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East Haven: Rising Home Values in a Coastal Connecticut Community
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
East Haven, Connecticut, a vibrant community in New Haven County, is known for its beautiful shoreline and rich history. This coastal town has experienced interesting trends in homeownership and housing prices over the past decade. The city has maintained a relatively stable ownership percentage, while average home prices and average rent prices have shown notable fluctuations.
Homeownership rates in East Haven have remained relatively steady over the years, with a slight decrease observed from 2013 to 2017, followed by a recovery. In 2013, the ownership rate stood at 75%, dropping to 70% in 2017, before rebounding to 75% in 2022. This trend coincides with changes in average home prices. The average home price in 2013 was $173,514, which gradually increased to $184,486 by 2017. As homeownership rates recovered, average home prices continued to rise, reaching $278,735 in 2022, representing a significant 60.6% increase from 2013 to 2022.
The relationship between federal interest rates and homeownership rates in East Haven shows some correlation. As interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates stayed relatively stable. However, when interest rates began to rise more significantly in 2017 (1%), there was a slight dip in homeownership to 70%. As interest rates continued to increase, reaching 1.68% in 2022, homeownership rates surprisingly recovered to 75%, possibly indicating other local factors influencing this trend.
Renter percentages in East Haven have mirrored the homeownership trends, with a slight increase from 25% in 2013 to 29% in 2017, before returning to 25% in 2022. Interestingly, average rent prices have not consistently followed this pattern. In 2013, the average rent was $1,341, which remained relatively stable until 2017 at $1,295. However, despite the decrease in renter percentage from 2017 to 2022, average rent prices increased to $1,307 by 2022. This suggests that other factors, such as overall housing demand and local economic conditions, may have influenced rent prices more than the proportion of renters.
In 2023 and 2024, East Haven experienced continued growth in average home prices. The average home price in 2023 reached $300,384, a 7.8% increase from 2022. In 2024, it further increased to $324,868, representing an 8.2% year-over-year growth. Notably, federal interest rates also saw significant increases during this period, rising to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to slow down housing price growth.
Looking ahead, based on the observed trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices in East Haven. Average home prices are likely to continue their upward trajectory, albeit at a potentially slower pace due to higher interest rates. We might expect average home prices to reach around $380,000 to $400,000 by 2029. Average rent prices, which have shown more stability, may see moderate increases, potentially reaching $1,500 to $1,600 per month by 2029.
In summary, East Haven has demonstrated resilience in its housing market, with homeownership rates recovering despite fluctuations and rising interest rates. The significant increase in average home prices, particularly from 2013 to 2024, highlights the growing desirability of the area. While rent prices have shown more stability, they too have trended upwards. These trends suggest a robust housing market in East Haven, with potential for continued growth in both home values and rental rates in the coming years.
