Fairfield and Westport CT Real Estate Guide

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

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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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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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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


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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Real Estate Market 🏡 Report May 2024: Fairfield CT and Westport CT


Happy May! 🌸

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 April 2024.

Prices fluctuated slightly.

  • Single-family home sale prices averaged 101% of asking in Fairfield and 100% in Westport.
  • The median sale price in Fairfield was $821,000, DOWN 6.7% compared to April 2023 and also down from last month. The median sale price per square foot was also DOWN slightly, by 1.9% to $410. In Westport, the median sale price was $2,333,000, DOWN 2.8% from a year ago. The median sale price per square foot was $503, which was UP 0.7% from last April.

Pace varied: short market time & variable sales volume by town

  • Days on market averaged of 23 days in Fairfield and 33 days in Westport illustrating a significant amount of brisk transactions that were likely cash deals. The market time was much shorter than last April.
  • Unit sales were down 58% in Fairfield but UP 81.3% in Westport compared to April 2023. Inventory was up in Fairfield with 158 single-family homes for sale and down in Westport with 94 homes for sale.
  • The months of supply metric was UP compared to April 2023 at about 3.5 months in both towns.

What does it mean?

Continued low inventory and short market time favored sellers. However average sale prices were closer to the asking price than we have seen in a while, which was helpful for buyers. 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. During the week of this post (mid-May) rates ticked down into the six percent range for many loan products, so more people may feel encouraged to pursue a move this season.

Bottom line.

If now is a good time for your new lifestyle goals, the current market offers the opportunity of a shift toward more balance along with more ‘user-friendly’ interest rates. 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 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 is a bit more flexibility in timing and price than in the previous months. However, this is now on a house-by-house basis. There is still a predominance of solid competition and a relatively short window before sellers accept offers. So it is important that you are 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! Here’s a guide for what you can expect.

What are your thoughts about the market and interest rates? Do you plan to jump into the market this spring? 🌸 Share your thoughts in the comments or send me a note below.

William Raveis Local Housing Data

FAIRFIELD SINGLE-FAMILY – APRIL 2024


WESTPORT SINGLE-FAMILY – APRIL 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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Real Estate Market Report April 2024 🌷: Fairfield CT and Westport CT


April is Nearly Behind Us! 🏡 🌷

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 March 2024.

Prices were up.

  • Single-family home sale prices averaged 102% of asking in Fairfield and 99% in Westport.
  • The median sale price in Fairfield was $870,000, UP 15.7% compared to March 2023 and also up from last month. The median sale price per square foot was also UP 7.3% to $403. In Westport, the median sale price was $2,250,000, UP 11.9%. The median sale price per square foot was $489, which was DOWN 3.9% from last March.

Pace was down.

  • Days on market averaged of 82 days in Fairfield and 100 days in Westport.
  • Unit sales were down 29.8% in Fairfield and 16.7% in Westport compared to March 2023. Inventory was up in Fairfield with 115 single-family homes for sale and down in Westport with 78 homes for sale.
  • The months of supply metric was up in both towns from March 2023 but still in the two-to-three-month range. This was the result of a slower rate of sales.

What does it mean?

The market in March showed continued low inventory which was the biggest rate-limiting factor. Buyer demand also continued despite the inventory shortage which maintained upward pressure on prices. Though rates have not ticked down yet as hoped, more homes started to come to the market in April.

Bottom line.

People buy and sell in every season and in every market. So embrace your new lifestyle goals if the right time for you is now. 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 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 is a bit more flexibility in timing and price than in the previous months. However, this is now on a house-by-house basis. There is still a predominance of solid competition and a relatively short window before sellers accept offers. So it is important that you are 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! Here’s a guide for what you can expect.

What are your thoughts about the market and interest rates? Do you plan to jump into the market this spring? 🌷 Share your thoughts in the comments or send me a note below.

William Raveis Local Housing Data

FAIRFIELD SINGLE-FAMILY – MARCH 2024


WESTPORT SINGLE-FAMILY – MARCH 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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Fairfield and Westport Real Estate Market: March 2024 🌱


Will the market bring March Madness? 🏡 😅

We’ve entered Daylight Savings Time, and Spring is so close, we can taste it! 🌱

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 February 2024.

Prices were up.

  • Sale prices averaged 100% of asking in Fairfield and 107% in Westport.
  • The median sale price in Fairfield was $820,000, up 37.8% compared to February 2023. The median sale price per square foot was up 6.5% to $373. In Westport, the median sale price was $1,600,000, down 1.5%, and the median sale price per square foot was $534, which was up 5.1% from last February.

Pace was down.

  • Days on market averaged of 56 days in Fairfield and 67 days in Westport, so two-to-three months in general.
  • Unit sales were down 21.1% in Fairfield and 40% in Westport compared to February 2023. Inventory was also down with just 111 single-family homes for sale in Fairfield and 77 in Westport.
  • The months of supply metric was up from February 2023 but still in the two-to-three-month range in both towns. This was the result of a slower rate of sales.

