November’s Real Estate Market

November’s real estate market, Stay Informed! Updates for both Fairfield and New Haven Counties.

Whether you’re navigating the journey of selling or buying a home, staying well-informed is crucial. Having a solid understanding of our economy and local market will make all the difference. It is an emotional life-changing process with many steps along the way. Partner with an experienced and knowledgeable Real Estate Agent like me to ensure a smooth and successful experience.

Our Economy: November’s real estate market included Chair Powell’s Press Conference on November 7^th.  The conclusion is the economy is strong overall and has achieved substantial progress toward our goals over the past two years. The labor market, while less overheated, continues to demonstrate stability. Inflation has significantly declined from a peak of 7 percent to 2.1 percent as of September. The Federal Open Market Committee (FOMC) remains dedicated to sustaining the economy’s strength by promoting maximum employment and achieving our target inflation rate of 2 percent and decided to take another step in reducing the degree of policy restraint by lowering our policy interest rate by a quarter point.

The Federal Reserve: The Fed’s meet December 18 and cut rates a quarter point, it’s the third consecutive rate cut. In conjunction with the meeting, meeting participants will indicate their projections of the most likely outcomes for real gross domestic product (GDP) growth, the unemployment rate, and inflation for each year from 2024 to 2027 and over the longer run. Next meeting is January 28-29.

On the Supply Side: Price your home right and SELL now, November’s real estate market remains to have low inventory levels overall compared to this time last year. The supply in Fairfield County was down 11% and New Haven County 8% for both Single Family Homes and Condo’s.

Buyers’ Demand: List your property now and secure a sale while buyers are still showing a demand. Buyer demand is declining and has softened slightly compared to this time last year. Both Fairfield and New Haven Counties had a slight decline again this month ranging between 1.6-1.7% over ask price on closed homes.

Sales Price for the Market in Fairfield County: Fairfield County had a significant increase in the average sales price of over 8% for Single Family Homes over 6% for Condo’ compared to this time last year. Looking for more value for your money? If Fairfield County prices are out of reach, consider moving to New Haven County!

Market Activity in New Haven County: Want more bang for your buck, consider moving to New Haven County. Act fast! Average sales price for Single Family Homes is up over 13% and Condos went up over 9% higher than this time last year. Contemplating relocating? Let’s Talk, Prices are on the rise!

Market Conditions: Overall November’s real estate market conditions remain the same! Interest rates are beginning to decline, and trends in both counties reflect competitive markets with fast sales and limited inventory.

Neighborhood News: Register to receive the real estate markets inside scoop for the market area you love.

Don’t LOVE Where You Live? I love where I live, and you should too. If you don’t love where you live, Let’s Talk!

Selling or Buying: I’ve assisted 100’s of sellers, buyers and seniors achieve their real estate goals. Specializing in sellers, buyers, seniors, relocation, landlords and up or down sizers. Recognize that the real estate market is constantly changing. It’s essential to stay informed through reliable sources.

Contact LeeAnn Today (203) 253-4567: Ask for a NO obligation, COMPLIMENTARY consultation regarding your market area and housing situation. Remember, it is always best to consult with a Professional Real Estate Agent like me.

Prepared By,
LeeAnn DeLeo, Real Estate Professional
(203) 253-4567
leeann.deleo@gmail.com

www.leeanndeleo.com

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Source: SmartMLS and Federal Reserve