Hartford is the capital of the U.S. state of Connecticut. It was the seat of Hartford County until Connecticut disbanded county government in 1960. The city is nicknamed the "Insurance Capital of the World", as it hosts many insurance company headquarters which is the region's major industry.
Hartford was founded in 1635 and is among the oldest cities in the United States. It is home to the nation's oldest public art museum (Wadsworth Atheneum), the oldest publicly funded park (Bushnell Park), the oldest continuously published newspaper (The Hartford Courant), and the second-oldest secondary school (Hartford Public High School). It also is home to Trinity College, a private liberal arts college, and the Mark Twain House where the author wrote his most famous works and raised his family, among other historically significant attractions. Mark Twain wrote in 1868, "Of all the beautiful towns it has been my fortune to see this is the chief."
Hartford was the richest city in the United States for several decades following the American Civil War. Today, it is one of the poorest cities in the nation, with 3 out of every 10 families living below the poverty threshold. In sharp contrast, the Hartford metropolitan area is ranked 32nd of 318 metropolitan areas in total economic production and 7th out of 280 metropolitan statistical areas in per capita income.
Census estimates since the 2010 United States Census have indicated that Hartford is the fourth-largest city in Connecticut, behind the coastal cities of Bridgeport, New Haven, Connecticut, and Stamford.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Hartford, West Hartford, East Hartford, Connecticut. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!
The national average total real estate commission in 2015 was 5.26% *
In Hartford, West Hartford, East Hartford, Connecticut , you will find the following real estate commissions charged*:
Typical Asking Commission: 6.0%
Competitive Commission: 5.0-5.5%
Very Competitive Commission: 4.5-4.99%
The median existing single-family home price in the Northeast rose 3.2%, to $282,300, in the second quarter of 2017 compared to the the second quarter of 2016. Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:
In the State of Connecticut, median home prices are as follows*:
|Metro Area||Median Sales Price||% of Annual Change|
|Bridgeport, Stamford, Norwalk||$409,400||7.6%|
|Hartford, West Hartford, East Hartford||$239,000||0.9%|
|New Haven, Milford||$229,400||2.1%|
|Norwich, New London||$225,400||5.7%|
Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home. In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).
In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent. Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”. This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client. This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).
When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.
At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business. These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm. This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in Connecticut.
Sellers who are also buying a home in the same local market have a volume discount advantage. ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home. Be sure to check the box that you are also buying a home locally to receive these better rates.
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As of the census of 2010, there were 124,775 people, 44,986 households, and 27,171 families residing in the city. The population density was 7,025.5 people per square mile (2,711.8/km²). There were 50,644 housing units at an average density of 2,926.5 per square mile (1,129.6/km²). The racial makeup of the city was 29.8% white, 38.7% African American or black, 0.6% Native American, 2.8% Asian, 0% Pacific Islander, 23.9% from other races, and 4.2% from two or more races. 43.4% of the population were Hispanic or Latino, chiefly of Puerto Rican origin. Whites not of Latino background were 15.8% of the population in 2010, down from 63.9% in 1970.
There were 44,986 households, out of which 34.4% had children under the age of 18 living with them, 25.2% were married couples living together, 29.6% had a female householder with no husband present, and 39.6% were non-families. 33.2% of all households were made up of individuals and 9.6% had someone living alone who was 65 years of age or older. The average household size was 2.58 and the average family size was 3.33.
In the city, the population distribution skews young: 30.1% under the age of 18, 12.6% from 18 to 24, 29.8% from 25 to 44, 18.0% from 45 to 64, and 9.5% who were 65 years of age or older. The median age was 30 years. For every 100 females, there were 91.4 males. For every 100 females age 18 and over, there were 86.0 males.
The median income for a household in the city was $20,820, and the median income for a family was $22,051. Males had a median income of $28,444 versus $26,131 for females. The per capita income for the city was $13,428.
As of 2010, 33.7% of Hartford residents claimed Puerto Rican heritage. This was the second-largest concentration of Puerto Ricans in the Northeast, behind only Holyoke, Massachusetts, approximately 30 miles (48 km) to the north along the Connecticut River.
