Fairfield and Westport CT Real Estate Guide

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

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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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#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?

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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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#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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5 Keys to Your Successful Home Sale: Who’s Really in Control?


When it comes to selling your home, you might be surprised to learn just how much of the process is within your control! Let’s break down the five key factors that influence your home sale—and who’s in charge of each one.

1. Price 🏷️

Who sets the price? That’s you! While I’ll provide in-depth market analysis and a recommended price range, the final list price is your decision. Together, we’ll evaluate the data and discuss the risks of overpricing or underpricing. Ultimately, though, you have the power.

2. Terms 📝

Terms include showing availability, signage, listing duration, enabling open houses and broker tours, and potential buyer incentives. Guess who’s in control? You are! With my guidance, you determine the terms that enable potential buyers to come and see your house.

3. Condition and Presentation 💫

First impressions matter! Ensuring your home is in top condition and presented to wow buyers is crucial. Who’s responsible? You are! I’ll offer advice and tips, but executing those recommendations is key to getting your home sold.

4. Location 🏘️

Location is all about desirability. Is your area in high demand? If not, strategic pricing and appealing terms become even more vital. While you can’t change your location, we can adjust our strategy to work around it.

5. Exposure 📣📢 📣

This is where I take the reins! Showcasing your home to the widest pool of qualified buyers is my expertise. I’ll leverage the latest marketing techniques to spotlight your home and keep it top of mind in the market.

The Bottom Line

Three out of these five factors are in your hands. My role is to empower you with the right data and strategies while taking care of the heavy lifting in terms of marketing and exposure. Together, we’ll get your home sold—at the right price, on the right terms.

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#HomeSellingTips
#CTRealEstate
#HouseSellingKeys
#RealEstateAdvice
#SellingYourHome
#FairfieldCountyHomes
#HomeSellerGuide
#WilliamRaveis
#RealEstateStrategy


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Moving Soon? Here’s Your Ultimate Change of Address Checklist


At a Glance

With moving day fast approaching, your to-do list seems endless. Amidst hiring movers and packing boxes, don’t forget one crucial task: changing your address. While friends and family might be aware, numerous organizations and services also need to be notified to ensure a seamless transition to your new home.

Wondering who needs to know about your move and how to change your address efficiently? This comprehensive change of address checklist has got you covered.

Change of Address Checklist: Who to Notify

  1. Utility Companies
  2. Subscription Services
  3. Government Organizations
  4. Financial Institutions
  5. Insurance Companies
  6. Health Services
  7. Other Important Contacts

Utility Companies

Utility companies should be at the top of your list. If not informed in time, you risk paying for services at your old place and lacking essentials at your new home. Notify these companies:

  • Gas
  • Electricity
  • Water
  • Garbage
  • Sewage
  • Internet and Cable
  • Phone (Landline)
  • Home Security Service
  • Solar Energy Company

Tip: Compare utility rates for your new home to find the best deals!

Subscription Services

Don’t let your favorite subscriptions get lost in the move. Update your address for:

  • Amazon Prime
  • Streaming Services
  • Subscription Boxes
  • Gym Memberships
  • Local Memberships
  • Retail Websites
  • Magazines and Catalogs

Government Organizations

The easiest way to ensure mail delivery to your new address is by completing an online change of address form with USPS or visiting your local post office. Your mail will be forwarded for up to a year, although some subscriptions only for three months. Beware of fraudulent third-party sites that charge more than the $1.10 USPS fee.

Also, notify these agencies:

  • DMV
  • IRS
  • Social Security Administration
  • Veteran Affairs (if applicable)
  • Voter Registration
  • Other Government Benefits (Retirement, Disability, Medicare, etc.)

