HAPPY APRIL! 🌱

Word on the street- is that prices continued to rise in Fairfield and Westport! Here’s a summary of what happened in March in our local Fairfield and Westport single-family housing markets compared to a year ago in March 2024.

Check out the What Sold Reports to see all the homes that sold last month! Stay informed of new listings, price changes, local market insights, and mortgage rates.

March 2025
Market Changes in Favor of Buyers & Sellers

Was it still a seller’s market in March?

Yes, the seller’s market continued in March. The median sale price was up 40% in Westport and almost 30% in Fairfield compared to March 2024. The average market time was 38 days in Fairfield and 44 in Westport. New listings were down 9.4% in Fairfield and 4.8% in Westport allowing limited competition for sellers and limited choice for buyers. Selling prices, on average, exceeded asking prices. Unit sales were flat in Fairfield (data not shown) and up 13.3% in Westport, but pending listings were down in both towns suggesting a possible lull which could offer some opportunities for buyers.

At the time this post was written, the 30-year fixed conforming mortgage rate creeped back up to 7% adding to the headwinds for financing buyers. But rates in the high fives and sixes remained for other loan products.

Action Items.

Whether you are thinking of buying, selling, or both, it’s in your best interest to plan ahead by meeting with your agent early in your process. This will help you know what to expect in the current market and have a plan in mind.

Many sellers ask, when is the best time to sell? The answer is, when you are emotionally ready, your house is market-ready, and the time is right for you. There will always be pros and cons to the current market, and no one can accurately time it.

Pro Seller Tip: Remember not to under-estimate the sellers market though. It is still necessary to position your home to show its very best, which may include some staging, and price it appropriately with the market in order to sell for top dollar in the least amount of time.

Reach out to your agent proactively with your questions and desired outcomes so you’ll have a plan and timeline to get you where you want to go. Collaborate with your agent for the best marketing strategy and negotiations to maximize demand for your listing in the current market. If you’re concerned about where to go, consider this story. Here’s an overview of what you can expect for the process.

As a buyer in this market, be ready and be patient! Reach out to your agent proactively to go over the process, current forms, and a plan that meets your needs. Your agent will help you navigate the market for a successful sale and/or purchase. The competition for a particular property at the time it hits the market determines how much leverage you will have to negotiate price, timing, and terms. Competition continues among buyers and there is still a short window before most sellers receive and accept offers.

If you are ready to make an informed decision, you will be well positioned to secure your new home. This means you are prepared to submit a competitive offer and your proof of funds or mortgage pre-approval are in your agent’s hands. Keep in mind if you are in a multiple-bid situation with financing, you may be competing with cash offers. Talk to your agent about how you can make your offer more attractive in other ways. If you need to sell your house before buying, discuss your options with your agent. Here’s a guide for what you can expect.

April showers bring May flowers- and many new home sellers to the market. Will you be one of them who is positioned to extract top dollar in the least amount of time? 🌸 🏡 💫

• Review last month’s market report here.
• Keep track of your home’s value estimate in our ever-changing environment.
• Request a free subscription below:

#LuxuryHomes

#LuxuryLifestyle

#LuxuryRealEstate

#WilliamRaveisRealEstate

#WilliamRaveis

#RaveisSouthport

#WaterfrontLiving

#BeachHouse

#CoastalLiving

#DreamHome

#HomeSweetHome

#MyHomeisMyCastle

#FairfieldBeachArea

#MarketReport

#RealEstateMarket

#HousingPredictions

#MortgageRates