Sorry Sellers! The Sad State of Fairfield County’s Real Estate Market

Sorry Sellers! The Sad state of Fairfield County’s Real Estate Market

Updated: January 2020. If you are thinking of selling your home in Fairfield County, I have bad news for you. Fairfield County’s real estate market continues to be in a Buyer’s Market. As you can see below, only six Fairfield County towns are in a Seller’s Market. The majority of Fairfield County towns are in a Buyer’s Market. What does this mean for sellers in a Buyer’s Market? Does it mean you can’t sell your home? Of course you can sell your home BUT at the right price. All this means is that you should be realistic with pricing your home. You need to give buyers a reason to buy your home otherwise your home will sit on the market for a long time and you will have to go through multiple price reductions to eventually sell your home.

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 2019-December 2019 home sales data. We will be updating this report as new sales data come in. Overall, Fairfield County’s real estate market continues to be in a buyer’s market.

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

These are towns 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 neighborhoods that are experiencing a seller’s market. Click here for our detailed Fairfield County Town by Town Real Estate Market report.

  • 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 only two 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. Want to know which sub-neighborhood are in a buyer’s or seller’s market, click here for our detailed Fairfield County Town by Town Real Estate Market report.

  • Norwalk
  • Monroe
  • Brookfield
  • Stamford
  • New Fairfield

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!

Want to know which sub-neighborhood are in a buyer’s or seller’s market, click here for our detailed Fairfield County Town by Town Real Estate Market report.

Fairfield County Real Estate Market Stats

Fairfield County TownsNiche.com 2020 Best School Districts in CTMonths of Supply of InventoryMedian Days on MarketMedian 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
EastonDid not make top school ranking8.695$561,250

Data Source: MLS Data. January-December 2019 Home Sales and Niche.com 2020 Best School Districts in CT

You may also be interested in:

Fairfield County Real Estate Market Report: Town by Town Guide

Home Renovation that Adds Value in a Buyer’s Market

Westchester Real Estate: Good Time to Buy?

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.