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.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Northwest Hills Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $369,791 | $290,235 | $242,182 |
| Price Trend (Annual %) | 9.7% | 4.7% | 8.2% |
| Median Gross Rent | $1,146 | $1,419 | $1,342 |
| Rent Trend (Annual %) | 3.0% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Northwest Hills Planning Region is about 27% higher than in Connecticut. Rent is about 19% 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 Northwest Hills Planning Region, up about 9.7% and 3.0% a year respectively. Home prices are changing faster.
Median rent in Northwest Hills Planning Region rose about 24.0% between 2015 and 2023, from $924 to $1,146. Over the same span, rent in Connecticut rose about 31.1%.
Affordability
On average, housing unit costs 4.0 yearly household incomes in Northwest Hills Planning Region.
Buying the median-priced home in Northwest Hills Planning Region costs roughly 26.9 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 Northwest Hills Planning Region. The price-to-rent ratio in Connecticut is about 17.0.
| Metric | Northwest Hills Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $369,791 | $290,235 | $242,182 |
| Median Household Income | $92,285 | $95,363 | $78,145 |
| Price-to-Income Ratio | 4.0 | 3.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Northwest Hills Planning Region rose about 50.9%, while median household income rose about 38.7% 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 | Northwest Hills Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.4% | 62.2% | 58.2% |
| Rental Rate | 19.9% | 30.3% | 31.3% |
| Vacancy Rate | 15.8% | 7.5% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Northwest Hills Planning Region has a homeownership rate of 64.4%, higher than the Connecticut average of 62.2%. Its housing vacancy rate is 15.8%, compared with 7.5% in Connecticut.
Housing Stock
| Metric | Northwest Hills Planning Region | Connecticut Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.38 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1968 | 1966 | 1978 |
| Median Number of Rooms | 6.1 | 5.7 | 5.5 |
The typical housing unit in Northwest Hills Planning Region was built around 1968. On average, 2.4 people live in a home with about 6.1 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Northwest Hills Planning Region, Connecticut.
What is the median home price in Northwest Hills Planning Region, Connecticut?
The median home price in Northwest Hills Planning Region, Connecticut is $369,791, higher than the Connecticut average of $290,235.
What is the average home price in Northwest Hills Planning Region, 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 Northwest Hills Planning Region, Connecticut?
The median gross rent in Northwest Hills Planning Region, Connecticut is $1,146 per month, lower than the Connecticut average of $1,419.
What was the median gross rent in Northwest Hills Planning Region in 2020?
In 2020, the median gross rent in Northwest Hills Planning Region, Connecticut was $1,014 per month.
What is the price-to-rent ratio in Northwest Hills Planning Region, Connecticut?
The price-to-rent ratio in Northwest Hills Planning Region, Connecticut is about 26.9, meaning it would take roughly 26.9 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 Northwest Hills Planning Region.
Are home prices or rent rising faster in Northwest Hills Planning Region, Connecticut?
Both home prices and rent are rising in Northwest Hills Planning Region, up about 9.7% and 3.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Northwest Hills Planning Region, Connecticut?
64.4% of households in Northwest Hills Planning Region, Connecticut own their home, higher than the Connecticut average of 62.2%.
What is the vacancy rate in Northwest Hills Planning Region, Connecticut?
The housing vacancy rate in Northwest Hills Planning Region, Connecticut is 15.8%, higher than the Connecticut average of 7.5%.