Fairfield and Westport CT Real Estate Guide

Local insights on buying, selling, and living in Fairfield County

Category Archives: Market Updates

Market reports, Beach Bulletin


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Fall Gardening Guide: What to Plant Now for a Beautiful Spring Garden

Got Tulips?

I visited my client at her new home this week to see the all the improvements she made since her purchase. The house looks beautiful, but what surprised me was that she was outside planting 85 tulip bulbs in the middle of October! One of the most exciting things about buying a home is seeing what surprise blooms you have in the first spring! My client will be expecting 85 tulips, but she will still feel the joy when she sees them emerge! Tip: She said to visit WickedTulips.com. Visit the website or go there in person in Preston, CT for a complete zen experience!

Whether you’re a homeowner, or a home buyer or seller, a fabulous garden is always a plus. I remember a garden of fiery yellow and orange tulips caught my eye when looking for a home in Fairfield Connecticut twenty years ago, and that home has been ours ever since.

8 Garden Tips for October

Feeling inspired, I looked up some additional tips for what we should be doing this fall to ensure a magical garden next spring. Here are eight tips for both garden and landscape that thrive in cooler temperatures and set you up for a colorful spring!

1. Plant Spring Bulbs

  • Now is the perfect time to plant spring-blooming bulbs like tulips, daffodils, and crocuses. These bulbs need the winter chill to bloom beautifully in the spring.

2. Perennials for Long-Term Beauty

  • Planting perennials like peonies, hostas, and daylilies in October gives them time to establish roots before winter. They’ll return stronger each spring and offer lasting curb appeal.

3. Trees and Shrubs

  • Fall is ideal for planting trees and shrubs, like maples, oaks, and hydrangeas. Their roots will have time to grow before the ground freezes, ensuring healthy development for next year.

4. Cover Crops to Enrich Soil

  • Suggest planting cover crops like clover or rye in garden beds. These crops improve soil health and add nutrients, preparing the beds for the next growing season.

5. Divide and Replant Perennials

  • Early fall is an excellent time to divide overgrown perennials like irises and daylilies. Doing so rejuvenates them and can create new plants for other areas of the garden.

6. Start a Fall Herb Garden

  • Herbs like parsley, sage, and rosemary do well in the cooler months. They can be planted in pots or directly in the garden for fresh, home-grown flavor during the holiday season.

7. Add Cold-Hardy Annuals

  • Plant cold-hardy annuals such as pansies and snapdragons. These will bloom until the first hard frost and can brighten up flower beds and containers.

8. Mulch to Protect Plants

  • Remind your readers to apply mulch around plants. Mulching in the fall helps retain soil moisture, suppresses weeds, and protects plants from temperature fluctuations during winter.

These tips will keep your gardens vibrant and healthy through the colder months and get them ready for Spring!

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Thank you for your response. ✨

OpenAI. (2024). ChatGPT [Large language model]. https://chatgpt.com

#Tulips #FallGardenTips #FallBulbs #OctoberPlantingTips #HomeandGarden #FallGardening #PlantNowForSpring #GardeningTips #AutumnPlanting #FallGardenPrep #SpringBulbs#PerennialsForFall #CoolWeatherGardening #FallGardenIdeas #GardeningInCT #SeasonalPlanting #FallVegetableGarden #GardeningSeason


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Fairfield and Westport Real Estate Market Report October 2024 🎃

Image: Blazing outdoor fireplace at 115 Lalley Blvd, Fairfield CT


October Chill is in the Air! 🎃🏡

Here’s what happened in September in our local Fairfield and Westport single-family housing markets. If you want the exact details, check out the What Sold Reports.

In September 2024–

Prices: Median Prices Varied By Town. Homes Sold for 100% or More On Average with a Wide Range

  • Single-family home sale prices averaged 100 percent of asking in Fairfield and 103 percent in Westport. There was a wide range of 84 to 111 percent in Fairfield and 91 to 125 percent in Westport.
  • The median sale price in Fairfield was $772,500, down 8 percent from September 2023. The median sale price per square foot was also down slightly from a year ago to $388. In Westport, the median sale price was $2,054,000, down 12.6% from a year ago. However, the median sale price per square foot was up 4.7% from last September, to $518.

Pace: Short Average Market Time. Unit Sales Up. Less than 4 Months Supply, Inventory Increased.

