Facebook
X
Pinterest
Copy Link
March’s Real Estate Market Update: Fairfield and New Haven Counties
Stay Informed! March’s real estate market update: Fairfield and New Haven Counties.
Being well informed about the local market and economy is key whether selling or buying a home. Partnering with a knowledgeable REALTOR® like me who brings expertise as a homeowner, investor, landlord, builder, and mortgage loan officer will ensure a seamless and rewarding experience.
Follow your Neighborhoods Market Trends by signing up at neighborhood news to receive the most current real estate market inside scoop for the community you love.
Here’s a look at what’s happening with the economy and the housing market. Having a strong grasp of the economy and local market will make all the difference in reaching your goals. It’s essential to stay informed through a reliable source like me.
Our Economy
The CPI (Consumer Price Index) in March rose by 2.4% over the previous 12 months, indicating an overall easing or slowdown in inflation. However, housing “shelter” costs continue to rise. Shelter costs increased by 4.0% year-over-year, marking the smallest annual rise since November 2021.
Whats this mean for you?
- If you’re renting, your rent might still rise, but future increases could slow down.
- If you’re a homeowner, fixed mortgage rates will stay the same, but costs like insurance and maintenance could still rise.
- If you’re house hunting, price growth may slow, but that depends on your market area.
The upcoming Federal Reserve meeting will take place on May 6-7. It is important to remain connected and well-informed regarding the current state and future direction of the economy.
Inventory & Demand
Both Fairfield and New Haven Counties had a significant jump in inventory for both single family homes and condos for sale. The rise in listings indicates that more homeowners are entering the market, potentially driven by sustained buyer demand and the aim to benefit from current home values.
Despite mortgage rates, the market remains active with properties selling relatively quickly. Mike Fratantoni, MBA’s SVP and chief economist said “Given the jump in rates, more borrowers are opting for the lower initial rates that come with an ARM” read the press release.
Consider selling your home! It’s an opportune time, as current home values are still experiencing an upward trend. Potential buyers are seeking a home to call their own. Their excitement and vision can translate into a great opportunity for you as a home seller. They’re ready, willing and able to buy. Your property could be exactly what they’ve been dreaming of!
March’s market dynamics suggest that the supply of condos might be outpacing demand, leading to a price decline. Conversely, single-family homes are in shorter supply, driving up their prices. Another reason to consider selling this Spring.
Average Sales Price – Fairfield & New Haven Counties
Fairfield and New Haven Counties are about 30 miles apart, a short distance on I-95 and a quick commute to New York and Hartford.
The average sales price for single family homes in Fairfield County was just over $1,1M which is an 18% increase from this time last year. Condo’s average sale price fell 8.8% from this time last year to $468K.
New Haven Counties average sale price for single family homes jumped over 9% from this time last year to $473K. Their condo market also dipped just about 7% from this time last year to just under $300K.
Fairfield County combines vibrant city life, coastal charm, easy access to NYC and local highways. The benefits of this convenient lifestyle typically begin at a base price of approximately $650,000, with prices often exceedingly well over one million dollars.
New Haven County offers a more modest base price point of approximately $390,000 with upswings along the shorelines. Also keeping you connected to local highways, railways, city life, and that irresistible coastal charm.
Don’t LOVE Where You Live?
If you don’t love where you live? Let’s Talk! Consult a Professional REALTOR® like me. I specialize in helping sellers, buyers, seniors, relocation, landlords and up or down sizers.
Selling or Buying – Contact LeeAnn Today (203) 253-4567
Request a complimentary NO obligation consultation. Consider recommending a friend or family member. I’ve assisted 100’s of sellers and buyers achieve their real estate goals. I can help you too! I am committed to treating you as part of the family.
Raise your standards! Your real estate goal is a journey filled with significant financial decisions and personal choices. It’s essential to partner with an experienced REALTOR® like me.
Compliments of LeeAnn DeLeo, A Trusted Name in Real Estate
Broker, Blogger, Stagent® & REALTOR®
(203) 253-4567
leeann.deleo@gmail.com
www.leeanndeleo.com
Follow, Like & Share with me on SM
Facebook @LeeAnnDeLeoRealEstate and my personal page @LeeAnnDeLeo
Blog Sites Local Market News and Blog Spot
