Hello August! 🌻

Word on the street- Whew, we got steam heat! ♨️

Here’s a summary of what happened in July in our local Fairfield and Westport single-family housing markets compared to a year ago.

Stay informed of new listings, price changes, local market insights, and mortgage rates.

July 2025
Market Changes in Favor of Buyers & Sellers

What were the July opportunities?

For sellers, there were fewer new listings to compete with in July compared to last year. Sale prices still averaged 103 and 101 percent of asking in Fairfield and Westport respectively. Market time on average remained at four weeks or less (to contract). Sale prices were up in Westport, and average list prices were up in Fairfield compared to July 2024.

For buyers, inventory was up in both towns, and the number of sales was down compared to last July. In Westport, the months of supply was up to 4.82, where five to six months of supply is considered a balanced market! The months of supply refers to how many months it would take to sell all the homes on the market at the current rate of sales. These factors suggest a little more choice, plus some potential leverage for buyers.

At the time this post was written, the 30-year fixed conforming mortgage rate was down to 6.490% and the jumbo rate stayed at 6.125%.

Action Items.

Whether you are thinking of buying, selling, or both, it’s in your best interest to be proactive 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 it’s impossible to time it accurately.

Pro Seller Tip: Five key factors will get your home sold, and you are in control of most of them! No matter the market conditions, it is critical to position your home to show its very best, which may include some staging and landscape enhancements. Here are some insights into the power of staging psychology. It’s also a good exercise to critique your home as if you were a prospective buyer to gain an honest perspective.

Fun Activity:
🖐 Raise your hand if
you become two different people when you’re
a home seller 😎 and a home buyer 😳!

Although the market is still competitive for buyers, many are feeling frustrated by years of rising prices and interest rates, limited choice, and bidding wars. Pricing and presenting your house attractively can help you sell for top dollar in the least amount of time.

Reach out to your agent with your questions and desired outcomes so you’ll have a plan and timeline to get where you want to go. Ask your agent what they have in mind for the best marketing strategy to maximize demand for your listing in the current market and what the key points of negotiation are likely to be so you are not surprised. 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 to go! The average market time is still just a few weeks. Reach out to your agent before you’re ready to bid 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. How much leverage you have when bidding on a home depends on the competition for that property at the time it hits the market.

If you are ready to make an informed decision, you will be well positioned to comfortably 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.

Also, 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 in the process of buying your home.

Can you see yourself in a new home before fall? ⛱️ 🍂

• Review last month’s market report here.
• Keep track of your home’s value estimate in our ever-changing environment.
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