Darien, CT January 2025 Real Estate Market Report: Insights & Forecast
Assembled by: Judy Michaelis, 203-247-5000
Market Trends Report – December 2024
Overview
The overview below shows real estate activity from January 2024 to December 2024. You will see data comparisons between December and the previous month, the last three months and December 2023.
| Overview | YTD Avg. | December | November | Sep. – Nov. | Dec. 2023 |
|---|---|---|---|---|---|
| New Listings | 231 | 1 | 11 | 18 | 5 |
| Average Sales Price per Square Foot | 665 | 671 | 687 | 702 | 756 |
| Average Days on Market | 39 | 36 | 57 | 40 | 64 |
| Number of Properties for Sale | 370 | 15 | 21 | 30 | 22 |
| Average List Price | $4,329,421 | $5,956,127 | $4,851,186 | $4,184,485 | $5,002,677 |
| Median List Price | $3,464,917 | $4,995,000 | $4,695,000 | $3,478,333 | $4,442,500 |
| Average Sales Price | $2,482,219 | $1,954,912 | $2,717,950 | $2,702,482 | $2,682,225 |
| Median Sales Price | $2,011,025 | $2,296,000 | $2,199,500 | $2,289,000 | $2,275,000 |
| Sales Price / List Price Ratio | 105.38% | 107.24% | 105.64% | 106.32% | 102.2% |
| Number of Properties Sold | 196 | 16 | 20 | 17 | 20 |
| Month’s Supply of Inventory | 2.49 | 0.94 | 1.05 | 1.9 | 1.1 |
| Absorption Rate | 0.57 | 1.07 | 0.95 | 0.61 | 0.91 |
Average & Median Sales Price
The median sales price in December 2024 was $2,296,000, up 4.39% from $2,199,500 from the previous month and equal to December 2023. The December 2024 median sales price was at its highest level compared to December 2023 and 2022.
The average sales price in December 2024 was $1,954,912, down -28.07% from $2,717,950 from the previous month and -27.12% lower than $2,682,225 from December 2023. The December 2024 average sale price was at a mid level compared to December 2023 and 2022.
Sales Price / List Price Ratio
The sales price/list price ratio is the average sale price divided by the average list price for sold properties expressed as a percentage. If it is above 100%, homes are selling for more than the list price. If it is less than 100%, homes are selling for less than the list price.
The December 2024 sales price/list price ratio was 107.24%, up from 105.64% from the previous month and up from 102.2% from December 2023.
Number of Properties Sold & Absorption Rate
The number of properties sold in December 2024 was 16, down -20.0% from 20 from the previous month and -20.0% lower than 20 from December 2023. The December 2024 sales were at a mid level compared to December 2023 and 2022.
Absorption rate is the avg number of sales per month divided by the total number of available properties.
Average Days on Market
The average days on market (DOM) is the number of days a property is on the market before it sells. An upward trend in DOM tends to indicate a move towards a buyer’s market, a downward trend tends to indicate a move towards seller’s market.
The DOM for December 2024 was 36 days, down -36.84% from 57 days from the previous month and -43.75% lower than 64 days from December 2023. The December 2024 DOM was at its lowest level compared with December 2023 and 2022.
Average Sales Price per Square Foot
The average sales price per square foot is a more normalized indicator for the direction of property value. The sales price per square foot in December 2024 was $671, down -2.33% from $687 from the previous month and -11.24% lower than $756 from December 2023.
Inventory & MSI
The number of properties for sale in December 2024 was 15, down -28.57% from 21 from the previous month and -31.82% lower than 22 from December 2023. The December 2024 inventory was at its lowest level compared with December 2023 and 2022.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2024 MSI of 0.94 months was at its lowest level compared with December 2023 and 2022.
New Listings
The number of new listings in December 2024 was 1, down -90.91% from 11 from the previous month and -80.0% lower than 5 from December 2023. The December 2024 listings were at its lowest level compared to December 2023 and 2022.
Judy Michaelis
Prefer the quick version? Here's a snapshot of the December 2024 Darien Market Update:
🏠 Home prices held steady with mixed signals – Median sales price is $2.30M. That's up 4% from last month and flat compared to last year, showing price stability in this luxury market.
⏰ Homes are selling much faster – Average days on market dropped to just 36 days, down 37% from last month's 57 days and 44% faster than last year's 64 days. This indicates strong buyer urgency.
📈 Inventory severely constrained – Only 15 homes for sale, down 29% from last month and 32% lower than a year ago. This represents the lowest inventory level in years, creating intense competition.
📊 Sales activity slowed seasonally – 16 homes closed in December, down 20% from last month and matching the slower pace of December 2023. Holiday seasonality is evident.
What Buyers and Sellers Need to Know
✨ Sellers: You're in an exceptionally strong position with homes selling well above asking at 107% of list price and moving quickly. The ultra-low inventory of just 15 homes means serious buyers will compete aggressively for quality properties.
🔍 Buyers: Expect fierce competition and be prepared to act decisively. With only 1 new listing in December (down 91% from November), finding the right property will require patience and immediate action when opportunities arise. Consider expanding your search criteria given the supply constraints.
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