A significant demographic shift is reshaping Connecticut’s real estate landscape, as longtime residents increasingly look south for retirement, according to one of the state’s top real estate professionals.
“Now I’m kind of seeing an exodus, not of [COVID buyers], but Connecticut people like moving to the Carolinas and Florida,” says Jill Taylor, Managing Director at Jill Taylor Homes Team and ranked #8 among Connecticut RE/MAX agents. This trend marks a notable reversal from the COVID-era influx of New York and New Jersey buyers.
Taylor, who has sold properties in every Connecticut county over her two-decade career, points to the state’s tax burden as a primary driver of this exodus. She illustrates the impact through a stark comparison: “In Shelton, Connecticut, the taxes are very low, you could get a $450,000 house for taxes that are around maybe 5,500. The same [price house] in Hamden in New Haven County, their taxes are going up over 12 on that house.”
This dramatic variation in property taxes, even within the state, helps explain why retirees are increasingly looking beyond Connecticut’s borders. “It’s a little on the expensive side when you’re trying to retire here,” Taylor notes.
The exodus isn’t uniform across all regions. Taylor observes varying market conditions throughout the state: “Certain counties are still hot, some are slow.” This disparity creates both challenges and opportunities for sellers and buyers remaining in the market.
In New Haven and Fairfield counties, where Taylor primarily operates, market stability persists despite the outward migration. “Connecticut’s pretty much holding steady,” she says, noting the state’s characteristic lag behind national market trends. “Connecticut is a little different than some of the other states. We tend to be the last one to follow.”
The departure of long-term residents could have lasting effects on Connecticut communities. While the COVID-era brought an influx of buyers from New York and New Jersey seeking space and quiet, Taylor suggests this newer wave of migration might have different implications for local market dynamics.
Through her work with the Jill Taylor Homes Team, Taylor continues to observe these shifting patterns. While she doesn’t anticipate dramatic market changes without external catalysts, she acknowledges the ongoing impact of this demographic shift. “It’s just slowly evolving,” she says, suggesting that high taxes and cost of living concerns will likely continue driving retirement-age residents to consider relocation.
Explore similar articles from Our Team of Experts.
A veteran DC-area real estate expert is challenging the way institutional investors view the DMV market, particularly their outdated perceptions of Arlington and other close-in suburbs. R...
