Milford, CT Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Milford, CT Housing Market Trends

With 53,195 people, 21,698 houses or apartments, and a median cost of homes of $411,559, real estate costs in Milford are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Connecticut communities.

Single-family detached homes are the single most common housing type in Milford, accounting for 68.15% of the city's housing units. Other types of housing that are prevalent in Milford include large apartment complexes or high rise apartments ( 15.35%), duplexes, homes converted to apartments or other small apartment buildings ( 9.42%), and a few row houses and other attached homes ( 6.08%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Milford. Owner-occupied housing accounts for 73.80% of Milford's homes, and 56.48% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Milford's housing was primarily built during this period, from the '40s through the '60s. A full 39.74% of the city's housing hails from this era. Other housing ages represented in Milford include homes built between 1970-1999 ( 31.61%) and housing constructed before 1939 ( 19.06%). There's also some housing in Milford built between 2000 and later ( 9.59%).

Milford Home Appreciation Rates

Milford's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Milford during the period has been just 2.31%, which is lower than 80% of US communities.

Appreciation rates are so strong in Milford that despite a nationwide downturn in the housing market, Milford real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Milford appreciation rates continue to be some of the highest in America, at 12.39%, which is higher than appreciation rates in 86.22% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Milford. Milford appreciation rates in the latest quarter were at 3.69%, which equates to an annual appreciation rate of 15.58%.

Importantly, this makes Milford one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Connecticut, our data show that Milford's latest annual appreciation rate is higher than 50% of the other cities and towns in Connecticut.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Milford differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Milford - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Milford real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$411,559

Milford, CT HOME PRICES

> $1,211,000
2.2%
2.2%
$908,001 - $1,211,000
2.5%
2.5%
$605,001 - $908,000
7.2%
7.2%
$484,001 - $605,000
11.8%
11.8%
$363,001 - $484,000
28.8%
28.8%
$242,001 - $363,000
35.5%
35.5%
$121,001 - $242,000
9.7%
9.7%
$61,001 - $121,000
0.7%
0.7%
$0 - $61,000
1.7%
1.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for CT

Value Relative To Nation

Number Of Homes And Apartments:
21,698

Milford Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CT*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
78.73% 2.74%
9
5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,231 / per month

Homeownership Rate

Owners
73.8%
73.8%
Renters
26.2%
26.2%
Vacant
7.9%
7.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
9.6%
9.6%
1970 - 1999
31.6%
31.6%
1940 - 1969
39.7%
39.7%
1939 or Older
19.1%
19.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
68.1%
68.1%
Townhomes
6.1%
6.1%
Small Apt. Buildings
9.4%
9.4%
Apt. Complexes
15.4%
15.4%
Mobile Homes
1.0%
1.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.9%
1.9%
1 Bedroom
13.4%
13.4%
2 Bedrooms
25.8%
25.8%
3 Bedrooms
39.2%
39.2%
4 Bedrooms
17.3%
17.3%
5 or more bedrooms
2.4%
2.4%
0.0% 100.0%
% OF HOMES