  • Market time averaged 27 days in Fairfield and 34 days in Westport which was more than 40 percent shorter than September 2023.
  • Unit sales in Fairfield totaled 46, UP 24.3% from September 2023, and 24 in Westport, UP 41.2% compared to last September.
  • Inventory in Fairfield was UP 43.6% from last September with 168 single-family homes for sale and DOWN 9.9% in Westport with 91 homes for sale.
  • The months of supply metric was UP 55.3% in Fairfield and slightly down in Westport compared to September 2023, with levels of 3.66 and 3.73 months respectively. This range still leaned towards a seller’s market and was below a balanced market with six months of supply.

What does it mean?

The sales volume and market time picked up compared to last September. The supply of inventory was about 3.7 months in both towns pointing to a continued seller’s market, but with a shift closer to more balance. Homes sold on average at full price or more but also spanned a wide range of well below- and well above the asking price. Market time overall was quick, averaging about one month to contract, but there was a wide range here too, with some homes selling quickly, some lingering, and some having price reductions.

There are numerous factors at play with expected interest rate reductions and economic factors, not to mention the election! What we do know is that there is still more demand than there is supply. What can we expect going forward? No one knows for sure, but here is what AI has to say! What do you predict? (Share your comment below).

Bottom line.

If now is a good time for you to pursue a new lifestyle, the current market always offers opportunities. Reach out to me anytime with your questions about the market and to discuss your plans.

When you are selling, your agent will guide you on the marketing strategy and negotiations to maximize the demand for your listing in the current market. If you’re concerned about where you can go, consider this. Here’s an overview of what you can expect.

If you plan to buy in this market, patience and preparedness will work in your favor! Your agent’s expert guidance will help you navigate this market for a successful sale or purchase. There may or may not be some flexibility with timing and price. It is on a house-by-house basis. There is still a predominance of solid competition and a short window before sellers receive and accept offers. It depends on how much competition exists for a particular home at the moment you want to pursue it. You need to be ready to make an informed decision if you really want to secure your new home. This means you are ready to submit a competitive offer, so your mortgage pre-approval or proof of funds should be in your agent’s hands! Keep in mind if you will be financing and enter a multiple-bid situation, you may be competing with cash offers, so you will need other attractive terms to be competitive. Here’s a guide for what you can expect.

What are your thoughts about the market and interest rates? Are you planning a move this fall? What new lifestyle dreams are you focused on? Share your thoughts in the blog comments or send me a note below.

William Raveis Local Housing Data

FAIRFIELD SINGLE-FAMILY – JULY 2024


WESTPORT SINGLE-FAMILY – JUNE 2024


To review last month’s market report.

Want a quick online home estimate?

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Thank you for your response. ✨

William Raveis Local Housing Data


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Dear AI: What’s the Future of Fairfield and Westport CT Home Prices?

AI:

The likelihood of reduced home values in the Fairfield and Westport, CT real estate markets over the next few years is relatively low, given current market conditions and historical trends. However, several factors could influence home values. Here’s an analysis of the key dynamics at play:

1. Strong Demand

  • Fairfield and Westport are highly desirable markets, thanks to their proximity to New York City, excellent schools, and quality of life. These factors have helped sustain high demand for homes, which has historically kept prices from falling significantly, even during broader market downturns. As remote and hybrid work arrangements remain popular, demand for homes in these suburban areas is likely to stay elevated.

2. Limited Inventory

  • Inventory shortages have been a defining feature of the market in recent years, driving up prices. While a drop in interest rates could lead to more sellers listing their homes, demand is likely to keep pace, keeping pressure on home values. Unless there’s a significant and sustained increase in new home construction or listings, inventory will likely remain tight, helping to maintain or even increase prices.

3. Interest Rate Movements

  • If interest rates fall, as suggested, it could spur increased buyer demand, which typically helps bolster home prices. Conversely, if interest rates rise unexpectedly or remain high for an extended period, affordability could become a more pressing issue, which might dampen demand and put downward pressure on prices. But even in that case, Fairfield and Westport’s premium market segments may prove more resilient than lower-priced regions.

4. Macro-Economic Factors

  • Broader economic trends, such as inflation, employment levels, and wage growth, will play a significant role. If the economy remains strong, home prices in Fairfield and Westport should remain stable or continue to grow modestly. A recession, on the other hand, could soften demand and lead to price reductions, though markets like these tend to recover faster than others due to their affluent base and attractiveness to well-funded buyers.

