The start of the year is the perfect time to get a head start on your real estate plans. While doing that, I thought it would be helpful to look back on how we did in Fairfield County Real Estate 2024.
Did 2024 market predictions hold up? Contrary to what some people were saying, the real estate market in 2024 did not crash. Even though interest rates remained higher than expected and did not decrease as many had hoped, buyer demand stayed strong. Meanwhile, sellers hesitate to sell their properties due to several factors:
• They want to keep their 3% mortgage rates
• Unsure about where to move next
• Concerns about missing the market peak, making it too late to profit
This hesitation led to a very low inventory of homes for sale throughout the year.
Inventory challenges. While new listings in Fairfield County increased by 1.6% compared to 2023, this uptick wasn’t enough to offset the 29% decline seen in 2023. As a result, the market still struggles with low inventory levels to meet buyer demand.
By the end of December 2024, only 1.5 months of inventory were available, which is lower than the previous year. This means all that’s available right now are overpriced homes that buyers are not interested in.
You have not missed the peak; now is still a great time to sell your home.
Home prices continue to rise. With high buyer demand and low new listings, we’re still in a strong seller's market for the third or fourth year in a row. It’s also no surprise that, on average, prices rose by 5% across Fairfield County in 2024.
Some towns, like Norwalk, saw a 17% increase, while New Canaan, Wilton West End, and Trumbull rose by 10% to 11%. On the flip side, some areas began to stabilize, like Westport and Darien. Ridgefield experienced a 2% drop in prices—the only notable drop in the county.
So, if you have any thoughts of selling, please know that you have not missed the peak of the market. This is still a great time to sell and a great time to start preparing for the spring market.
If you want to learn more detailed insights into your specific town, talk to me. You can reach me at (203) 722-5445 or [email protected]. I’m here to help.
