Fairfield County, located in the southwestern corner of Connecticut, is known for its affluent communities, picturesque landscapes, and excellent schools. It has long been a desirable location for homebuyers and investors alike, and the real estate market in April 2023 is no exception.
Market Overview
As of April 2023, the Fairfield County real estate market is experiencing steady growth and stability. The average home price in the county is currently $1.1 million, up 6% from the previous year. This increase in home prices is primarily driven by a shortage of inventory and high demand.
The number of homes for sale in Fairfield County is currently low, with only 1,500 homes on the market, down 30% from last year. However, this trend is expected to change as the spring selling season approaches, and more homeowners list their properties for sale.
Homebuyers in Fairfield County can expect to face stiff competition as the market is currently tilted in favor of sellers. Multiple offers on a single property are common, and buyers are advised to move quickly to secure a desirable home.
Luxury Market
The luxury market in Fairfield County is particularly strong, with high-end homes selling quickly and often above the asking price. Luxury homes, defined as those priced above $2 million, account for 22% of all home sales in the county.
The towns of Greenwich, New Canaan, and Darien are particularly popular among luxury buyers, with many homes boasting high-end amenities such as pools, home theaters, and tennis courts. The average luxury home price in Fairfield County is $4.5 million, up 10% from last year.
Rental Market
The rental market in Fairfield County is also strong, with an average rent of $2,500 for a one-bedroom apartment and $4,500 for a three-bedroom apartment. Rental prices have remained stable over the past year, and demand for rental properties is expected to increase as more millennials and empty nesters look to downsize.
However, rental inventory is currently low, with only 1,000 rental units available in the county. Landlords are advised to list their properties for rent quickly, as demand is expected to increase as the spring and summer months approach.
Market Outlook
Overall, the Fairfield County real estate market is expected to remain strong and stable in the coming months. The shortage of inventory and high demand is expected to continue, driving home prices up and making it a seller's market. Luxury homes will continue to be in high demand, and the rental market is expected to remain strong.
However, potential buyers should keep an eye on mortgage rates, which have been slowly increasing over the past year. Higher mortgage rates could impact home affordability and slow down the market's growth.
In conclusion, the Fairfield County real estate market is a desirable location for homebuyers and investors alike!
