When people finally tire of the small apartments and hustle and bustle of NYC, many move to the suburbs. One popular location is Fairfield County, Connecticut. Whether you’re moving for a job or looking to upgrade from your small NYC apartment, now may be a great time to buy a home in Although sales in this area have stayed consistently low over the last 10 years, home prices have decreased even more in 2016. Here are four reasons why you should consider moving to southern Connecticut:
- Prices are down. According to industry statistics, home sale prices are at an all-time low—down $26,000 from last year—making it a buyer’s market. And homebuyers are starting to pick up on this trend. In fact, the real estate market in Fairfield, CT, experienced an increase in home sales: single-family home sales increased by 12.2% in 2015, and the trend is continuing for 2016, with a 1.74% increase.
- It’s a great long-term investment. Because you can buy a home for an affordable price right now, investing your money into real estate can be a smart choice for many. Putting money into a home that you can resell when it becomes a seller’s market (and possibly make a profit on) is a smart option in the long run. Plus, compared to many homes in the New York metro area, you’ll get more property, more interior space and more peace and quiet—not to mention potential tax advantages.
- It’s close to your city job. If you work in NYC, Fairfield County is only a Metro-North Railroad ride away, so you’ll be in Grand Central in only 75 to 80 minutes. More space, more bang for your buck and less congestion? Yes, please!
- Plenty of options. Fairfield County is made up of 24 different communities, so you should be able to find something you can afford no matter what your budget. With a median price range of $151,000 – $1,724,500, there’s a price point for everyone: millennials buying their first home, families looking to upgrade or retirees looking to downsize. Knowing which community is right for you can be confusing, so contact a Real Estate Service to help get you started.
- Bethel: Home sales had a median price of $340,200 in this year’s second quarter, plus Bethel scored a 35 in air quality.
- Stamford: Median home sales hover around $567,000. And as the largest financial district outside New York City, Stamford is a great option for those looking for a good-paying job, but not wanting to work in Manhattan.
- Ridgefield: Although slightly more pricey than Stamford and Bethel with a median sales price point at $690,000, Ridgefield is one of the safest communities in Fairfield Country with only 271 crimes per 100,000 people.
- Greenwich: Definitely at the upper end of the price range, homes here have a median sales price of $1,724,500. However, this is down 8% from last year, which may make this zip code more affordable if you’re in the market for a high-end home.
So, if you decide it’s the perfect time to buy a home in Fairfield County, Connecticut, let the moving professionals at Molloy Bros. MOving & Storage help get you there. Moving from NYC? We’re experts at navigating tall buildings and confusing parking rules. Contact us today to see how easy moving can be.