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.
I'm seeing positive signs that 2024 will bring new opportunities for both sellers and buyers, with an indication from the Federal Reserve that mortgage rates will begin to trend downward mid-year.
Decoding Q3 2024 Market Data for Ridgefield, New Canaan & Wilton
💵 Average Sale Price: $1,201,119 (+8.7% vs. 2023)
📊 DOM: 30 (46 in 2023)
🏡 Homes Sold: 87 (365 in 2023)
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. A 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.
💵 Average Sale Price: $2,445,910 (+9.6% vs. Q3 2023)
📊 DOM: 34 (39 in 2023)
🏡 Homes Sold: 59 (38 in 2023)
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: $1,374,217 (+20.7% vs. 2023)
📊 DOM: 19 (20 in 2023)
🏡 Homes Sold: 73 (67 in 2023)
Wilton experienced a dramatic uptick in inventory this quarter, +9% from Q3 2023 and +18.8% vs. YTD 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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