Plymouth & Terryville, CT - March 21, 2025 Market Report:
Key Insights for Buyers and Sellers
The housing markets in Plymouth and its Terryville section continue to exhibit notable trends. Whether you're considering buying or selling a home in these communities, understanding the 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 and Terryville: Continued Appreciation
Both Plymouth and Terryville have experienced significant growth in home values, reflecting their desirability and robust demand.
Plymouth:
Median Listing Price: As of February 2025, the median listing home price in Plymouth was $332,500, reflecting a 16.7% year-over-year increase.
Average Home Value: The average home value in Plymouth is $305,498, up 7.3% over the past year.
Terryville:
Median Sold Price: The median home sold price in Terryville was $300,000 in February 2025, marking a 7.5% increase from the previous year.
Average Home Value: The average home value in Terryville is $298,729, reflecting a 7.6% increase over the past year.
This upward trend underscores the appeal of these communities, offering a blend of suburban charm, reputable schools, and proximity to larger urban areas.
Market Activity: Inventory and Sales Trends
The real estate markets in Plymouth and Terryville are characterized by active transactions and evolving inventory levels.
Plymouth:
Homes Sold: In January 2025, the median home sold price in Plymouth was $300,000, up 6% from the previous year.
Active Listings: There are currently 32 homes for sale in Plymouth, with prices ranging from $39,900 to $939,900.
Terryville:
Homes Sold: In February 2025, homes in Terryville sold for a median price of $327,000, with properties typically selling after 14 days on the market.
Active Listings: There are currently 10 active home listings in Terryville, with 1 new home listed for sale.
Implications for Buyers and Sellers
Sellers: The reduced time on market and appreciating home values present favorable conditions for sellers. Properly priced and well-presented homes are likely to attract swift interest.
Buyers: With homes moving quickly, 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 and Terryville markets.
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 the housing markets in Plymouth and Terryville.
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 and Terryville Real Estate Markets
For Sellers: Current market conditions are favorable, with reduced days on market and appreciating home values. Preparing your home effectively and pricing it competitively can lead to successful transactions.
For Buyers: Despite higher mortgage rates, opportunities exist to invest in these desirable markets. 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 and Terryville?
The Via Domus Team is committed to providing expert guidance and personalized service to help you navigate these dynamic markets. Contact us today to begin your journey toward buying or selling your home in these Connecticut communities.