Get a quick overview of Fairfield County’s real estate market.
The real estate market in Fairfield County is just as hot as the summer weather. Let me give you a quick overview of today’s market, starting with interest rates. We hear a lot about high interest rates, but surprisingly, buyers have adapted, and it has not slowed down buyer demand. The reality is that buyers need to buy regardless of the current interest rate. There’s a saying, “Marry the house, date the rate,” which reminds us that interest rates can change, and you always have the option to refinance later.
Sellers are hesitant to list their homes for sale because many are unsure about their next move or reluctant to give up their 3% mortgage rate. Despite that, new listings have seen a slight increase over the past year. While new listings have increased by 3% compared to last year, note that they were down 29% the year before. This means that we are still significantly below the inventory levels needed to meet buyer demand. With only 2.8 months of supply, we are still in a very strong seller’s market. This combination of high buyer demand and low inventory means that home prices are going up.
“This combination of high buyer demand and low inventory means that home prices are going up.”
In Fairfield Country, the average home price increased by 5% compared to last year. However, this isn’t applicable to all areas in the county. While prices are flattening or even slightly down in Westport, Darien, and Ridgefield, other towns are experiencing price increases, like Norwalk with a 17% increase, and Weston with a 19% increase over the last year. This indicates that these markets are still red-hot.
I know that this is just a quick market update, but I’d love to talk more about market trends specific to your town. If you are interested in a more detailed conversation, don’t hesitate to reach out. You can call me at (203) 722-5445 or send me an email at Linda.Dunsmore@KW.com. I’m here to help you make informed real estate decisions.
