What’s Happening in the Meriden Real Estate Market
- Cameron Norfleet
- Dec 3, 2024
- 3 min read
Updated: Dec 4, 2024
The Meriden, Connecticut real estate market is buzzing with activity, and whether you're a buyer, seller, investor, or renter, understanding the latest trends is essential to making informed decisions. In this post, we’ll break down the key metrics that define the local housing market, including inventory levels, median sale prices, rental rates, and more.
Current Homes for Sale in Meriden
As of now, Meriden has a variety of homes available:
44 single-family homes
9 condos
3 multi-family homes
This inventory provides opportunities for buyers with different needs, from first-time homeowners to seasoned investors.
Homes Under Contract and What It Means
There are currently 32 single-family homes and 9 condos under contract, pending closing. When a home is under contract, it means the seller has accepted an offer, and both parties are moving through the final steps of the sale, such as inspections, financing, and closing. These properties are no longer actively being marketed to other buyers, but the transaction isn’t complete yet.
Recent Sales and Median Prices
Over the past 30 days:
68 homes have sold, with a median sale price of $310,000 for single-family homes, reflecting a 3.3% increase from last month and a 9% increase from last year.
11 condos have sold, with a median sale price of $219,900, a 3% decrease compared to last year.
Multi-family homes are also popular:
The median sale price for a two-family home is $312,500.
A three-family home sells for $372,500, and a four-family home fetches around $441,000.
How Quickly Are Homes Selling?
The market in Meriden is moving fast:
The median days on market for single-family homes is 6 days.
Condos stay on the market slightly longer, with a median of 8 days.
For multi-family homes, the median is 10 days for two-unit properties and 9 days for three-unit properties.
The "days on market" metric shows how quickly homes go from being listed to being under contract. In Meriden, this short timeframe indicates a competitive market.
Price Per Square Foot and Factors Affecting Value
Single-family homes are selling for around $200 per square foot, while condos average $191 per square foot. For multi-family homes, the price per square foot is $138.35 for two-unit properties and $129.27 for three-unit properties.
For sellers, this means you can estimate the value of your property based on its size. For example, a 1,500-square-foot single-family home could sell for approximately $300,000. However, factors like the condition of your home, its lot size, upgrades, neighborhood, and curb appeal can all influence the final sale price.
Inventory Levels: What Months of Supply Means
There is a 2-month supply of single-family homes and a 1.4-month supply of condos. Months of supply refers to how long it would take to sell all the active listings at the current pace of sales if no new listings were added.
In Meriden, these figures indicate a seller’s market, where demand outpaces supply. This often leads to rising prices and competitive conditions for buyers.
Rental Market Trends
For renters, Meriden offers a variety of options:
Apartments:
2-bedroom apartments rent for an average of $1,400.
3-bedroom apartments rent for about $1,695.
4-bedroom apartments average $1,900.
Single-Family Homes:
2-bedroom homes average $1,400.
3-bedroom homes rent for around $2,650.
4-bedroom homes average $2,850.
Rental prices can vary based on several factors, including location, condition, size, included amenities, and whether utilities are covered. Properties in desirable neighborhoods or with recent updates tend to command higher rents.
Understanding “Shows-to-Contract”
According to ShowingTime, a platform used by real estate agents to schedule showings, the median "Shows-to-Contract" is:
10 for single-family homes.
5 for condos.
This means that single-family homes typically require 10 showings before an offer is accepted, while condos only need about 5. This metric highlights the level of buyer interest in Meriden properties.
The Meriden real estate market is active and competitive, offering opportunities for buyers, sellers, and renters alike. With rising prices, quick sales, and a strong demand for homes, understanding the latest trends is critical to navigating the market. Whether you’re thinking of buying, selling, or investing, staying informed will help you make the best decisions for your goals.
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