The year is about to wrap up and one of the most notable changes to the housing market this year has been the increase of interest rates. When compared to November 2021 they have almost doubled. This has caused some buyers to take a pause and reassess. Interestingly enough, most towns in Lower Fairfield, Connecticut have less than 4 months of inventory which is an indicator that we are still in a sellers market here. Another piece of positive news for homeowners is that most homes are still getting 95%- 100% of the asking price. Below is a breakdown of how each town is performing.
Overall, the housing market in New Canaan is stable and very much in a sellers market with only 3.5 months of inventory on the market. Although these numbers have trickled up a bit from this time last year, seller's have the upper hand in negotiations. The majority of homes are still fetching 95%+ of the asking price.
For more information about the housing market in New Canaan visit RAVEIS STATS
The housing market in Greenwich is one of the most active in all of Fairfield County due to its size and proximity to New York City. With 4.18 months of supply it is still signaling a sellers market, especially when the days on the market is down 73.9% from November 2021. Closed sales for the past 30 days is coming in at 31 units sold which is less than November 2021 which can be a side effect of increasing mortgage rates. Buyers right now are really waiting to see what the rates do and some have put their search on hold altogether in hopes that 2023 will see lower housing prices and lower interest rates.
The housing market in Darien is very strong for sellers and competitive for buyers. There is very little inventory and limited options for buyers. Out of all of the towns in lower Fairfield this housing market is by far the most competitive. Homeowners should really consider putting their home on the market now vs waiting for the spring time when everyone else thinks about listing. Not only will your house have minimal competition with the right strategy it can garner more interest thus a higher price than you were aiming for.
Stamford has something for everyone which is why buyers are drawn to this town. Home prices are also across the scale from $200,000-$4,000,000. Stamford is loved due to its 45 minute commute to NYC via the Metro so it is no surprise here that the housing market is staying strong. With less than 3 months of supply, seller's have the upper hand in negotiations. 90% of the closed sales have fetched 95% of the asking price which is another data point that supports sellers in Stamford.
Stephanie Betancourt is a real estate licensee affiliated with William Raveis Real Estate. William Raveis Real Estate is real estate broker and abides by equal housing opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.
Address: William Raveis New York 126 East 56th, Suite 1510 New York, NY, 10022
William Raveis New Canaan 4 Elm Street New Canaan, CT, 06840