What does it mean?

The market in February showed continued low inventory which is the biggest rate-limiting factor right now. Buyer demand also continued despite the inventory shortage which maintained upward pressure on prices. But rates are back into the 6s, and there is pent up demand on all fronts for people to make a move to a better suited lifestyle.

Bottom line.

People buy and sell in every season and in every market. So embrace your new lifestyle goals if the right time for you is now. Your agent’s expert guidance will help you navigate this market to secure your new home. 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 strategy 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 is still solid competition and a relatively short window before sellers accept offers. So you must be ready to make an informed decision if you see a home that meets your top criteria. 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! Here’s a guide for what you can expect.

What are your thoughts about the market and interest rates? Will a little healthy March madness motivate you to make your move? Share your thoughts in the comments or send me a note below.

William Raveis Local Housing Data

FAIRFIELD SINGLE-FAMILY – FEBRUARY 2024


WESTPORT SINGLE-FAMILY – FEBUARY 2024

To review last month’s market report, click here.

← Back

Thank you for your response. ✨

William Raveis Local Housing Data


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Fairfield and Westport Real Estate Market: February 2024 ❄️💫

As we plug away toward spring, let’s take a quick look at what happened in the first month of the year 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 January 2024.

Prices were up.

  • Sale prices averaged just under 100% of asking in Fairfield and 101% in Westport. This is about the same as January when both ratios were 100%.
  • The median sale price in Fairfield was $805,000, up 36.4% compared to January 2023. The median sale price per square foot was up 7.9% to $341. In Westport, the median sale price was $1,850,000, up 16.4%, and the median sale price per square foot was $482, which was up 15.4% from last January.

Pace was down.

  • Days on market increased from 48 in November to an average of 63 days in Fairfield and 74 days in Westport. This is approximately 30% more time on the market than last December in both towns.
  • Unit sales were down 13.5% in Fairfield and 5% in Westport compared to January 2023. Inventory was also down with just 100 single-family homes for sale in Fairfield and 83 in Westport. There were seven new listings in Fairfield and six in Westport at the time of this post.
  • The months of supply was up from January 2023 but still in the two-to-three-month range in both towns. This is the result of a slower rate of sales, and due to an influx of homes coming on the market. 

What does it mean?

The market in January showed the continued trend of low inventory with ongoing buyer demand which maintained upward pressure on prices.

Bottom line.

People buy and sell in every season and in every market. So you can embrace your new lifestyle goals if now is the right time for you. The expert guidance of your agent will help you navigate this market to secure your new home. 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 strategy 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 is still solid competition and a relatively short window of time before sellers are accepting offers. So it is important that you are ready to make an informed decision if you see a home that meets your top criteria. 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! Here’s a guide for what you can expect.

What are your thoughts about the market and interest rates? Do you think this year will be a better time for you to move than last year? Share your thoughts in the comments or send me a note below.

William Raveis Local Housing Data

FAIRFIELD SINGLE-FAMILY – JANUARY 2024


WESTPORT SINGLE-FAMILY – JANUARY 2024

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Thank you for your response. ✨

William Raveis Local Housing Data


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Fairfield and Westport Real Estate Market: JANUARY 2024💥


Happy New Year! 🎉

As we dive into 2024, let’s take a quick look at what happened in December in our local Fairfield and Westport markets. If you’re curious which homes sold, take a look at the What Sold Reports, and if you love the charts 📊, scroll down. ⬇️

Here’s what happened in December 2023.

Prices were up.

  • Sale prices averaged 102% of asking in Fairfield and 103% in Westport. This was an increase from November when both ratios were 100%. Most homes, (57% in Fairfield and 70% in Westport), sold above the asking price, and more than 90% of the sales sold for over 95% of the asking price.
  • The median sale price in Fairfield was $1,010,000, up 41.3% compared to December 2023. The median sale price per square foot was up 12.2% to $421. In Westport, the median sale price was $1,750,000, up 2.9%, and the median sale price per square foot was $605, which was up 38.3% from last December.

Pace was down.

  • Days on market increased from 48 in November to an average of 63 days in Fairfield and 74 days in Westport. This is approximately 30% more time on the market than last December in both towns.
  • Unit sales were down 17.3% in Fairfield and 37% in Westport compared to December 2022. Inventory was also down with just 88 single-family homes for sale in Fairfield and 58 in Westport. There were seven new listings in Fairfield and six in Westport at the time of this post.
  • The months of supply was up from December 2022 but still in the two-month range in both towns. This is the result of a slower rate of sales, and due to an influx of homes coming on the market. 

What does it mean?

