Our market is still hot, with high buyer demand and low inventory.
What’s a question I get asked about almost every day of the week? Well, it’s something along the lines of “How’s the market?” Now that we already have market data for the third quarter of 2024 in Fairfield County, it’s time to share them with you.
The market is still hot in Fairfield County. We don’t have enough inventory to satisfy buyer demand. Given that interest rates are starting to come down, we are expecting an increase in homebuyers.
Here’s the situation: Sellers are still reluctant to sell their houses. Even though new listings increased 3% year over year, we are still recovering from the 27% decline the year before. This means we need a lot more listings to catch up. Currently, we have less than three months’ supply of inventory, which is considered very low—with high buyer demand and low listing supply, we are still in a strong seller’s market in Fairfield County.
Here’s the situation: Sellers are still reluctant to sell their houses. Even though new listings increased 3% year over year, we are still recovering from the 27% decline the year before. This means we need a lot more listings to catch up. Currently, we have less than three months’ supply of inventory, which is considered very low—with high buyer demand and low listing supply, we are still in a strong seller’s market in Fairfield County.
What does a strong seller’s market mean? That home prices will continue to rise. Fairfield County as a whole has seen a 5% price increase year-to-date since 2023.
Some towns have seen a flattening, particularly in Westport, Darien, and Ridgefield. On the other hand, some towns are on fire, such as New Canaan and Norwalk, where prices are up 13% over 2023, while Wilton and Weston prices are up 10% over 2023.
That’s why if you’re thinking of selling, know that you have not yet missed the market for 2024. It’s not yet too late. Last year, I put a house on the market on December 8, and we sold the house for 31% over the asking price in just one weekend. That’s not bad at all.
So call me if you want to sell your house now or if you want to get ready for 2025. There’s still plenty of time, and you’ll want to take advantage of our current market situation. If you want more details about your town or your home, call me at (203) 722-5445 or message me at [email protected]. Let’s get moving.
