Overview of the Residential and Commercial
Real Estate Market in Connecticut
One of the proudest and most historically significant states in the country, Connecticut values innovation and the written word. The Hartford Courant, established in 1764, is the oldest newspaper in the United States still being published. Across the state, there are approximately 144 different newspapers published. The Scoville Memorial Library is the oldest public library in the country. It opened in 1771 and became the first publicly supported free town library in 1810. More than 36 percent of adult Connecticutians have a Bachelor's degree or higher. The median household income is $69,519. That is more than $16,000 higher than the national median household income of $53,046. Of Connecticut's 3,596,080 residents, 34.5 percent live in multi-unit structures. According to the U.S. Census, Connecticut's poverty rate is 10 percent. The median value of an owner-occupied home is $285,900. With a population of 147,216, Bridgeport is the largest city. The median home value there is $206,300 and the poverty rate is 23.6 percent. New Haven has a population of 130,660, a median home value of $219,000, and a homeownership rate of 30.8 percent. That is less than half the 68.3 percent homeownership rate for the country.
Commercial real estate executives are optimistic about the demand for commercial property, according to the Connecticut Post. In a recent survey of 100 senior commercial real estate executives, 68 plan to increase capital spending in the coming year. The small state of Connecticut is densely populated with 738 residents per square mile across the state and 6,947 per square mile in cities like New Haven. This keeps apartments, shopping space, and office space always in demand.
Office Rental and Executive Suites in Stamford, CT
How to Become a Realtor in Connecticut
Under the Connecticut State Department of Consumer Protection, the Connecticut Real Estate Commission oversees and governs real estate agents for the state. They require that applicants complete a 60 hour pre-license course from an approved real estate school before taking the state exam. After two years as an active real estate sale agent, they can apply for a real estate broker license. Agents need to complete120 hours of commission-approved real estate classes to apply for a broker license. If an applicant has completed some or all of the pre-license classes in another state, the Connecticut Real Estate Commission may accept that as the education requirements and allow the applicant to sit for the state real estate exam. Connecticut does have reciprocal license agreements with several states. The requirements vary according to the other state's education and exam requirements. Agents have to be actively licensed and in good standing with the reciprocal state. Agents with a Connecticut salesperson license have until May 31st of each year to renew their real estate license. Brokers have to renew their license by March 31st of each year.