Fairfield County Real Estate Market: Good Time to Buy or Sell in 2020?

Fairfield county real estate market

Happy New Year Connecticut! So how did Fairfield County do in 2019? Is Fairfield County Real Estate in a buyer’s market or seller’s market? Below we go town by town looking at 2019 home sales to determine the health of each town’s real estate market. Is your town in a buyer’s market or seller’s market? Read on to find out!

How can you tell if you are in a buyer’s or seller’s market? A good indicator is the Months Supply of Inventory, which is computed as the number of homes currently for sale divided by the average number of homes sold. A balanced market usually has 5-6 Months Supply of Homes for Sale, a Buyer’s market has more than 6 Months Supply of Homes for Sale and a Seller’s market has less than 5 Months Supply of Homes for Sale. The data below is based on January to December 2019 home sales data.

New Canaan Real Estate Market

Like most towns in Fairfield County, New Canaan continues to be in a buyer’s market with 14.4 months of supply of inventory. It is taking 114 days to sell a home (median days on market). The good news with New Canaan is that sellers are getting more realistic with their price which can be seen in the overall trend of negative median sales price. This is a good thing for buyers. New Canaan School District continues to be a top Connecticut school district according to the recent 2020 Niche.com Best School Districts in CT ranking. It slipped in ranking to #2 but nevertheless New Canaan has one of the best school districts in Connecticut.

Months of Supply of InventoryMedian Days on MarketMedian Sales Price (Single Family, Condo, Coop)
New Canaan14.4114$1,150,500

Greenwich Real Estate Market

Greenwich Real Estate Market continues to be a buyer’s market with 13.3 months of supply of inventory. It’s taking approximately 114 days to sell a home (median days on market). However, when you look at the table below, there are some neighborhoods that are in a balanced market such as Byram and Belle Haven with Months of Supply of Inventory at 7.4 and 7.0 respectively and taking 80 days to sell a home (median days on market at 80 versus 114 days for overall Greenwich). Back Country is deep in a buyer’s market with 22.2 Months of Supply of Inventory versus 13.3 months of supply of inventory for overall Greenwich. The good news is that Greenwich continues to draw New Yorkers for its proximity to NYC (express trains of 46 minutes to Grand Central), great schools (# 12 ranking in 2020 Niche.com Best School Districts in CT) and low property tax rate (Greenwich has one of the lowest mill rates in Fairfield County).

Neighborhoods in GreenwichMonths of Supply of InventoryMedian Days on MarketMedian Sales Price (Single Family, Condos, Coops)
Overall Greenwich13.3114$1,362,500
Riverside11.5107$1,615,000
Old Greenwich9.6101$1,500,000
Cos Cob10.171$950,000
Byram7.480$589,000
Back Country22.2115$2,005,000
Belle Haven7.080$5,100,000
Glenville10.2125$930,000
Greenwich Avenue- Insider's Guide to Parking at the Greenwich Metro-North Train Station

Darien Real Estate Market

Darien continues to be in a buyer’s market with 10.3 months of supply of inventory. It is taking 111 days to sell a home (median days on market). Darien median sales price continues to trend down which can be an indication that sellers are being more realistic with their pricing. As you can see in the table below, not all neighborhoods are in a Buyer’s Market. Noroton Heights is in a balanced market with 7.2 months of supply of inventory and taking a little less time to sell a home at 94 days on market (median). The good news is Darien continues to be attractive with excellent schools (#5 ranking in 2020 Niche.com Best School Districts in CT).

Darien NeighborhoodsMonths of Supply of InventoryMedian Days on MarketMedian Sales Price (Single Family, Condos, Coops)
Overall Darien10.3111$1,237,500
Noroton9.0151$1,050,000
Noroton Heights7.294$885,500
Tokeneke15.9181$1,185,000

Westport Real Estate Market

Westport continues to be in a buyer’s market with 11.6 months of supply of inventory. It is taking 90 days to sell a home (median days on market). As you can see in the table below, there are some variations in months of supply of inventory in different Westport neighborhoods but they are all in the buyer’s market territory. The good news is Westport continues to be attractive with excellent schools as seen in their #1 ranking in 2020 Niche.com Best School Districts in CT.

