Glastonbury property values hit $5.4B despite housing slowdown

Glastonbury’s grand list of taxable property reached $5.43 billion this year, a $13.1 million increase that will generate an additional $423,000 in tax revenue despite a cooling housing market.

The town’s total taxable net assessment rose to $5,431,333,485, up from $5,418,141,735 in 2024, according to records released by the assessor’s office.

Real estate dominated the list at $4.76 billion in net assessed value across 13,983 properties, though Assessor Brian Penney said that category “went down slightly” for three key reasons: fewer new homes, court-decided tax appeals, and expanded veteran disability exemptions.

Home sales dropped from 429 to 402 transactions, but prices surged 12 percent. The average sale price climbed from $563,250 to $631,750, with homes typically selling at 106 percent of asking price.

“The Glastonbury residential real estate market remained strong however with continued low inventory, and rising prices,” Penney said in his assessment notice. “Interest rates have eased a bit from the prior year.”

New construction slowed to 19 homes from 26 the previous year as builder-ready lots become scarce. “This trend has persisted for several years as inventory of builder-ready lots decreases,” Penney wrote.

The commercial sector showed promise with multiple apartment and mixed-use developments in planning stages. Projects include 266 units at Main and Griswold Streets, 170 units near Main and Hebron across from the Green, and 157 units at 115 Addison Road.

Motor vehicles contributed $451.6 million to the grand list across 32,581 vehicles, reflecting a statewide shift to pricing cars based on manufacturer suggested retail price rather than book value. “Passenger vehicle sales in 2025 reached a level not seen since 2019 and the average new vehicle price topped $50,000 for the first time ever,” Penney said.

Personal property assessments totaled $215.8 million net, down due to one large business disposing of $10 million in assets. Despite that drop, “the business environment remains healthy with 122 new businesses added this year,” Penney noted.

Glastonbury expanded tax relief in 2025, increasing farm equipment exemptions from $100,000 to $500,000 each for machinery and outbuildings, helping about 50 farmers. The town also adopted full exemptions for totally disabled veterans with 100 percent service-connected disability ratings.

The assessment reflects broader Connecticut housing trends where limited supply drives prices higher even as sales volume declines, particularly affecting towns like Glastonbury that appeal to commuters seeking proximity to Hartford and reasonable access to New York.