Plymouth & Terryville, CT - April 14, 2025 Market Report:
Key Insights for Buyers and Sellers
As spring unfolds, the Plymouth/Terryville, Connecticut housing market continues to demonstrate notable trends. Whether you're considering buying or selling a home in this community, staying informed about current market dynamics is essential. This March 2025 update provides an overview of home prices, inventory levels, market activity, and mortgage insights to guide your real estate decisions.
Home Prices in Plymouth/Terryville: Steady Appreciation
Plymouth/Terryville's housing market has experienced consistent growth, reflecting its desirability and robust demand.
Median Sold Price: As of March 2025, the median home sold price in Plymouth/Terryville was $300,000, marking a 4.3% increase from the previous year.
Median Listing Price: In February 2025, the median listing home price in Plymouth/Terryville was $332,500, reflecting a 16.7% year-over-year increase.
Median Price per Square Foot: The median price per square foot was $202, indicating a healthy appreciation in property values.
This upward trend underscores Plymouth/Terryville's appeal, offering a blend of suburban charm, reputable schools, and proximity to larger urban areas.
Market Activity: Inventory and Sales Trends
The real estate market in Plymouth/Terryville is characterized by active transactions and evolving inventory levels.
Homes Sold: In March 2025, 11 homes were sold in Plymouth/Terryville, up from 9 in February, reflecting a 22.2% increase in sales activity.
Active Listings: There were 31 homes for sale in March 2025, a 6.1% decrease compared to February.
Homes Sold Above Asking Price: Approximately 73% of homes sold in March 2025 went above the asking price, indicating strong buyer competition.
Implications for Buyers and Sellers
Sellers: The appreciating home values and high percentage of homes selling above asking price present favorable conditions for sellers. Properly priced and well-presented homes are likely to attract swift interest.
Buyers: With homes moving quickly and selling above asking price, buyers should be prepared to act decisively. Securing mortgage pre-approval and working with a knowledgeable real estate agent can enhance competitiveness.
Mortgage Insights: Current Rates and Considerations
Understanding current mortgage rates is crucial for both buyers and sellers in the Plymouth/Terryville market.
30-Year Fixed-Rate Mortgage: As of March 2025, the average rate in Connecticut is approximately 6.72%.
15-Year Fixed-Rate Mortgage: The average rate stands at 5.98%.
5/1 Adjustable-Rate Mortgage (ARM): Rates for 5/1 ARMs are averaging around 5.94%.
What This Means for Buyers
Affordability: While mortgage rates remain elevated compared to historical lows, they have stabilized, allowing buyers to plan their finances with greater certainty.
Loan Options: Exploring different loan products, such as ARMs, may offer initial lower payments, but it's essential to understand the potential for rate adjustments in the future.
Market Outlook: Anticipations for Spring 2025
As we enter the spring season, several trends are expected to influence Plymouth/Terryville's housing market.
Sustained Home Price Growth: Limited inventory coupled with steady demand is likely to maintain upward pressure on home prices.
Active Buyer Participation: Spring traditionally brings increased buyer activity, suggesting a competitive environment.
Mortgage Rate Stability: While rates are projected to remain relatively stable, monitoring economic indicators is advisable for any potential fluctuations.
Conclusion: Navigating the Plymouth/Terryville Real Estate Market
For Sellers: Current market conditions are favorable, with appreciating home values and a high percentage of homes selling above asking price. Preparing your home effectively and pricing it competitively can lead to successful transactions.
For Buyers: Despite higher mortgage rates, opportunities exist to invest in Plymouth/Terryville's desirable market. Being well-prepared with financing and acting swiftly can enhance your chances of securing a property that meets your needs.
Ready to explore your real estate options in Plymouth/Terryville?
The Via Domus Team is committed to providing expert guidance and personalized service to help you navigate this dynamic market. Contact us today to begin your journey toward buying or selling your home in Plymouth/Terryville, CT