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Monroe, Conn.: A ‘Family-centric’ Community With a Small-Town Feel

Mike Korchinski, a branch vice president at Coldwell Banker Realty, cited a 16 percent increase in Monroe home prices last year, and another 4 percent increase during the first quarter of 2022. “We are on pace for an annual increase of 12 percent for 2022,” he said. “It’s astronomical.”

But that hasn’t stopped buyers. Jane Ferro, a sales associate with the Levinson Ferro Team at Coldwell Banker, said sellers are receiving multiple offers within days of listing their homes. “Inventory is low, buyers are coming in droves and everything is going over asking.”

Based on information provided to and compiled by SmartMLS, Inc., as of May 17 there were 18 single-family homes on the market, from a 1,568-square-foot, three-bedroom colonial built in 1955 on 0.23 acres and listed for $190,000, to a 6,942-square-foot, six-bedroom ­­­colonial built in 1993 on 2.86 acres and listed for $1.749 million. There were 10 condominiums for sale, from a 1,671-square-foot two-bedroom built in 1994 and listed for $350,000, to a 2,456-square-foot, two-bedroom built in 2022 and listed for $579,900. There was one multifamily home on the market, a 3,591-square-foot five-bedroom listed for $539,900.

The median sale price for a single-family home during the 12-month period ending May 17 was $485,000, up from $440,800 during the preceding 12 months. For multifamily homes, the median price was $429,500, down from $470,000 during the preceding 12 months. For condominiums, the median price was $302,500, up from $235,000.

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