Westport NeighborhoodsMonths of Supply of InventoryMedian Days on MarketMedian Sales Price (Single Family, Condos, Coops)
Overall Westport11.690$1,060,000
Coleytown11.986$1,030,000
Compo Beach11.7101$1,775,000
Greens Farms1399$1,075,000
In-town8.182$1,097,500
Long Lots9.591$1,175,000
Old Hill12.380$1,025,000
Saugatuck9.478$797,000

Norwalk Real Estate Market (including Rowayton Real Estate Market)

Unlike neighboring Fairfield County towns, Norwalk is in a balanced market with 5.9 months of supply of inventory and 64 days on market (median). As you can see in the table below, there are variations in months of supply of inventory by neighborhoods. Unlike overall Norwalk, Rowayton is in a buyer’s market at 12.3 months of supply of inventory and median days on market at 110 which is almost double that of overall Norwalk. The real estate market in Rowayton is more similar to neighboring Darien or New Canaan than it is to overall Norwalk. This can also be seen in Rowayton’s median sales price at $1,215,500 which is more similar to neighboring towns of Darien and New Canaan than it is to overall Norwalk.

Norwalk NeighborhoodsMonths of Supply of InventoryMedian Days on MarketMedian Sales Price (Single Family, Condos, Coops)
Overall Norwalk5.964$405,000
Rowayton12.3110$1,215,500
Silvermine7.263$418,000
West Norwalk6.163$418,000
West Rocks Area4.864$295,000
South Norwalk5.563$291,500

Stamford Real Estate Market

Stamford is in a balanced market at 6.5 months of supply of inventory and 63 median days on market. There are neighborhoods in Stamford that are in a seller’s market and some neighborhoods in a buyer’s market. The Cove, Glenbrook, Mid City and Springdale are in a seller’s market with Months of supply of inventory at less than 6. While North Stamford and Shippan are in a buyer’s market with Months of supply of inventory at 8.9 and 9.0 respectively.

Stamford NeighborhoodsMonths of Supply of InventoryMedian Days on MarketMedian Sales Price (Single Family, Condos, Coops)
Overall Stamford6.563$470,000
Cove4.858$320,000
Glenbrook5.058$352,500
Mid City5.567$295,000
Newfield6.663$539,000
North Stamford8.966$682,750
Shippan9.182$720,000
Springdale5.258$441,000
Westover7.658$727,500
Fairfield County Real Estate Market

Weston Real Estate Market

Weston is in a buyer’s market with 11.1 months of supply of inventory and homes are taking 93 days to sell (median day on market). The good thing about Weston is that it has highly ranked schools, taking the #6 spot on Niche.com Best School Districts in CT and Weston is also more affordable compared to neighboring Westport (Weston’s Median Sales price is $685,000 vs. Westport Median Sales Price is $1,060,000).

TownMonths of Supply of InventoryMedian Days on MarketMedian Sales Price (Single Family, Condo, Coop)
Weston11.193$685,000

Wilton Real Estate Market

Like neighboring Fairfield County towns, Wilton is also in a buyer’s market with 10.7 months of supply of inventory and 87 days on market (median). Wilton continues to be attractive because it is more affordable compared to neighboring Westport, Darien and New Canaan with Median Sales Price of $650,000. Plus Wilton has great schools (#8 Niche.com Best School Districts in CT).

TownMonths of Supply of InventoryMedian Days on MarketMedian Sales Price (Single Family, Condo, Coop)
Wilton10.787$650,000

Ridgefield Real Estate Market

Ridgefield is in a buyer’s market with months of supply of inventory at 8.8 and it takes 71 days to sell a home (median days on market). Ridgefield continues to attract buyers because it is affordable compared to neighboring towns at $602,500 median sales price and it has good schools (ranked #11 Niche.com Best School Districts in CT). As you can see in the table below, there are some variations in Months of Supply of Inventory but overall Ridgefield is in a buyer’s market.

Ridgefield NeighborhoodsMonths of Supply of InventoryMedian Days on MarketMedian Sales Price (Single Family, Condo, Coop)
Overall Ridgefield8.871$602,500
Village Center8.457$573,500
South Ridgefield9.771$704,500
North Ridgefield9.571$564,500

Fairfield Real Estate Market

Fairfield has 7.7 months supply of inventory which is a buyer’s market (since our cut-off for months of supply of inventory for buyer’s market is 7). However, since it is still hovering close to 7, Fairfield is more or less a balanced market (tipping to buyer’s market territory). As you can see in the table below, there are variations with months of supply of inventory in the different Fairfield neighborhoods. Sasco and Southport are truly in a buyer’s market while Stratfield and University are in a balanced market (tipping more closely to a seller’s market). Fairfield has a lot going for it with great schools (ranked #9 Niche.com Best School Districts in CT) and low median sales price ($550,000).

