What buyers and sellers need to know about our market this summer.
As summer is in full swing and you’re taking time off for a summer break, you may be thinking about your future, including your real estate needs and goals. To help you make informed decisions, I’m here with an update on the Fairfield County housing market so far in 2023.
You have probably heard that interest rates are high, but know that this hasn’t impacted buyer demand. Buyers still need to buy and they have a variety of reasons, including a growing family, not wanting to rent, and wanting to get out of New York City. Whatever their reasons, buyers are out in full force.
Sellers, on the other hand, seem reluctant to sell their houses. Many of them locked in a 3% interest rate and don’t want to give that up, or they just don’t know where to go. Also, many sellers have heard on the news that prices are crashing, so they’re concerned they might have missed their opportunity to maximize their sales price.
“The Fairfield County housing market has shifted a lot so far in 2023.”
Fortunately, that isn’t the case, and what you hear on the news isn’t always true. So far this year in Fairfield County, new listings are down by 29%, which is crazy! Therefore, the supply of new houses for sale is only at two-and-a-half months. This year and last year, the inventory has been ridiculously low.
All of this means that prices are going up, not down. Prices across Fairfield County on average have increased by almost 5% so far in 2023. Therefore, if you’ve been considering selling, please don’t think you’ve missed the market because you haven’t. This is a perfect time to get your home ready for what is normally a very strong fall market.
If you want to talk about this in more detail or want the statistics for your area, know that I’d be happy to help you. Call me anytime—I look forward to hearing from you!