Financial Institutions

Ensure all your financial documents and bills reach your new address. Inform:

  • Bank and Credit Union
  • Loan Companies
  • Credit Card Companies
  • Retail Credit Accounts
  • Financial Advisors or Accountants

Insurance Companies

Filling out a USPS change of address form helps your insurance mail arrive at your new home for 12 months. Still, contact these institutions directly to update their records:

  • Health Insurance
  • Dental Insurance
  • Car Insurance
  • Life Insurance
  • Homeowner’s or Renter’s Insurance

Health Services

Keep your health providers in the loop to avoid missing bills or appointment reminders. Notify:

  • Doctor
  • Dentist
  • Veterinarian (if applicable)
  • Pediatrician

Other Important Contacts

Lastly, inform these key contacts about your move:

  • Current Employer
  • Future Employer (if applicable)
  • Business Associates
  • Close Friends and Family
  • Neighbors (Old and New)
  • Map Apps (Google Maps, Apple Maps)
  • Smart Home Apps (TV, Thermostat, Doorbell, etc.)

The Takeaway

From utility providers to your best friend in NYC, numerous parties need to know about your move. This checklist ensures all your mail, packages, important documents, and friends find their way to your new home without any hiccups.

Want More Tips on Changing Your Address?
Check out the Move.org Guide on How to Change Your Address and Forward Your Mail.

FAQ

Who should you not forget when you change your address? Inform everyone on this checklist, including your credit card company, financial institutions, insurance companies, subscription services, utility providers, health insurance company, and USPS. Remember, even with USPS mail forwarding, you need to notify each party directly to update their records.

How do I update my address on everything? Update your address online or in person at your local post office. Provide your current and new address, and specify if the move is permanent or temporary. USPS will forward your mail for 12 months for $1.10, but you still need to inform banks, subscription services, and other institutions directly.

Is there a checklist for moving? Yes, check out the printable moving checklist from Move.org to ensure you don’t forget any steps. This includes tasks like researching moving companies, switching addresses with utility companies, and deep cleaning your current home. Download our ultimate change of address checklist to keep your mail and important documents reaching your new address.

How do I change my address? Fill out a USPS change of address form online or at your local post office to forward mail for 12 months. Inform banks, insurance companies, and subscription services directly to ensure continued mail delivery after the forwarding period ends.

Adapted from article by Emily Garland July 08, 2024

If you’re thinking of making a move, call me today so we can make it a success!

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Discover the Home of Your Dreams: Open House This Sunday at 137 Doreen Drive, Fairfield!

Are you on the lookout for a new home that combines modern elegance with unparalleled comfort? We invite you to explore 137 Doreen Drive, a stunning new construction nestled in one of Fairfield’s most sought-after neighborhoods. Join us this Sunday for an open house and step into a world of luxurious living.

Why Visit 137 Doreen Drive?

This brand-new 2024 colonial-style home is the epitome of contemporary design and sophisticated living. Located towards the end of a serene cul-de-sac, this residence offers 3,600 sq. ft. of meticulously crafted space across three floors. Here’s a sneak peek of what makes this home truly exceptional:

Elegant Design and Spacious Layout

The first floor features an open floor plan that seamlessly blends functionality and style. The heart of the home is the eat-in kitchen, boasting an oversized waterfall island and countertops, custom skinny shaker cabinets, and a striking white oak tray ceiling. This culinary haven opens into a dining area, perfect for entertaining, with sliders leading out to a massive patio ideal for summer gatherings. A wet bar with a waterfall countertop and marble backsplash enhances the dining experience.

Adjoining the dining area is a cozy family room, complete with a gas fireplace, white oak beams, and floating shelves, creating a warm and inviting atmosphere. The first floor also includes a versatile living room/formal dining room, an office for your work-from-home needs, a mudroom for added convenience, and a powder room for guests.

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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.

Want a quick online home estimate?

← Back

Thank you for your response. ✨

William Raveis Local Housing Data


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Fairfield and Westport Real Estate Market Report June 2024 🏡☀️


Happy June! 🌼

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 May 2024.

Prices fluctuated.

  • Single-family home sale prices averaged 105 percent of asking in Fairfield and 103 percent in Westport, up from about 100% last month.
  • The median sale price in Fairfield was $846,619, DOWN 13.2% compared to May 2023 but up from last month. The median sale price per square foot was UP 14.1% to $433 and also up from last month. In Westport, the median sale price was $1,975,775, DOWN 24% from a year ago and down from last month. The median sale price per square foot was $498, which was DOWN 10.1% from last May. The fluctuation could be due to the mix of homes that sold, such as more lower-priced homes.

