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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Prospect, 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 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

Prospect, CT Housing Market Trends

With 9,435 people, 3,208 houses or apartments, and a median cost of homes of $488,705, Prospect real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Prospect, accounting for 78.42% of the town's housing units. Other types of housing that are prevalent in Prospect include row houses and other attached homes ( 8.36%), duplexes, homes converted to apartments or other small apartment buildings ( 7.24%), and a few mobile homes or trailers ( 4.38%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Prospect. Owner-occupied housing accounts for 89.54% of Prospect's homes, and 67.52% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Prospect built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Prospect built between 1940-1969 ( 29.36%). A lesser amount of the housing stock also hails from between 2000 and later ( 25.30%). There's also some housing in Prospect built before 1939 ( 7.67%).

Prospect Home Appreciation Rates

Prospect's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Prospect during the period has been just 5.02%, which is lower than 80% of US communities.

Appreciation rates are so strong in Prospect that despite a nationwide downturn in the housing market, Prospect real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Prospect appreciation rates continue to be some of the highest in America, at 8.19%, which is higher than appreciation rates in 72.14% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Prospect. Prospect appreciation rates in the latest quarter were at 0.95%, which equates to an annual appreciation rate of 3.86%.

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

Average Home Values

Median Home Value

$488,705

Prospect, CT Home Prices
> $1,443,000
$1,082,001 - $1,443,000
$721,001 - $1,082,000
$577,001 - $721,000
$432,001 - $577,000
$289,001 - $432,000
$144,001 - $289,000
$72,001 - $144,000
$0 - $72,000
0.0%
0.0%
2.1%
2.1%
9.2%
9.2%
18.2%
18.2%
29.4%
29.4%
32.1%
32.1%
4.7%
4.7%
1.6%
1.6%
2.7%
2.7%
0% 100.0%
% of Homes
Average

for Connecticut

Very High

for nation

Number of Homes And Apartments:

3,208

Prospect Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,681 / per month

Homeownership Rate

Owners
Renters
89.5%
89.5%
10.5%
10.5%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
8.2%
8.2%
91.8%
91.8%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
25.3%
25.3%
37.7%
37.7%
29.4%
29.4%
7.7%
7.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
78.4%
78.4%
8.4%
8.4%
7.2%
7.2%
1.6%
1.6%
4.4%
4.4%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.1%
1.1%
6.0%
6.0%
19.3%
19.3%
51.5%
51.5%
16.0%
16.0%
6.1%
6.1%
0% 100.0%
% of Homes

Popular Neighborhoods in Prospect

Zip Codes in Prospect, CT