If you're looking to join the 3,240-person community of Niantic, CT, there's a lot to think about when finding a home. There's even more to think about if you're considering snapping up Niantic rental properties to make passive income.
The current state of the real estate market should be consideration #1 before buying property. Read on to learn the ins and outs of this small market in East Lyme, Connecticut.
Home Listing Prices
The median home price in Niantic is currently about $497,500. The average price per square foot was $310. Additionally, the median sale price for homes was $480.000.
This is up 24.7% from last year.
When you do the math, these figures show that there's a 101.11% sale-to-list ratio on price. Basically, a home in Niantic sells for 1.11% higher than the price that the person purchased it at.
Many people who want to live in Niantic, CT also consider renting units. These units come at as low as $1,400 monthly. However, some nicer ones have a rent of $24,000 per month.
The cost of living, whether you plan to buy or rent, depends on exactly what you're looking for.
Real Estate Market Availability
Generally, there's neither a buyer nor seller advantage for homes in Niantic. The market is fairly balanced. This means that the demand for homes is about the same as the supply, so you'll get fair prices on property when you move to the area.
In just one week, about 3 homes around Niantic will be listed for sale. The average property will spend about 1 month on the market before being sold to a buyer. This figure is slightly lower than the time a house would spend on the market last year.
Does It Pay to Be a Niantic Landlord?
The housing market in Niantic is currently booming, making real estate investments a great choice in 2023. When you buy a property, you can almost always sell it for more money assuming that it's in great shape. The 1.11% turnaround can be a hefty sum on a high-priced property!
However, you can collect even more money in the interim with quality property management services. About 0.93% of homebuyers are looking to move into Niantic from outside metro areas, so they actively are searching for nearby properties. Because of the specificity of their search, you can rent property out at a reasonably high rate.
When you buy a property, it will cost you a lot upfront. However, you won't need to pay more down the line when you own it, and you can collect passive income for decades. When all is said and done, you can sell it when the market is less balanced and sellers have a bigger advantage.
Get Started With Niantic Property Management
Now that you know the ins and outs of Niantic's real estate market, it's time to buy some of the best properties in the area and collect rental income. Our team can help you set a fair rent, collect money easily, and maintain your property to keep it in top shape. Get a free rental analysis to learn which properties are worth the money.