Fairfield NeighborhoodsMonths of Supply of InventoryMedian Days on MarketMedian Sales Price (Single Family, Condo, Coop)
Overall Fairfield7.772$550,000
Sasco14.391$673,750
Southport10.772$790,000
Stratfield6.173$451,500
University6.171$538,250
Fairfield County Real Estate Market

Trumbull Real Estate Market

Trumbull is in a seller’s market at 4.3 months of supply of inventory and it takes 58 days to sell a home (median days on market). It is also affordable with median sales price of $377,500. As you can see in the table below, Trumbull is in a seller’s market with months of supply of inventory hovering around 4.0 with the exception of Tashua which is at 6.0 (balanced market).

Trumbull NeighborhoodsMonths of Supply of InventoryMedian Days on MarketMedian Sales Price (Single Family, Condo, Coop)
Overall Trumbull4.358$377,500
Hillandale4.261$430,000
Long Hill4.850$350,000
Nichols4.061$386,000
Tashua6.060$450,000
Trumbull Center4.050$350,000

Danbury Real Estate Market

Danbury is in a seller’s market at 3.8 months of supply of inventory and median days on market of 53.

TownMonths of Supply of InventoryMedian Days on MarketMedian Sales Price (Single Family, Condo, Coop)
Danbury3.853$283,000

Bridgeport Real Estate Market

Bridgeport is in a seller’s market with 4.1 months of supply of inventory and 47 median days on market. As you can see in the table below, there are some variations in the months of supply of inventory by neighborhood. Mill Hill is in a balanced market and West End is heading towards buyer’s market territory.

Bridgeport
Neighborhoods
Months of Supply of InventoryMedian Days on MarketMedian Sales Price (Single Family, Condo, Coop)
Overall Bridgeport4.147$170,000
Brooklawn4.753$232,350
Mill Hill5.857$107,050
North End3.945$208,000
West End7.680$229,900

Redding Real Estate Market

Redding is in a buyer’s market with months of supply of inventory of 10.2 and median days on market of 100.

TownMonths of Supply of InventoryMedian Days on MarketMedian Sales Price (Single Family, Condo, Coop)
Redding10.2100$520,500

Bethel Real Estate Market

Bethel has a healthy real estate market. Bethel is in a seller’s market with months of supply of inventory of 4.5 and median days on market of 60.

TownMonths of Supply of InventoryMedian Days on MarketMedian Sales Price (Single Family, Condo, Coop)
Bethel4.560$340,000

Monroe Real Estate Market

Monroe is in a balanced market with months of supply of inventory of 5.6 and median days on market of 65.

TownMonths of Supply of InventoryMedian Days on MarketMedian Sales Price (Single Family, Condo, Coop)
Monroe5.665$341,500

Brookfield Real Estate Market

Similar to Monroe, Brookfield is in a balanced market with months of supply of inventory of 6.4 (tipping slightly to buyer’s market) and median days on market of 67.

TownMonths of Supply of InventoryMedian Days on MarketMedian Sales Price (Single Family, Condo, Coop)
Brookfield6.467$350,000

Stratford Real Estate Market

Stratford has a healthy real estate market. It is in a seller’s market with months of supply of inventory of 3.8 and median days on market of 54.

TownMonths of Supply of InventoryMedian Days on MarketMedian Sales Price (Single Family, Condo, Coop)
Stratford3.854$240,000

Shelton Real Estate Market

Shelton also has a healthy real estate market. It is in a seller’s market with months of supply of inventory of 4.3 and median days on market of 58.

TownMonths of Supply of InventoryMedian Days on MarketMedian Sales Price (Single Family, Condo, Coop)
Shelton4.358$327,500

Easton Real Estate Market

Easton is in a buyer’s market with months of supply of inventory of 8.6 and median days on market of 95.

TownMonths of Supply of InventoryMedian Days on MarketMedian Sales Price (Single Family, Condo, Coop)
Easton8.695$561,250

New Fairfield Real Estate Market

New Fairfield is in a balanced market with months of supply of inventory of 6.8 and median days on market of 68.

