While real estate #NorthofNYC has seen a continued decline in home sales due to persistent low inventory levels, median prices have increased across many markets, offering sellers favorable returns.
The outlook for 2025 remains positive, with home sales and prices expected to grow at a more sustainable pace. Moderating mortgage rates may help create a more normalized market environment, potentially easing conditions for buyers while maintaining opportunities for sellers.
Decoding 2024 Market Data for Ridgefield, New Canaan & Wilton
💵 Median Sale Price: $1,050,000 (vs. $1,017,500 in 2023 / +3.2%)
📊 DOM: 32 (vs. 40 in 2023 / -20%)
🏡 Homes Sold: 249 (vs. 278 in 2023 / -10.4%)
As new inventory makes its way to marketplace, buyers are met with more options for the first time in several years. Prices, however, continue to remain stable. Any meaningful decline in interest rates is likely to prompt more buyers & sellers to enter the marketplace, further contributing to buyer demand. Sellers hoping to capitalize on elevated prices should list early and be flexible.
💵 Median Sale Price: $2,261,000 (vs. $2,000,000 vs. +13.1%)
📊 DOM: 54 (vs. 51 in 2023 / +5.9%)
🏡 Homes Sold: 201 (vs. 210 in 2023 / -4.3%)
Activity within New Canaan has remained sustained despite low inventory levels. With an uptick in new listings homes coming to market in Q3 2024, prices have remained stable. Any meaningful decline in interest rates is expected to bring both more competition and more options for buyers and sellers.
💵 Average Sale Price: $1,210,000 (vs. $1,128,000 in 2023 / +7.3%)
📊 DOM: 29 (vs. 35 in 2023 / -17.1%)
🏡 Homes Sold: 235 (vs. 194 in 2023 / +21.1%)
Wilton experienced an uptick in inventory this year, +21% from 2023. While prices continue to remain stable, homes that are updated and/or in the most desirable locations continue to be in high demand. Sellers mindful of the shift in the marketplace and price appropriately will continue to be successful. Buyers looking to get into town are met with a variety of options not seen in several years.
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