Fairfield, CT January 2025 Real Estate Market Report: Insights & Forecast
Assembled by: Judy Michaelis, 203-247-5000
Market Trends Report
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 | 746 | 12 | 36 | 58 | 8 |
| Average Sales Price per Square Foot | 433 | 448 | 437 | 424 | 444 |
| Average Days on Market | 51 | 61 | 52 | 51 | 71 |
| Number of Properties for Sale | 1663 | 69 | 119 | 149 | 89 |
| Average List Price | $1,673,401 | $2,005,251 | $1,625,681 | $1,623,097 | $1,747,077 |
| Median List Price | $993,121 | $1,175,000 | $875,000 | $909,000 | $949,000 |
| Average Sales Price | $1,159,061 | $1,359,841 | $1,084,155 | $1,093,959 | $1,136,597 |
| Median Sales Price | $900,484 | $885,000 | $875,000 | $825,167 | $918,000 |
| Sales Price / List Price Ratio | 102.12% | 101.58% | 101.69% | 101.56% | 101.74% |
| Number of Properties Sold | 578 | 62 | 42 | 44 | 44 |
| Month’s Supply of Inventory | 3.2 | 1.11 | 2.83 | 3.4 | 2.02 |
| Absorption Rate | 0.37 | 0.9 | 0.35 | 0.3 | 0.49 |
Average & Median Sales Price
The median sales price in December 2024 was $885,000, up 1.14% from $875,000 from the previous month and -3.59% lower than $918,000 from December 2023. The December 2024 median sales price was at a mid level compared to December 2023 and 2022.
The average sales price in December 2024 was $1,359,841, up 25.43% from $1,084,155 from the previous month and 19.64% higher than $1,136,597 from December 2023. The December 2024 average sale price was at its highest 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 101.58%, equal to the previous month and equal to December 2023.
Number of Properties Sold & Absorption Rate
The number of properties sold in December 2024 was 62, up 47.62% from 42 from the previous month and 40.91% higher than 44 from December 2023. The December 2024 sales were at its highest 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 61 days, up 17.31% from 52 days from the previous month and -14.08% lower than 71 days from December 2023. The December 2024 DOM was at a mid 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 $448, up 2.52% from $437 from the previous month and equal to December 2023.
Inventory & MSI
The number of properties for sale in December 2024 was 69, down -42.02% from 119 from the previous month and -22.47% lower than 89 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 1.11 months was at its lowest level compared with December 2023 and 2022.
New Listings
The number of new listings in December 2024 was 12, down -66.67% from 36 from the previous month and 50.0% higher than 8 from December 2023. The December 2024 listings were at a mid level compared to December 2023 and 2022.
Judy Michaelis
Prefer the quick version? Here's a snapshot of the December 2024 Fairfield Market Update:
🏠 Home prices held steady with premium surge – Median sales price is $885K. That's up 1% from last month but down 4% from last year. However, average sales price jumped 25% to $1.36M, suggesting luxury home activity.
⏰ Homes are taking longer to sell – Average days on market is now 61, up 17% from 52 last month but still 14% better than last year's 71 days.
📈 Inventory hit historic lows – 69 homes for sale, down 42% from 119 last month and down 22% from a year ago. Supply is at critically low levels!
📊 Sales activity surged strongly – 62 homes closed in December, up 48% from last month and up 41% from last year. Best December performance in years.
What Buyers and Sellers Need to Know
✨ Sellers: You're in an extremely strong position with homes selling above asking price (101.6% of list price) and inventory at record lows. The 1.11 months supply indicates exceptional seller leverage.
🔍 Buyers: Expect to pay above asking price and face fierce competition. With only 12 new listings in December and inventory severely constrained, act quickly when you find a suitable property. The market strongly favors sellers right now.
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