5. Luxury Market Resilience

  • The luxury real estate market, particularly in Westport, tends to be more insulated from broader market corrections. Wealthier buyers are less dependent on mortgage rates and more likely to invest in properties that retain value over the long term. This means that the high-end market is less likely to see significant price reductions, even in challenging economic conditions.

6. Migration Trends

  • Fairfield and Westport have benefited from migration out of cities like New York, especially post-pandemic. If these migration trends continue, home values could remain stable or rise, as new buyers enter the market. However, if urban living regains its appeal and migration slows, demand may soften, which could lead to price stagnation or mild declines.

7. Local Market Stability

  • Historically, home values in Fairfield and Westport have been quite stable, even during national downturns. These communities attract long-term homeowners who are less likely to sell in distress, reducing the likelihood of steep price drops. Additionally, local zoning and development restrictions tend to limit new construction, preventing an oversupply that could negatively affect prices.

8. Potential for Price Growth Moderation

  • While a steep decline in home values is unlikely, the rate of price growth could slow down over the next few years. After the rapid appreciation seen during the pandemic-driven real estate boom, a period of price stabilization or modest gains is more likely than a dramatic decrease in values.

9. Impact of Potential Economic Shocks

  • Significant economic disruptions, such as a deep recession or financial crisis, could lead to decreased demand and falling home values. However, given the affluent nature of the Fairfield and Westport markets, any value declines in such a scenario would likely be more moderate and short-lived compared to less affluent areas.

Summary

In the next few years, a significant reduction in home values in Fairfield and Westport is unlikely. Strong demand, limited inventory, and the desirability of these markets will likely keep prices stable or growing modestly. The most plausible scenario is a moderation of the price growth rather than a substantial decline. Factors such as interest rate trends, migration patterns, and the broader economic environment will determine the exact trajectory, but Fairfield and Westport are well-positioned to remain stable and resilient.

OpenAI. (2024). ChatGPT [Large language model]. https://chatgpt.com

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Thank you for your response. ✨

#DearAI #AIRealEstatePredictions #FairfieldRealEstateForecast #WestportCTHomes2024 #HomePricesAI #AIHousingMarket #FairfieldHomeValues #WestportHousingTrends #RealEstateAndAI #ConnecticutMarketOutlook #AIinRealEstate #CTRealEstatePredictions #FairfieldCountyMarket #WestportLiving2024


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Fairfield and Westport Real Estate Market Report September 2024 🪻

Photo of twilight pool with fountains and firebowls at 155 Lalley Blvd, Fairfield CT. Text overlay" Hello September, what happened in August, and castle logo for Realtor, Linda Raymond
Image: Twilight pool at 115 Lalley Blvd, Fairfield CT


September is in Full Swing! 🪻🏡

As we dive into ‘back to school’ mode, here’s a look at what happened at the end of summer in our local Fairfield and Westport single-family housing markets. If you’re curious which homes sold, take a look at the What Sold Reports.

Here’s what happened in August 2024.

Prices: Up in Both Towns Compared to August 2023. Homes Sold At or Above Asking On Average

  • Single-family home sale prices averaged 103 percent of asking in Fairfield and 102 percent in Westport.
  • The median sale price in Fairfield was $1,150,000, UP 23.7% compared to August 2023. The median sale price per square foot was UP 6.8% from a year ago to $448. In Westport, the median sale price was $2,450,000, UP 41.6% from a year ago, although there was a distinct dip in the median sale price during August 2023. The median sale price per square foot was $517, which was up slightly (1.7%) from last August.

Pace: Short Average Market Time, But Some Homes Lingered. Unit Sales Down. < 4 Months Supply, But Inventory Increased.

  • Market time averaged 23 days in Fairfield and60 days in Westport. Market time ranged from two days to 349 days, so the average contains a broad range.
  • Unit sales in Fairfield totaled 58, DOWN 21.6% from August 2023, and 37 in Westport, DOWN 7.5% compared to last August. Inventory in Fairfield was UP 12.8% from last August with 141 single-family homes for sale and UP 4.7% in Westport with 89 homes for sale.
  • The months of supply metric was UP 28.9% in Fairfield and 26.4% in Westport compared to August 2023, with levels of 3.13 and 3.75 months respectively. Though still below a balanced market with six months of supply, inventory levels did rise in both towns. Within the previous seven days of this post, there were 49 New and Coming Soon Single-Family MLS listings in Fairfield and Westport combined, almost double that of last month.

