Here are the highs and lows of last year’s real estate market.
As we navigate through the early months of 2024, it’s essential to reflect on the dynamics of the real estate market in the preceding year. Today, I’ll share a brief summary of the real estate scene in Fairfield County during 2023, providing a snapshot of the market’s trends and outcomes.
In 2023, buyers faced challenges with rising interest rates reaching nearly 8%, coupled with intense competition due to a limited housing market supply. Fairfield County’s housing inventory at the end of December was only 1.7 months of supply, indicating a strong seller’s market, with a balanced market typically having 5 to 6 months of supply.
“If you’re considering selling in 2024, now is the time to prepare.”
Sellers, however, seemed uninterested in the positive market conditions, as new listings across Fairfield County dropped by 23% year over year. The combination of high buyer demand and low inventory led to a 7% increase in prices, with houses selling on average for 3% over the asking price.
Despite concerns of a housing market crash, the reality was different. For buyers, the good news is that interest rates are decreasing, currently in the mid-sixes and predicted to drop further. This provides buyers with increased purchasing power. Sellers can find reassurance in knowing they haven’t missed the peak of the market, as it remains a strong seller’s market.
Looking ahead to 2024, buyers can benefit from lower interest rates, while sellers are encouraged to take advantage of the strong market conditions. If you’re considering selling in 2024, now is the time to prepare, with the spring market kicking off shortly after Super Bowl Sunday. Feel free to call or email to discuss your situation in more detail and ensure you’re well-prepared for the market.
