Prospect, CT—06712
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Prospect, CT
As of Oct '25, the median home price in Prospect, CT is $443,000, with a year-over-year change of 5.0%. This indicates that home prices in Prospect, CT are increasing. According to Zillow, the 1-year price projection is 3.0%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $443,000 | 5.0% |
| Single Family | $437,000 | 4.5% |
| Condos | $470,000 | 5.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $419,000 | 6.1% |
3 Bed | $425,000 | 4.4% |
4 Bed | $536,000 | 6.3% |
| 5 Bed | $516,000 | 5.7% |
% of Housing Stock
Rental Trends — Prospect, CT
Prospect, CT lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,700 | $2,280 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,700 | $1,700 |
| 2 Bed Rent | $1,580 | $1,580 |
| 3 Bed Rent | $3,500 | $3,500 |
| 4 Bed Rent | $2,350 | $2,350 |
% of Rental Stock
Property Listings — Prospect, CT
As of Oct '25, Realtor.com reports that the median days on market for a home in Prospect, CT is 27. This is a decrease of -35.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 21.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $452,000 | 16.0% |
Listing Count | 29 | 38.0% |
| Listings as % of Homes | 0.5% | 38.0% |
Days on Market | 27 | -35.0% |
Demographics — Prospect, CT
As of the latest ACS Survey released in 2023, Prospect, CT has a population of 9,410, which has decreased by -3.3% over the past 5 years. Prospect, CT is a moderately popular place for families, as children make up 22.5% of the population. The area has a moderately educated workforce, with 36.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 9,410 | -3.3% |
% Under 18 | 22.5% | 9.8% |
% Seniors | 23.7% | 21.5% |
% WFH | 10.6% | 253.3% |
% w/ College Degree | 36.7% | 7.9% |
As of the latest ACS Survey released in 2023, Prospect, CT is a predominantly white area, with 83.8% of the population identifying as white. The white population has shrunk by 4.8% in the last 5 years. The second most common race or ethnicity in Prospect, CT is hispanic, making up 4.9% of the population. Foreign-born residents account for 11.1% of the population in Prospect, CT, and this percentage has increased by 60.9% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 83.8% | -4.8% |
% Black | 3.8% | -28.3% |
% Hispanic | 4.9% | -2.0% |
% Asian | 1.7% | 466.7% |
% Foreign Born | 11.1% | 60.9% |
Mortgage and Risk — Prospect, CT
According to HUD data as of 2023, there were 170 mortgage originations in Prospect, CT, of which 86.0% of loans were conventional mortgages. The average loan-to-value was 57.0%, with 18.0% above 90% LTV (elevated). This implies medium mortgage risk in Prospect, CT. Investor activity is low, as 0.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 170 |
% Conventional Loans | 86.0% |
% Government Loans | 14.0% |
% Investor Loans | 0.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Prospect, CT
Prospect, CT lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | N/A |
Total Units Section 8 | N/A |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$240 | $1,700 | $1,460 |
| 2 Bedroom | $190 | $1,580 | $1,770 |
| 3 Bedroom | -$1,180 | $3,500 | $2,320 |
| 4 Bedroom | $460 | $2,350 | $2,810 |
Affordability — Prospect, CT
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.9 |
| Median Home Price | $443,000 |
| Median Household Income | $126,000 |