What does it mean?

The market volume was slower than last August, but the seller’s market continued with low inventory, high prices, and short market times. Some homes sold for full price or more than asking, and some sold for less. Many homes sold quickly, but some lingered on the market and required price reductions. There was also seasonal slowing due to vacations and back-to-school preparations. But now that we are in ‘back to school mode’, it’s expected that people will be focused on the inventory that we are seeing increase, lower interest rates, with jumbo loans in the 5s, and increased activity due to all the pent up demand!

Bottom line.

If now is a good time for you to pursue a new lifestyle, the current market always offers opportunities. Reach out to me anytime with your questions about the market and to discuss your plans.

When you are selling, your agent will guide you on the marketing strategy and negotiations to maximize the demand for your listing in the current market. If you’re concerned about where you can go, consider this. Here’s an overview of what you can expect.

If you plan to buy in this market, patience and preparedness will work in your favor! Your agent’s expert guidance will help you navigate this market for a successful sale or purchase. There may or may not be some flexibility with timing and price. It is on a house-by-house basis. There is still a predominance of solid competition and a short window before sellers receive and accept offers. It depends on how much competition exists for a particular home at the moment you want to pursue it. You need to be ready to make an informed decision if you really want to secure your new home. This means you are ready to submit a competitive offer, so your mortgage pre-approval or proof of funds should be in your agent’s hands! Keep in mind if you will be financing and enter a multiple-bid situation, you may be competing with cash offers, so you will need other attractive terms to be competitive. Here’s a guide for what you can expect.

What are your thoughts about the market and interest rates? Are you planning a move this fall? What new lifestyle dreams are you focused on? Share your thoughts in the blog comments or send me a note below.

William Raveis Local Housing Data

FAIRFIELD SINGLE-FAMILY – JULY 2024


WESTPORT SINGLE-FAMILY – JUNE 2024


To review last month’s market report.

Want a quick online home estimate?

← Back

Thank you for your response. ✨

William Raveis Local Housing Data


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Nantucket-Style Home Delivers the Ultimate Fairfield CT Beach Area Lifestyle!

📆 SUNSET 🌅 & S’MORES 🔥 OPEN HOUSE THIS THURSDAY, 10/17/24, 4:30 TO 6:30 PM
115 Lalley Boulevard, Fairfield, Connecticut 06824

Click image below for the video, and here for ALL the photos.


Welcome home to your Nantucket-style masterpiece on one of the most coveted streets in the Fairfield Beach area. This home offers the ultimate lifestyle, blending New England coastal charm, luxury, and ideal location. Penfield Beach, the downtown train, chic eateries, shops, and theaters are steps from home!


Live and Entertain in Style

The nearly 4,000 sq ft interior exudes style and comfort with high ceilings and great flow. The grand foyer with a soaring ceiling, leads to an elegant living room/study with a fireplace. The stunning dining room, with its curved wall of windows, overlooks the back patio—perfect for gatherings.


The heart of the home is the spacious kitchen with an oversized granite island open to the dining area and great room with a second fireplace. A butler’s pantry with a wine chiller connects the kitchen to the formal dining room. Enjoy effortless indoor-outdoor entertaining with access from the dining area and great room to the patio.

Have Fun and Decompress!

Outside, have fun and decompress in your private oasis. The sellers invested nearly $500K in fabulous lifestyle enhancements. They built a new heated saltwater pool with an automatic cover, fire bowls, and App-controlled heat, color lights, and fountains. Add to that a new spa and dramatic stone fireplace—ideal for year-round enjoyment.


Room for Everyone

This charming luxurious home is ready to accommodate all your needs with five spacious bedrooms and four and a half baths, including the sumptuous primary suite with a tray ceiling, sitting area, forth fireplace, double walk-in closets, and a spa-like bath. Two of the bedrooms and a full bath are separate from the others offering in-law suite potential. Additional highlights include a private bonus room/office on the third floor and a walk-in attic.

The home is FEMA-compliant and energy-efficient with natural gas, and city water and sewer.

Rare Vibrant Fairfield Connecticut Neighborhood Brings It All: Beach, Downtown and Train!

