Home Equity Growth in Connecticut Outpaces the Nation

By Hugh McQuaid

December 27 @ 5:00 am

Connecticut homeowners experienced a larger increase in their home equity last year than homeowners in any other state in the nation, according to a report by home ownership investment company Unison.

The annual index tracked median home equity changes in all 50 states from September 2023 to September 2024 and found that equity in Connecticut grew by 24.6% over the 12-month period. That increase was the largest in the nation and was followed by New Jersey, where home equity grew by 22.3%, and Delaware, which saw a 18.3% increase.

Nearly all states experienced some increase in home equity, which Unison attributed to appreciation in home values over the 12-month period. Just five states — Texas, Mississippi, Oregon, Louisiana, and Idaho — saw declines in homeowner equity last year.

Sen. MD Rahman, Senate chair of the state legislature’s Planning and Development Committee, attributed Connecticut’s growth to the state’s strong appeal for homebuyers.

“The growth in that report reflects what a lot of people here already know: there’s value in Connecticut homes because Connecticut is a desirable place to live,” Senator Rahman said. “We have top-ranked schools, some of the lowest crime rates in the country, and exceptional quality of life, so it should come as no surprise that homes in our state are such a sound investment.”

The index calculated changes in home equity by comparing a home’s market value with the outstanding balance of a homeowner’s mortgage.

The report also documented equity growth in specific regions called Core Based Statistical Areas. For instance, equity increased in the Hartford-East Hartford-Middletown area by 31.1%, making it the fourth top-performing CBSA in the nation, along with Great Falls, Montana.

Meanwhile, the Norwich-New London area and New Haven-Milford area both ranked in the top 20 regions with 24.9% and 24.7% growth respectively, according to the Unison index.

This year’s report followed a similar index in 2023, when Unison reported that Connecticut homeowners had experienced 16.93% growth in their equity — the fourth highest rate in the nation that year.