A Glance of the 2024 Real Estate Market

A glance of the 2024 Real Estate Market. Updates for both Fairfield and New Haven Counties.

Whether you’re buying or selling a home, staying informed is essential. Working with an experienced and knowledgeable REALTOR® like me—who brings expertise as a homeowner, investor, landlord, builder, and previously a mortgage loan officer—can make the process seamless and successful. Buying or selling a home is a multi-step journey that is full of financial and emotional decisions. A strong grasp of the economy and local market trends will greatly impact the achievement of your real estate goals.

Our Economy

In 2024, the economy found a balance between growth, stability, and opportunity. Inflation moderated, interest rates fell, and the labor market stayed resilient, allowing markets to flourish and consumers to thrive.

• The annual inflation rate was 2.9% over the last 12 months. In 2023 it was 3.4%.
• Feds made their first rate cut in nearly 4 years in 2024.
• According to the Bureau of Labor the unemployment rate dipped to 4.1% from 4.2%.
• The US economy closed out 2024 with another month of massive job growth, adding 256,000 positions in December.

Inventory

• There was little to no change in inventory annually for both Fairfield and New Haven Counties for 2024.
• People are still out house hunting in the winter months, looking for their dream home for spring. If you are considering selling, let’s talk about the process together.

Buyers’ Demand

• Buyer’s demand annually for 2024 for Single Family Homes in Fairfield County was down 6%. However, the Condos were in strong demand with an increase of 18% compared to 2023.
• New Haven County overall in 2024 was up 9.52% for Single Family Homes and Condos were significantly down 23% compared to 2023.
• When we see dipping and increasing in the buyers demand it typically reflects shifting preferences or external factors. For example: where people want to live, job market, housing inventory, affordability, lifestyle preferences, commutability or economic conditions.

Average Sales Price

• The annual average sales price increased 4.75% in Fairfield County for Single Family Homes, just about 7% for Condo’s.
• New Haven Counties annual average sales price was up a whopping 10.55% for Single Family Homes up and Condo’s up 15.17%.
• If you’re on the hunt for more value for your money, New Haven County might be worth considering
• Thinking about selling? Contact me today, home prices are climbing!

Market Conditions

• 2024 reflected how dynamic the real estate market can be and why it’s important to stay informed about trends in specific areas.
• Trends in both counties exhibit competitive markets with fast sales and limited inventory.

Neighborhood Market Trends

• Stay informed about your neighborhood market trends.
• Register to receive your neighborhood market trends for news about your market area.

Don’t LOVE Where You Live?

• If you don’t love where you live? Let’s Talk!
• I specialize in helping sellers, buyers, seniors, relocation, landlords and up or down sizers.
• I’m not your average REALTOR®, I am a homeowner, investor, landlord, builder and have 7+ years’ experience as a mortgage loan officer, processor and jr. underwriter.

Selling or Buying 

• It’s essential to stay informed through reliable sources like me.
• I’ve assisted 100’s of sellers and buyers achieve their real estate goals.
• I can help you too!

Contact LeeAnn Today (203) 253-4567

• Ask for a NO obligation, COMPLIMENTARY consultation regarding your housing goals.
• I am happy to help you, friends and family members achieve your real estate goals
• Remember, it is always best to consult with a Professional REALTOR® like me.
• I appreciate all referrals.

Compliments of LeeAnn DeLeo, A Trusted Name in Real Estate
Broker, Blogger, Stagent® & REALTOR®
(203) 253-4567
leeann.deleo@gmail.com
www.leeanndeleo.com

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Source: SmartMLS, Federal Reserve, US Economy