Whether hosting large gatherings or seeking a retreat, 115 Lalley Boulevard in Fairfield Connecticut (click address to view listing) offers unparalleled style, character, comfort, and convenience. Enjoy the vibrant neighborhood events year-round like the Memorial Day Parade, Free concerts on the Green, Sunday Farmers Markets, Sidewalk Sales, Mombies Halloween Performance (right on the street), Easter Egg Hunts, and Holiday Tree Lighting on the Green. In between, relax at the beach or go for a walk along the tidal marsh. Hop on the train and spend a weekend in New York City, just a little over an hour away.

You won’t want to be away for too long though. Here you have more than just a home—it’s your ultimate STAYCATION!

Send a note below for more information or to schedule a showing.

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Thank you for your response. ✨

#FairfieldCTRealEstate #NantucketStyleHome #FairfieldCTBeachLiving #LuxuryHomesCT #CoastalLiving #FairfieldCountyHomes #BeachHouseForSale #LuxuryRealEstate #FairfieldCT #NewEnglandHomes #WilliamRaveis #RaveisSouthport #LindaRaymondRealEstate #YourCastleMyMission #LuxuryLifestyle


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Fairfield and Westport Real Estate Market Report August 2024 🌻


August is Almost Gone! 🌻

Here’s a quick look at what happened last month in our local Fairfield and Westport single-family markets. If you’re curious which homes sold, take a look at the What Sold Reports.

Here’s what happened in July 2024.

Prices: Varied in July. Homes still sold at or above asking on average

  • Single-family home sale prices averaged 101 percent of asking in Fairfield and 103 percent in Westport.
  • The median sale price in Fairfield was $1,175,000, UP 7.4% compared to July 2023. The median sale price per square foot was down 1.2% from a year ago to $422. This was likely due to more larger homes selling. In Westport, the median sale price was $2,000,000, down slightly (1.4%) from a year ago. The median sale price per square foot was $528, which was UP 10.7% from last July.

Pace: Short market time on average, some homes sitting, low unit sales, 3-4 months of supply.

  • Market time averaged a brisk 20 days in Fairfield and 25 days in Westport pointing to more cash deals. Market time ranged from one day to 101 days.
  • Unit sales in Fairfield totaled 71, UP 26.8% from July 2023, and 33 in Westport, DOWN 34% compared to last July. Unit sales are still well below pre-pandemic levels. Inventory in Fairfield was UP 5.1% from last July with 104 single-family homes for sale and UP 11.7% in Westport with 162 homes for sale.
  • The months of supply metric was UP 25.8% in Fairfield and 28.8% in Westport compared to July 2023, with levels of 3.50 and 4.33 months respectively, though still well below a balanced market with six months of supply. Within the previous seven days of this post, there were 26 New and Coming Soon MLS listings in Fairfield and Westport combined.

What does it mean?

The sellers market continued in July with ongoing low inventory and short market times. Some homes sold for full price or more than asking, and some sold for less. Many homes sold quickly, but some sat on the market longer and required price reductions. As the end of summer approached, there was some seasonal slowing due to vacations and back-to-school preparations. Some would-be buyers and sellers also paused while anticipating a rate cut. But some people kept their focus on moving forward with their plans.

Bottom line.

If now is a good time for you to pursue a new lifestyle, the current market always offers opportunities. Reach out to me anytime with your questions about the market and to discuss your plans.

When you are selling, your agent will guide you on the marketing strategy and negotiations to maximize the demand for your listing in the current market. If you’re concerned about where you can go, consider this. Here’s an overview of what you can expect.

If you plan to buy in this market, patience and preparedness will work in your favor! Your agent’s expert guidance will help you navigate this market for a successful sale or purchase. There may or may not be some flexibility with timing and price. It is on a house-by-house basis. There is still a predominance of solid competition and a short window before sellers receive and accept offers. It depends on how much competition exists for a particular home at the moment you want to pursue it. You need to be ready to make an informed decision if you really want to secure your new home. This means you are ready to submit a competitive offer, so your mortgage pre-approval or proof of funds should be in your agent’s hands! Keep in mind if you will be financing and enter a multiple-bid situation, you may be competing with cash offers, so you will need other attractive terms to be competitive. Here’s a guide for what you can expect.

What are your thoughts about the market and interest rates? Are you planning a move this fall? What new lifestyle dreams are you focused on? Share your thoughts in the blog comments or send me a note below.

