Guilford Real Estate Market Prices, Trends and Forecast 2023

Nestled along Connecticut’s exquisite shoreline is a small town that takes life at a pace reminiscent of times past. In Guilford, many residents live a life defined by the surf, with a quaint, coastal charm evident throughout the streets and backroads of this close-knit community. Residents can access gorgeous sandy beaches and miles of untouched woodlands. Guilford is located just 14 miles outside of New Haven, making it the ideal quiet retreat for commuters looking to enjoy the serenity of suburban living.

 

Settled back in 1639, Guilford has a rich history that can still be seen today in the community. Several museums and historic houses call Guilford home. The neighborhood is both historic and artsy, with an involved local art community. Numerous specialty shops, eateries, and cafés line Guilford’s quiet streets, giving residents the perfect blend of suburban peace and sought-after access to amenities. Known for its stunning town green, Guilford offers several quaint parks for residents to enjoy. Many are turning to Connecticut’s shore to settle in and wonder what they can expect from Guilford’s real estate market in the coming years.

Local and national housing markets have gone through a few upturns and downturns over the past few years. Limited inventory, Covid-19, and inflation have all contributed to a rocky housing market throughout the country. This uncertainty has left many buyers looking to move to the Guilford area and wondering if now is the right time to buy. Luckily, real estate experts have been carefully monitoring the Guilford housing market to find trends that help homebuyers buy confidently.

Before buying a piece of Guilford real estate, many buyers like to know more about the local housing market to evaluate their prospects. Buyers can get a sense of the market’s strengths and weaknesses by turning to a local market forecast, providing them with essential information needed to make solid investment decisions. After navigating a tumultuous national housing market, experts expect things to start slowing down in Guilford.

Guilford is ideally located on a stunning stretch of the Long Island Sound and in proximity to New Haven, making it a perfect destination for ocean lovers and commuters alike. Since 2020, housing in the New Haven area has been substantially increasing in value each year. In 2023, experts have noticed a slight slowdown in price growth, but the overall trend still shows an increase in value. In Guilford, the average home price is slightly less than it was at this time last year, but after a dip in mid-2022, housing prices have been steadily rising. Those looking to purchase in the Guilford area can expect slowly rising home prices and an expectation for a small return on investment in the coming years.

Nationally, interest rates have been rising steadily, most recently topping off at 6.89% for a 30-year fixed-rate mortgage. Those looking to get a mortgage in Connecticut can expect a slightly lower state average at 6.73% for a 30-year fixed-rate mortgage. Those looking to buy in Guilford can expect interest rates in the area to continue to increase throughout the year. This could slow down the local market as fewer people look to buy in the Guilford area.

The rising cost of living, property taxes, and housing costs have led many to leave Connecticut over the past decade in search of less expensive places to live. However, the 2020 Covid-19 pandemic changed that, as many buyers began looking for less congested places to live, leading to a small net growth for Connecticut’s population. In 2022, the state gained 2,850 residents, a 0.08% growth. However, Guilford has seen a steady decrease in population over the years. Just last year, the town’s population decreased by 3.17%, showcasing a trend that is likely to continue even as Connecticut experiences a population increase.

New Haven County has seen home prices increase since last year. However, the overall number of homes sold in the county has dropped. Currently, Connecticut is home to many hot real estate markets.

When Covid-19 hit, many people began moving outside of bustling urban centers and into less populated suburban areas. This led to an increase in people migrating to Connecticut for the first time in years. However, Guilford did not receive the brunt of new residents and instead experienced a population decline. Housing prices had a substantial spike but not until 2022, leaving Guilford’s housing market relatively stable throughout 2020 and 2021 when compared to others in Connecticut.

Currently, the median home price in Guilford is $580,000. That is slightly lower than early last year, with the average home value dropping by 1.9 percent. However, the overall trend for home values in Guilford continues to rise. Average housing prices in Guilford are above median house prices for the state. In Connecticut, the average single-family home sells for $326,124.

With a steady population decline and slowing housing value increases, now could be a good time to buy for long-term investors.

 

This ideally-located community has a lot to offer, with stunning ocean views and an array of quaint local shops and businesses. Steadily increasing housing values in Connecticut and more people looking to move out of populated metropolitan areas make the future of the Guilford area bright. Guilford is a great place to raise a family and enjoy suburban peace. With housing values still slowly increasing, buyers can still expect some return on their investment in the future.

If you want to buy properties on the Guilford real estate market, having an experienced real estate agent by your side can help ensure your transaction goes as smoothly as possible. Contact the Joe Piscitelli Group today to begin your home search in Guilford.