Pace: Short market time, flat sales, new listings => 3-4 months of supply.

  • Days on market averaged a brisk 25 in Fairfield and 23 days in Westport pointing to a significant amount of cash deals. In Fairfield, 40 percent of the homes were purchased with cash, and 34.6 percent of the Westport sales were cash deals in May. Though some listings sat for much longer than average, the overall market time was much shorter than last May.
  • Unit sales in Fairfield were 45, the same as in May 2023, and 26 in Westport which was down 3.7% compared to last May. Inventory was up in Fairfield with 156 single-family homes for sale and down in Westport with 100 homes for sale.
  • The months of supply metric was way UP (30.4%) in Fairfield and slightly UP (4.4%) in Westport compared to May 2023, at 3.45 and 3.7 months respectively. There were 50 New and Coming Soon MLS listings in Fairfield and Westport combined at the time this was written.

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 more ‘user-friendly’ interest rates, now in the 6s, can work in you 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. 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 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 house. This means you have everything you need to submit a competitive offer. This also means that you have your mortgage pre-approval or proof of funds in your agent’s hands because an offer is not complete without this critical piece! Keep in mind that if you will be financing and enter a multiple-bid situation, 35-40 percent of the other bidders may be offering cash, so you will have to compensate with other attractive terms to make your offer more competitive. 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? ☀️ Share your thoughts in the comments or send me a note below.

William Raveis Local Housing Data

FAIRFIELD SINGLE-FAMILY – MAY 2024


WESTPORT SINGLE-FAMILY – MAY 2024


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William Raveis Local Housing Data


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10 Reasons You Want to Come to Fairfield CT this Summer!

Click image to see 5-minute video!

Are you searching for the ideal summer escape or a vibrant community to settle down in, but can’t find a place that ticks all the boxes? Let me introduce you to Fairfield—where pristine beaches, a bustling downtown, convenient train access, rich cultural experiences, and picturesque views come together perfectly. Stay with me to discover 10 reasons you want to come to Fairfield this summer! Fairfield, CT, is a popular destination for summer rentals for a variety of reasons. Here are 10 reasons people are coming to Fairfield this summer and beyond!

00:37 Cute summer rental: 1018 Reef Road, Fairfield CT

00:55 Beaches: Fairfield boasts five beautiful beaches including Jennings, Penfield, South Pine Creek, Sasco, and Southport Beach, offering opportunities for swimming, sunbathing, and various water sports.

02:49 Proximity to New York City: Located just about an hour from New York City, Fairfield is an attractive getaway for city dwellers looking for a nearby retreat. 02:59 Family-friendly Environment: The town is known for its safe, family-friendly atmosphere with plenty of parks, playgrounds, and family-oriented events. Cultural Attractions: Fairfield has a rich cultural scene with museums, theaters, and historic sites. The Fairfield Museum and History Center and the Quick Center for the Arts are notable examples.

04:10 Outdoor Activities: Fairfield offers numerous parks, hiking trails, and golf courses, making it ideal for outdoor enthusiasts. Dining and Shopping: The town has a vibrant downtown area with a variety of restaurants, cafes, and boutique shops, providing a pleasant experience for foodies and shoppers alike.

4:20 Festivals and Events: Fairfield hosts numerous summer events and festivals, such as the Fairfield County Irish Festival and the Fairfield Sidewalk Sale, which draw crowds and create a lively atmosphere.

04:26 Community Vibe: The town has a strong sense of community, with friendly residents and a welcoming environment, making it appealing for those looking for a pleasant and engaging place to stay. Educational Opportunities: Fairfield is home to Fairfield University and Sacred Heart University, offering educational and cultural events throughout the summer that attract visitors.

04:40 Scenic Beauty: With its charming coastal scenery, historic homes, and well-maintained public spaces, Fairfield provides a picturesque setting for a relaxing summer vacation.

View the rental listing at 1018 Reef Road, Fairfield CT https://smartmls-portal.connectmls.co…

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