William Raveis Local Housing Data

FAIRFIELD SINGLE-FAMILY – JULY 2024


WESTPORT SINGLE-FAMILY – JULY 2024


To review last month’s market report.

Want a quick online home estimate?

← Back

Thank you for your response. ✨

William Raveis Local Housing Data


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How Do Elections Affect Home Sales, Prices, & Rates?

We have had no shortage of drama and controversy in our United States election cycles, and the 2024 election will not disappoint!

How does a presidential election impact the housing market?

The decision to buy or sell your home is monumental, and if you’re like many people, you worry about the best timing for your homeownership investment. After rising prices and interest rates, you may feel particularly hesitant to make a decision to move during an election year due to uncertainty of what the future holds.

To help you make informed decisions, I will share historic national housing market trends during election years.

Do home sales go up or down?

Ali Wolf, Chief Economist at Zonda said that sales volume typically dips during the month of November in election years according to Keeping Current Matters. Despite this minor change, the broader trend is different. The chart below by KCM, shows election years in blue. In eight of the eleven election years, sales increased compared to the preceding year. Additionally, in nine out of eleven years since 1978, home sales rose after an election year.

Do prices go up or down?

After seven of the last eight presidential elections, home sales went up. The only exception was after the Great Recession in 2008 in when conditions were vastly different due to high inventory and lax lending regulations.

What about mortgage rates?

Bottom Line:

If history repeats itself, you can expect to see rates come down ahead of the November election and increased home sales and continued price appreciation following the election. Lower rates can make purchasing a home more affordable and selling more lucrative. More sellers entering the market will provide greater choice for buyers, and continued appreciation maximizes your return on sale.

Contact your agent today to discuss the timing, options, and strategy for your move.

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Thank you for your response. ✨


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Capturing Timeless Memories: Our Family Photo Shoot at South Pine Creek Beach 🌊

We’ve captured so many milestones and moments on our smartphones, but we finally decided it was time for our first official family photo shoot! 

My parents have been together since they were 16 and are now 81! 💗 They’ve created a legacy of grateful family members to have fun with, so we thought this would be the perfect time to do a family photo session together. 💫

After much debate via text messaging, we chose South Pine Creek Beach in Fairfield, CT, as the location. The photographer scheduled the shoot for 7 pm to take advantage of the beautiful light.

The kids decided we should wear jeans with light-colored tops (as you can see, some of us followed the dress code, and some didn’t) 🤣!

Here are some tips I learned from the process:

  • Shade is Key: Choose a location with some shade to avoid harsh shadows on faces.
  • Variety in Backgrounds: Locations with diverse backgrounds add more variety to your photos. We used the water, sunset, driftwood, and a rock wall lined with flowers.
  • Optimal Lighting: Late afternoon offers softer, more flattering light.
  • Bug Spray Reminder: If you start just before dusk, don’t forget the bug spray!
  • Footwear: If you plan to be barefoot on the beach, bring flip flops for comfort from pebbles and easy on-off use.
  • Weather Considerations: ⛈️Be aware of weather variables. We had to move our shoot from Saturday to Sunday due to rain, coinciding with the rescheduled Fairfield fireworks. Verify road closures, traffic, beach crowding, and parking limitations. Luckily, South Pine Creek Beach was far enough to avoid those concerns.
  • Capture the Process: The photo shoot itself is a fun and memorable experience, so capture some “behind the scenes” moments.

I’ll share some of the professional photos once we receive them, but here are a few behind-the-scenes snapshots in the meantime! 

Have you done a family photo shoot? What milestone were you capturing? What photo shoot tips can you share? What lifestyle changes are approaching that may warrant a professional photo session? Let us know in the comments!

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#FairfieldCT #FamilyPhotoshoot #BeachPhotoShoot #BehindTheScenes #RealEstateLife

#SPineCreekBeach #PhotoShootTips #FamilyMemories #BeachScenes #PhotoShootBackDrops

#LindaRaymondRealtor #FamilyLegacy #FamilyFun #FamilyBonding


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Fairfield and Westport Real Estate Market Report July 2024 🇺🇸🏡


Hello July! 🌺

Here’s a quick look at what happened last month in our local Fairfield and Westport markets. If you’re curious which homes sold, take a look at the What Sold Reports.

Here’s what happened in June 2024.

