RESEARCH | YEAR END 2024
SINGLE FAMILY/COOP/CONDO
The Lower Fairfield County market, spanning coastal and suburban towns like Greenwich, Stamford, Darien, New Canaan, Norwalk, Westport, Fairfield, Easton, Wilton, Weston, Redding, and Ridgefield, navigated another year of constrained inventory and resilient demand in 2024. Despite limited options for buyers, the market demonstrated remarkable strength, maintaining its competitive edge with many homes selling above list price. Inventory dipped 5% YoY, with just 6,006 homes available, reflecting the ongoing supply challenges. Closed sales were slightly down by 3%, totaling 5,021 transactions, while the median sale price surged 7% to $1.28 million underscoring the persistent demand for homes in this sought-after region. Sellers continued to hold the upper hand, achieving 103% of their list price on average, matching the record-setting pace of prior years.
Signs of a gradual market shift are beginning to appear. Buyers are adjusting to evolving interest rate conditions, while sellers remain hesitant to list due to concerns about finding their next home. In this climate, strategic pricing and impeccable presentation have never been more important, as today’s buyers continue to prioritize both value and lifestyle. For sellers, however, the market’s strength and sustained buyer demand present an excellent opportunity to maximize returns.
Residential home sales in Lower Fairfield County declined slightly by 3% vs 2023, reflecting a relatively stable market. Strong demand throughout the year helped maintain market strength. The average sale price rose by 6%, climbing from $1.46 million in 2023 to $1.53 million, while the average price per square foot increased by 7%, reaching $458 compared to $428 last year.
Steady buyer demand kept the market highly competitive throughout the year. Inventory levels across Lower Fairfield County saw a modest 5% decline overall, with Easton experiencing the steepest drop a 32% decrease from 127 listings in 2023 to just 85 in 2024. Darien also faced a notable reduction, with inventory down nearly 15% to 245 properties available throughout the year.
The graph to the right compares the 2024 median sale prices of residential homes by town to 2023. The average median sale price across Lower Fairfield County was $1,282,669. Stamford saw the largest jump, up 13% YoY, from $575,000 in 2023 to $650,000 in 2024. While most towns experienced price increases, Ridgefield was the exception, with a slight 5.5% decline. Greenwich also posted a significant gain, rising 12.8% from $1,995,000 to $2,2550,000
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The chart to the right represents the sale-to-list price ratio for residential home sales in 2024 vs. 2023, providing a YoY comparison. Wilton led the way for the second consecutive year, achieving the highest percentage of list price received at an impressive 105.9%, up slightly from 105.5% in 2023. New Canaan experienced the largest increase, rising 1.7% from 100.7% in 2023 to 102.4% in 2024. Conversely, Redding saw the largest decline, dropping 2.8% from 102.7% in 2023 to 99.8% in 2024, reflecting varied market dynamics across towns.
The graph to the right represents the active inventory of homes by town for 2024 compared to 2023, offering a YoY comparison.
Fairfield saw the largest surge in listings, up 8.1%, with 867 homes available for sale compared to 802 in 2023. Conversely, Easton experienced the sharpest decline, with inventory dropping 32% from 125 in 2023 to just 85 in 2024. Darien also faced a significant decrease, with active listings falling nearly 15% from 288 to 245. These figures highlight varying inventory trends across towns in the region.
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The chart to the right represents the sold dollar volume of all homes in 2024 compared to 2023, showing year-over-year trends.
Wilton recorded the largest increase, with sold dollar volume rising an impressive 29.5%, from $257M in 2023 to $333M in 2024. On the other hand, Darien experienced the sharpest decline, with volume dropping from $602M in 2023 to $505M in 2024. These shifts reflect varied market dynamics across the region, with most areas seeing increases in median and average prices, except for Ridgefield, which experienced a slight decline
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Lower Fairfield County's luxury market made headlines in 2024 with its top ten priciest sales, showcasing a mix of impressive price point. Several properties saw significant discounts from their original asking prices, with 16 Windrose Way in Greenwich experiencing the largest reduction. Initially listed at $21.5M, it ultimately sold for $13.75M an impressive 64% off its original price. Greenwich remained strong with four of the top five sales, while 385 Harbor Road secured the fifth spot with a sale price of $15M.
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