TownMonths of Supply of InventoryMedian Days on MarketMedian Sales Price (Single Family, Condo, Coop)
New Fairfield6.868$339,000

Fairfield County’s Real Estate Market: Towns in a Buyer’s Market

Most towns in Fairfield County are in a Buyer’s market. As you can see below, the homes in these towns have more homes for sale than being sold (Months Supply of Inventory is high) and it is taking longer to sell homes in these markets (Days on Market is high).

If you are a buyer in these towns then you are in luck. You have the upper hand and can negotiate on prices. While if you are trying to sell your home in these markets, then you really should be realistic with your pricing otherwise your home will sit on the market for a long time.

One thing to note is this gives a general overview of the town’s real estate market. There may be specific neighborhoods within each town that are experiencing a seller’s market.

  • New Canaan
  • Westport
  • Darien
  • Weston
  • Wilton
  • Ridgefield
  • Greenwich
  • Fairfield
  • Redding
  • Newtown
  • Easton

Fairfield County’s Real Estate Market: Towns in a Seller’s Market

There are six towns in a Seller’s market. As you can see below, there are not enough homes in the market for sale in these towns (Months Supply of Inventory is low) and homes are selling fast (Days on Market is low).

If you are a buyer in these towns then you are probably chasing after the same homes that a lot of potential buyers are looking at. You are likely in a competitive market with bidding wars. While if you are a seller thinking of selling your home in these towns then you are in luck. You have the upper hand. If you price your home right, you can have a multiple offer situation and selling your home will be quick.

  • Trumbull
  • Danbury
  • Bridgeport
  • Bethel
  • Shelton
  • Stratford

Fairfield County’s Real Estate Market: Towns in a Balanced Market

These towns are in a balanced market. What does this mean? In general, the inventory of homes and rate of sale match up.

One thing to note is this gives a general overview of the town’s real estate market. There may be sub-areas within every town that are experiencing a buyer’s market or seller’s market, depending on the price point and neighborhood.

  • Norwalk
  • Monroe
  • Brookfield
  • Stamford
  • New Fairfield

Fairfield County Real Estate Market: January to December 2019

Fairfield County TownsNiche.com 2020 Best School Districts in CTMonths of Supply of InventoryMedian Days on Market Median Sales Price (Single Family, Condos, Coops)
Westport111.690$1,060,000
New Canaan214.4114$1,150,500
Darien510.3111$1,237,500
Weston611.193$685,000
Wilton810.787$650,000
Ridgefield118.871$602,500
Greenwich1213.3114$1,362,500
Fairfield97.772$550,000
Trumbull244.358$377,500
Bethel354.560$340,000
Monroe185.665$341,500
Brookfield316.467$350,000
Stamford646.563$470,000
New Fairfield676.868$339,000
Norwalk795.964$405,000
Shelton844.358$327,500
DanburyDid not make top school ranking3.853$283,000
ReddingDid not make top school ranking10.2100$520,500
BridgeportDid not make top school ranking4.147$170,000
NewtownDid not make top school ranking6.471$375,450
StratfordDid not make top school ranking3.854$240,000
Easton Did not make top school ranking8.695$561,250

Conclusion

For the most part, Fairfield County is in a Buyer’s Market (especially, towns in lower Fairfield County where median home prices are higher). There are 11 Fairfield County towns in a Buyer’s Market and only 6 Fairfield County towns in a Seller’s Market. The good news is if you are a buyer, you are in a great position. Remember, real estate is cyclical, it’s not always going to be a Buyer’s Market. Take advantage of the buyer’s market now!

Data Source: MLS Data. January-December 2019 Home Sales. Niche.com.

You may also be interested in:

How long are the waitlists for Metro-North Train Station Parking in Fairfield County, Connecticut?

How to calculate Property taxes in Connecticut?

Insider’s Guide to Country Clubs in Greenwich, CT

Where to live? Westchester County, NY versus Fairfield County, CT?

About Suburbs 101

Suburbs 101 is an online lifestyle guide for the New York Suburbs of Westchester County, Long Island, Fairfield County and Northern New Jersey.  Get the inside scoop on what it’s really like to live in the New York suburbs through our interviews with local suburbanites and features on Food, Fashion, Home, Travel, and Local Events. Be sure to Follow Us on InstagramLike Us on Facebook and subscribe to our Monthly Newsletter.