Connecticut Multi-Family Property Snapshot: Prices, Trends & Investor Insights

The multi-family housing market across Connecticut remains active and competitive. A review of recent sales data for 2-, 3-, and 4-family properties in Hartford County, New Haven County, and the cities of Meriden, New Britain, and Waterbury offers valuable insights for buyers, sellers, and investors.

📈 Hartford County Overview

2-Family Properties

• Average Sold Price: $389,654

• Median Days on Market (DOM): 11

• Sale-to-List Price Ratio: 103%

• Average Price per Square Foot: $170.51

3-Family Properties

• Average Sold Price: $437,279

• Median DOM: 10

• Sale-to-List Price Ratio: 103%

• Price per Sq Ft: $134.54

4-Family Properties

• Average Sold Price: $469,071

• Median DOM: 15

• Sale-to-List Price Ratio: 102%

• Price per Sq Ft: $131.48

Analysis: Multi-family properties in Hartford County are selling quickly, often above asking price, particularly in the 2- and 3-family categories. The pace of sales and competitive bidding highlight a high level of buyer interest.

📊 New Haven County Overview

2-Family Properties

• Average Sold Price: $406,543

• Median DOM: 14

• Sale-to-List Price Ratio: 102%

• Price per Sq Ft: $191.12

3-Family Properties

• Average Sold Price: $419,033

• Median DOM: 16

• Sale-to-List Price Ratio: 101%

• Price per Sq Ft: $163.69

4-Family Properties

• Average Sold Price: $483,650

• Median DOM: 16

• Sale-to-List Price Ratio: 101%

• Price per Sq Ft: $148.14

Analysis: New Haven County demonstrates similar strength to Hartford County, with buyers consistently paying over asking price. Notably, the average price per square foot is higher in New Haven County, especially for smaller multi-family properties, reflecting strong demand in compact urban areas.

🏘 City-Level Highlights

Meriden

• 2-Family Average Sold Price: $347,583 | DOM: 13 | Sale/List: 103% | $155.79/sq ft

• 3-Family Average Sold Price: $412,610 | DOM: 13 | Sale/List: 108% | $109.80/sq ft

Insight: Meriden saw rapid turnover and aggressive overbidding, especially in the 3-family segment.

New Britain

• 2-Family Average Sold Price: $378,205 | DOM: 16 | Sale/List: 101% | $166.83/sq ft

• 3-Family Average Sold Price: $442,403 | DOM: 9 | Sale/List: 104% | $137.12/sq ft

Insight: Multi-family homes in New Britain are moving quickly, with 3-families often selling within days.

Waterbury

• 2-Family Average Sold Price: $343,617 | DOM: 14 | Sale/List: 102% | $165.70/sq ft

• 3-Family Average Sold Price: $397,176 | DOM: 18 | Sale/List: 102% | $119.96/sq ft

Insight: Waterbury remains one of the more affordable options, yet still reflects strong buyer competition.

🧭 Key Takeaways

• For Sellers: The current environment continues to favor sellers, with properties going under contract quickly and often above list price.

• For Buyers and Investors: Be prepared for a fast-moving market and consider making strong offers, particularly for well-priced 2- and 3-family properties.

• For Market Observers: Urban areas like Meriden, Waterbury, and New Britain are experiencing robust investor activity, and represent opportunities for cash-flow and appreciation.

📞 Looking to Buy, Sell, or Invest in Multi-Family Property?At Triniyah Real Estate, we specialize in helping clients navigate the Connecticut multi-family market with clarity and confidence. Contact us today at (203) 200-0933 or visit Triniyah.com to schedule a consultation.