homes play a large part in the Connecticut market. Out of the 5,220 new homes sold in the state, a significant portion was new luxury homes. Luxury homes provide a greater return to builders from increased profit margins. Builders in the area have focused a lot of attention on higher-end homes to fit the needs of this unique market.

Other Key Trends
Developing towns in the lower part of the state have also helped to increasing sales for new homes. With numerous jobs being created in both New York and neighboring cities throughout the coast, many residents from out-of-state and within are moving to the area. Towns like New Haven and Bridgeport have experienced rapid growth in recent years as they develop more and more. Housing sales can obviously benefit from towns with room to expand. Builders are developing lots in these areas that should spark a lot of attention in the future.  « Close »