Now that we are more than halfway through 2024, it’s the perfect time to evaluate the real estate market in Fairfield County, CT. This year has been marked by notable key trends and developments that are shaping the landscape for both real estate buyers and sellers.
1. The return of a more traditional seasonal real estate market
Over the past four years, the market hasn’t exhibited much of a seasonal shift. However, 2024 feels different. We are seeing quieter periods coinciding with vacations, holidays, and graduations. While the market seems quieter, homes are still selling; it’s just a different energy. This return to seasonality is a sign of the market trying to stabilize from the unprecedented dynamics of recent years. Real estate is local, and different parts of the country are experiencing this shift in varied ways. In Fairfield County, CT, the shift is subtle but noticeable.
Download now: 2024 Home Buyer’s Guide
2. Inventory shortage drives home prices up
The most significant trend continues to be the lack of inventory. In all of Fairfield County, CT, inventory is down -17.1% compared to June 2023. This shortage is pushing home prices up, with an impressive +7.9% average sale price increase for single family homes year-over-year in Fairfield County. Compared to June of last year, new listings are down, leading to a more pronounced seasonal real estate market for the first time in four years.
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- More detailed information by town is provided here.
3. Buyer demand stays strong in Fairfield County
Despite low inventory, home buyers are still active, especially those who’ve delayed purchasing. Serious buyers are quick to act, resulting in multiple offers on well-priced homes. While not as intense as the COVID years, the market remains competitive with multiple bids placed on houses all across Fairfield County.
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Homes are now taking just under 30 days to sell, which is still fast. Proper pricing and presentation are crucial for attracting offers.
4. Stabilization amid economic shifts
Interest rates have been fluctuating in the mid to high 6% range throughout the year. While economic news continues to influence daily rate changes, we’ve seen a recent stabilization. Initially, there were predictions of up to four rate cuts this year, but these have since been revised to possibly one or two by year-end. Most experts do not foresee rates dipping below 6% in 2024, but if inflation continues its downward trend, a rate cut in the fall is possible
For more on real estate trends, download the 2024 Trend Report
2024 Real Estate Market Trends – Top Takeaways
- Monitor inventory levels and interest rates.
- Lack of inventory may continue to drive prices up.
- Increased new listings later in the year could ease pressure on buyers.
- Interest rate fluctuations will be key, influencing buyer affordability and market competition.
The Fairfield County, CT real estate market is navigating similar challenges for home buyers and opportunities for home sellers that have persisted over the last four years. With active buyers driving competition and inventory constraints pushing prices up, it remains a competitive market in this area. Staying informed will be key for both buyers and sellers as we move into the latter half of 2024.
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Whether you’re contemplating buying a home now or waiting, preparation is the cornerstone of a successful transaction. Feel free to reach out, and let’s embark on this journey together!
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e: jennifer.lockwood@cbmoves.com