The market in December demonstrated more of what we saw all year. Low inventory with buyer demand maintained the upward pressure on prices and limited the pace of sales.

The good news was that rates began to tick downward in November, and there were some signs that the market might start moving in a more balanced direction. At the time of this post, you could get a 30-year Fixed Jumbo at 6.625% and 30-year FHA for 6.125% from William Raveis Mortgage. This pointed to us being past the peak of interest rates.

Udate 1/11/24: The National Association of Realtors Chief Economist Lawrence Yun forecasts an improved housing market in 2024. He said, “The demand for housing will recover from falling mortgage rates and rising income. In addition, housing inventory is expected to rise by around 30% as more sellers begin to list after delaying selling over the past two years.”

As we head into the New Year with rates ticking downward, more sellers may be ready and willing to enter the market. With the improved affordability from these lower rates and new listings to choose from buyers should be able to appreciate more options. So, if you have been waiting to make your move, now is a good time to get ready to do so.

Bottom line.

People buy and sell in every season and in every market. So you can embrace your new lifestyle goals if now is the right time for you. The expert guidance of your agent will help you navigate this market to secure your new home. 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 strategy 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 is still solid competition and a relatively short window of time before sellers are accepting offers. So it is important that you are ready to make an informed decision if you see a home that meets your top criteria. 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! Here’s a guide for what you can expect.

What are your thoughts about the market and interest rates? Do you think this year will be a better time to move than last year? Share your thoughts in the comments or send me a note below.

William Raveis Local Housing Data

FAIRFIELD SINGLE-FAMILY – DECEMBER 2023


WESTPORT SINGLE-FAMILY – DECEMBER 2023

If you’re not ready to think about your move yet, please refer your friends to me using the form below.
Referrals are a win-win!

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Thank you for your response. ✨

William Raveis Local Housing Data


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Fairfield and Westport Real Estate Market: December 2023

Go to JANAUARY 2024 Report

Is there a new trend emerging?

Happy Holiday Season! The November numbers are in. As 2023 comes to a close, let’s take a look at what happened in our local Fairfield and Westport markets in November. For a list of all the single-family sales, explore the What Sold Reports. If you love the visuals, charts await you below! ⬇️

Here’s what happened in November:

Prices.

Sale prices averaged 100% of asking in both Fairfield and Westport. This is down from 102-103% in October suggesting a slight shift toward a more balanced playing field between buyers and sellers. The seller market was still strong though, with more than half the homes selling above asking price and the majority homes selling for over 95% of the asking price.

The median sale price was 13% lower year over year in Fairfield, likely due to a mix of sales that included more smaller homes. In Westport, the median sale price was up 9.7%. The median sale price per square foot was up in both towns compared to November 2022.

Pace.

The time on-market averaged 48 days in Fairfield and Westport, which was shortest November market time in the past three years.

Unit sales were down 11.1% in Fairfield and up 8.7% in Westport. There were eight new listings in each town at the time of this post. Inventory was up very slightly in Fairfield (3.1%) but down 12.5% in Westport.

There were approximately three months of supply in both towns, (2.78 months in Fairfield and 3.32 months in Westport). This metric shows that we are still in a sellers’ market given that a balanced market has closer to a six-month supply. However, the market is not as extreme in the seller’s favor as it was when the supply was in the two-month range in March (Westport) and April (Fairfield).

What does it mean?

There are some signs that the real estate market may be moving toward a more balanced state given that market activity is resulting in a sale to list ratio of 100% (versus way above) and that the supply is hovering in the three-month range.

Rates, ratio, and supply may suggest a shift toward a more balanced market. But this does not appear to be a clear trend yet, and market time is still quite short, so we will have to wait and see.

If you plan to buy in this market, there is still a good amount of competition and a short window of time before sellers are accepting offers. So it is important that you are ready to make an informed decision and have everything you need to submit a competitive offer. This 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!

When you are selling, the market’s response to your listing depends on how compelling your asking price is for the property you are presenting and the demand for your property at the time you list your home for sale. Your agent will guide you on the strategy to maximize the demand for your listing in the current market.

Bottom line

Eighty-nine homes sold in December 2022, meaning that 178 parties made a successful move during this holiday month last year. So we can expect a good amount of serious people making successful moves this December as well. Do you plan to be one of them?

People buy and sell in every season and in every market. So you can embrace your new lifestyle goals if now is the right time for you. The expert guidance of your agent will help you navigate this market to secure your new home. Reach out to me anytime with your questions about the market and to discuss your plans.

William Raveis Local Housing Data

FAIRFIELD SINGLE-FAMILY – NOVEMBER 2023


WESTPORT SINGLE-FAMILY – NOVEMBER 2023

If you’re not ready to think about your move yet, please refer your friends to me using the form below.
Referrals are a win-win!

← Back

Thank you for your response. ✨

William Raveis Local Housing Data