Fairfield County second quarter housing market sees easing from accelerating selling prices

JFairfield County’s residential real estate market saw a slowdown in year-over-year activity in the second quarter of this year, with fewer sales and a relatively moderate increase in year-over-year home prices. on the other, according to new data from Douglas Elliman.

The average sale price for a Fairfield County residence in the second quarter was $970,396, up 18.6% from the price of $818,477 in the first quarter and 2.4% from the price of $947,230 from the previous year. The median sale price of $600,000 in the second quarter was up 22.4% from $490,000 in the first quarter and 5.3% from $570,000 in the second quarter of 2021.

The total number of closed sales in the second quarter was 3,230, up from 2,466 in the previous quarter, but down from 4,061 a year earlier. Listed assets spent fewer days on the market: 42 days in the second quarter compared to 59 days in the first quarter and 60 days in the second quarter of 2021.

Active inventory for the quarter totaled 1,859 properties, up from 1,038 in the prior quarter, but down from 2,254 year-over-year. Fairfield County ended the quarter with a 1.7 month supply of homes for sale, up slightly from the 1.3 month supply in the first quarter and unchanged from a year earlier.

Among property types, the average sale price for a single-family home was $1.14 million, up from $984,117 in the first quarter and $1.13 million a year earlier. The median sale price for a single-family home was $715,000, down from $600,000 in the prior quarter and $690,000 a year earlier.

Fairfield County condos sold for an average price of $460,824, down from $406,366 in the first quarter and from $406,209 in the second quarter of 2021.

The luxury market, which is defined as the top 10% of sales and encompasses both single-family homes and condos, recorded an average sale price of $3.61 million, compared to $3.24 million in the previous quarter and against 3.57 million dollars a year earlier. The median selling price of $2.88 million was up from $2.80 million in the first quarter, but down from $2.97 million a year earlier.

Among Fairfield County submarkets, Greenwich had the highest average sale price for a single-family home at $3.10 million and Darien had the highest average sale price for a condo at $1.36 million. of dollars.

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