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 | Wethersfield | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $426,923 | $290,235 | $242,182 |
| Price Trend (Annual %) | 11.9% | 4.7% | 8.2% |
| Median Gross Rent | $1,289 | $1,419 | $1,342 |
| Rent Trend (Annual %) | 4.0% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wethersfield is about 47% 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 Wethersfield, up about 11.9% and 4.0% a year respectively. Home prices are changing faster.
Median rent in Wethersfield rose about 29.1% between 2015 and 2023, from $998 to $1,289. Over the same span, rent in Connecticut rose about 31.1%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Wethersfield.
Buying the median-priced home in Wethersfield costs roughly 27.6 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 Wethersfield. The price-to-rent ratio in Connecticut is about 17.0.
| Metric | Wethersfield | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $426,923 | $290,235 | $242,182 |
| Median Household Income | $117,976 | $95,363 | $78,145 |
| Price-to-Income Ratio | 3.6 | 3.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Wethersfield rose about 105.1%, while median household income rose about 67.5% 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 | Wethersfield | Connecticut Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 76.6% | 62.2% | 58.2% |
| Rental Rate | 18.7% | 30.3% | 31.3% |
| Vacancy Rate | 4.7% | 7.5% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Wethersfield has a homeownership rate of 76.6%, higher than the Connecticut average of 62.2%. Its housing vacancy rate is 4.7%, compared with 7.5% in Connecticut.
Housing Stock
| Metric | Wethersfield | Connecticut Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.39 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1958 | 1966 | 1978 |
| Median Number of Rooms | 6.0 | 5.7 | 5.5 |
The typical housing unit in Wethersfield was built around 1958. On average, 2.4 people live in a home with about 6.0 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Wethersfield, Connecticut.
What is the median home price in Wethersfield, Connecticut?
The median home price in Wethersfield, Connecticut is $426,923, higher than the Connecticut average of $290,235.
What is the average home price in Wethersfield, 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 Wethersfield, Connecticut?
The median gross rent in Wethersfield, Connecticut is $1,289 per month, lower than the Connecticut average of $1,419.
What was the median gross rent in Wethersfield in 2020?
In 2020, the median gross rent in Wethersfield, Connecticut was $986 per month.
What is the price-to-rent ratio in Wethersfield, Connecticut?
The price-to-rent ratio in Wethersfield, Connecticut is about 27.6, meaning it would take roughly 27.6 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 Wethersfield.
Are home prices or rent rising faster in Wethersfield, Connecticut?
Both home prices and rent are rising in Wethersfield, up about 11.9% and 4.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Wethersfield, Connecticut?
76.6% of households in Wethersfield, Connecticut own their home, higher than the Connecticut average of 62.2%.
What is the vacancy rate in Wethersfield, Connecticut?
The housing vacancy rate in Wethersfield, Connecticut is 4.7%, lower than the Connecticut average of 7.5%.