Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Bristol | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $326,363 | $290,235 | $242,182 |
| Price Trend (Annual %) | 12.0% | 4.7% | 8.2% |
| Median Gross Rent | $1,290 | $1,419 | $1,342 |
| Rent Trend (Annual %) | 5.4% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Bristol is about 12% higher than in Connecticut. Rent is about 9% lower than the Connecticut average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Bristol, up about 12.0% and 5.4% a year respectively. Home prices are changing faster.
Median rent in Bristol rose about 44.5% between 2015 and 2023, from $893 to $1,290. Over the same span, rent in Connecticut rose about 31.1%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Bristol.
Buying the median-priced home in Bristol costs roughly 21.1 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Bristol. The price-to-rent ratio in Connecticut is about 17.0.
| Metric | Bristol | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $326,363 | $290,235 | $242,182 |
| Median Household Income | $83,542 | $95,363 | $78,145 |
| Price-to-Income Ratio | 3.9 | 3.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Bristol rose about 86.3%, while median household income rose about 45.4% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Bristol | Connecticut Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.4% | 62.2% | 58.2% |
| Rental Rate | 33.1% | 30.3% | 31.3% |
| Vacancy Rate | 7.5% | 7.5% | 10.6% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Bristol has a homeownership rate of 59.4%, lower than the Connecticut average of 62.2%. Its housing vacancy rate is 7.5%, compared with 7.5% in Connecticut.
Housing Stock
| Metric | Bristol | Connecticut Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.45 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1966 | 1966 | 1978 |
| Median Number of Rooms | 5.3 | 5.7 | 5.5 |
The typical housing unit in Bristol was built around 1966. On average, 2.4 people live in a home with about 5.3 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Bristol, Connecticut.
What is the median home price in Bristol, Connecticut?
The median home price in Bristol, Connecticut is $326,363, higher than the Connecticut average of $290,235.
What is the average home price in Bristol, Connecticut?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Bristol, Connecticut?
The median gross rent in Bristol, Connecticut is $1,290 per month, lower than the Connecticut average of $1,419.
What was the median gross rent in Bristol in 2020?
In 2020, the median gross rent in Bristol, Connecticut was $1,093 per month.
What is the price-to-rent ratio in Bristol, Connecticut?
The price-to-rent ratio in Bristol, Connecticut is about 21.1, meaning it would take roughly 21.1 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Bristol.
Are home prices or rent rising faster in Bristol, Connecticut?
Both home prices and rent are rising in Bristol, up about 12.0% and 5.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Bristol, Connecticut?
59.4% of households in Bristol, Connecticut own their home, lower than the Connecticut average of 62.2%.
What is the vacancy rate in Bristol, Connecticut?
The housing vacancy rate in Bristol, Connecticut is 7.5%, about the same as the Connecticut average.