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June 2020 Market Update

How is the Real Estate Market doing in your area?

We are in unprecedented times with the COVID-19 pandemic. It is widely thought that the housing market will be key to the economic recovery across the nation. Home pending sales were up in May and June according to the National Association of Realtors (NAR) across every region in the U.S. We are feeling that affect in all Fairfield County towns.

According to Lawrence Yun, the chief economist for NAR, the housing sector is in a V-shaped recovery. What are some of the positive affects happening in the housing market? There was net job creation growth in May plus personal income actually grew during the lockdown due to the stimulus package and savings with people saving 33% of their income during the pandemic. Mortgage rates dropped to a new all-time low in the beginning of July. Homebuyers are able to find a home in today’s market with these low rates thus affording higher priced homes. Experts say rates on home loans are likely to stay down for months to come. Home Buyers are ready to move quickly as the state has gradually reopened and we adjust to the “new normal” adhering to CDC guidelines.

There have been many articles in varying media outlets predicting that we will see a migration of buyers from the city to the suburbs. We have been seeing this all over Fairfield County. The prediction is that this will continue into the future as more and more people are able to work virtually as well as a change in lifestyle from urban to suburbs. People will opt for suburban living which will help boost the real estate market all over Fairfield County. Here are a few articles addressing this migration: People Flee to the suburbs is real and growing and Americans are eyeing homes in the suburbs.

The current market stats are low inventory, an increase in accepted offers and the average selling price has increased across towns ~ YTD average sales price was up in Fairfield (+11%), in Norwalk (+3%), Westport (+1%), Weston (+7%) and Wilton (+7%). This is the perfect recipe for a seller!
Click below for the latest market update in your town.

Fairfield Market Action Report 2Q 2020
Easton Market Action Report 2Q 2020
Weston Market Action Report 2Q 2020
Westport Market Action Report 2Q 2020
Wilton Market Action Report 2Q 2020
Monroe Market Action Report 2Q 2020