The central business district, as well as the State Capitol, Old State House and a number of museums and shops are located Downtown. Parkville, home to Real Art Ways, is named for the confluence of the north and the south branches of the Park River. Frog Hollow, in close proximity to Downtown, is home to Pope Park and Trinity College, which is one of the nation's oldest institutions of higher learning. Asylum Hill, a mixed residential and commercial area, houses the headquarters of several insurance companies as well as the historic homes of Mark Twain and Harriet Beecher Stowe. The West End, home to the Governor's residence, Elizabeth Park, and the University of Connecticut School of Law, abuts the Hartford Golf Club. Sheldon Charter Oak is renowned as the location of the Charter Oak and its successor monument as well as the former Colt headquarters including Samuel Colt's family estate, Armsmear. The North East neighborhood is home to Keney Park and a number of the city's oldest and ornate homes. The South End features "Little Italy" and was the home of Hartford's sizeable Italian community. South Green hosts Hartford Hospital. The South Meadows is the site of Hartford–Brainard Airport and Hartford's industrial community. The North Meadows has retail strips, car dealerships, and Comcast Theatre. Blue Hills is home of the University of Hartford and also houses the largest per capita of residents claiming Jamaican-American heritage in the United States. Other neighborhoods in Hartford include Barry Square, Behind the Rocks, Clay Arsenal, South West, and Upper Albany, which is dotted by many Caribbean restaurants and specialty stores.
In 2010, Hartford ranked 19th in the United States' annual national crime rankings (below the 200.00 rating). It had the second highest crime rate in Connecticut, behind New Haven. Statistically Hartford's northern districts (North East, Asylum Hill, Upper Albany) had the highest murder rate, while the southern districts (Downtown, Sheldon, South Green) had a slightly lower murder rate, but had the most crime overall. Overall, the South Meadows neighborhood had the lowest crime rate, respectively.
Hartford is the historic international center of the insurance industry, with companies such as Aetna, Conning & Company, The Hartford, Harvard Pilgrim Health Care, The Phoenix Companies, and Hartford Steam Boiler based in the city, and companies such as Travelers and Lincoln National Corporation having major operations in the city. The city is also home to the corporate headquarters of U.S. Fire Arms, United Technologies and Virtus Investment Partners.
Aetna and the Hartford Financial Services Group, both Fortune 100 companies, are headquartered in Hartford. Travelers Insurance has its largest national employment center and historical headquarters in the city. CIGNA insurance is headquartered in the region with a presence in Hartford and its suburb Bloomfield. United Health Insurance has a significant presence in the city.
At the same time, many companies have moved to or expanded in the central business district and surrounding neighborhoods. Aetna announced mid-decade that by 2010 it would move nearly 3,500 employees from its Middletown, Connecticut offices to its corporate headquarters in the Asylum Hill section of the city. Travelers recently expanded its operations at several downtown locations. In 2008, Sovereign Bank consolidated two bank branches as well as its regional headquarters in a nineteenth-century palazzo on Asylum Street. In 2009, Northeast Utilities, a Fortune 500 company and New England's largest energy utility, announced it would establish its corporate headquarters downtown. Other recent entrants into the downtown market include GlobeOp Financial Services and specialty insurance broker S.H. Smith. CareCentrix, a patient home healthcare management company, is moving into downtown from East Hartford, where it will add over 200 jobs within the next few years.
In March 2018, Infosys announced that opening of a new technology innovation hub in Hartford, creating up to 1,000 jobs by 2022. The Hartford technology innovation hub will focus on three key sectors- insurance, healthcare and manufacturing.
Hartford is a center for medical care, research, and education. Within Hartford itself the city includes Hartford Hospital, The Institute of Living, Connecticut Children's Medical Center, and Saint Francis Hospital & Medical Center (which merged in 1990 with Mount Sinai Hospital).
After rising during the Great Recession to over 9% during 2010, unemployment in Connecticut had fallen by December 2014 to 6.4%, .6 above the national average of 5.8%.