Prices: Up about 10 percent from last June, homes sold above list price on average.

  • Single-family home sale prices averaged 105 percent of asking in Fairfield and 103 percent in Westport.
  • The median sale price in Fairfield was $947,883, UP 10.2% compared to June 2023 and up from May as is seasonally expected. The median sale price per square foot was UP .8% from a year ago to $389, but was lower than last month. In Westport, the median sale price was $2,325,000, UP 10.7% from a year ago and also up from last month. The median sale price per square foot was $522, which was UP slightly (1.5%) from last June.

Pace: Short market time on average, some homes sitting, fewer sales, 3-4 months of supply.

  • Days on market averaged a brisk 19 in Fairfield and 29 in Westport pointing to a significant amount of cash deals. Of note though, is that the days on market ranged from one to 184! In Fairfield, 24% of the homes were purchased with cash, and 47% of the Westport sales were cash deals.
  • Unit sales in Fairfield totaled 65, down 8.5% from June 2023, and 30 in Westport, down 38.8% compared to last June. Inventory in Fairfield was the same as in June 2023 with 150 single-family homes for sale and down 6.8% in Westport with 96 homes for sale.
  • The months of supply metric was UP 22% in Fairfield and 6.6% in Westport compared to June 2023, with levels of 3.33 and 3.78 months respectively. Within the previous seven days of this post, there were 41 New and Coming Soon MLS listings in Fairfield and Westport combined.

What does it mean?

Continued low inventory and short market time favored sellers. There were still multiple-offer situations, but these were on a case-by-case basis. Some homes sold for full price or more than asking, and some sold for less.

Bottom line.

If now is a good time for you to pursue a new lifestyle, the current market always offers opportunities. In some cases, there is more balance than before, but we are still in a seller’s market due to low inventory. When buying, patience and interest rates, now in the 6s, can work in your favor! Your agent’s expert guidance will help you navigate this market for a successful sale or purchase. Reach out to me anytime with your questions about the market and to discuss your plans.

When you are selling, your agent will guide you on the marketing strategy and negotiations to maximize the demand for your listing in the current market. If you’re concerned about where you can go, consider this. Here’s an overview of what you can expect.

If you plan to buy in this market, there may or may not be some flexibility with timing and price. It is on a house-by-house basis. There is still a predominance of solid competition and a short window before sellers receive and accept offers. It all depends on how much competition exists for a particular home at the point in time when you want to pursue it. You will need to be ready to make an informed decision if you really want to get your new home. This means you have everything ready to submit a competitive offer, especially your mortgage pre-approval or proof of funds in your agent’s hands! Keep in mind that if you will be financing and enter a multiple-bid situation, 24 to 47 percent of the competing buyers may be offering cash, so you will have to compensate with other attractive terms. Here’s a guide for what you can expect.

What are your thoughts about the market and interest rates? Would you love to be in a new home this summer? 🍉 What new lifestyle objectives you are focused on? Share your thoughts in the blog comments or send me a note below.

William Raveis Local Housing Data

FAIRFIELD SINGLE-FAMILY – JUNE 2024


WESTPORT SINGLE-FAMILY – JUNE 2024


To review last month’s market report.

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William Raveis Local Housing Data


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Did You Hear About Your Neighbor?


If you live in or near the Fairfield Beach area, your neighbor sold their home and you’ll meet your new neighbors from Trumbull very soon!

Here is the story…

Bob and Maria will be joining the Fairfield Beach Neighborhood at 91 Smith Street this July!
Downsizing from their longtime home in Trumbull, they are excited about a new lifestyle and welcoming place for their family.

Their son, Scott, his wife, and three grandchildren, ages 5, 3, and 2 months live in the University area.
Their oldest granddaughter’s birthday is on Closing Day, and they can’t wait to celebrate in the pool! 🎉 🌊

Hobbies?
Bob loves golf, and Maria is a pro at Italian cooking. They love to travel, especially to Italy 🇮🇹.

You won’t miss your current cherished neighbors though…
Don’t worry, you will love, Bob and Maria, plus Alison and Tom are staying nearby!

How did they win the bidding war for this gorgeous home?
Bob and Maria trusted me to manage the entire process from the search through negotiations, inspections, and contracts. Together we aligned the timing, price, terms, and vibe. A match was made! 💖

Not right now? You can get still a quick online home estimate and see what people are saying in the meantime.

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