Entering Q4 2024, we’ve identified trends in inventory, pricing and demand to inform buyer and seller decisions. This data guides our insights as we prepare you for year-end opportunities.
Market Overview
October data revealed much of what we already know, and very little of what we don’t. While subtle variations exist across markets, the story largely remains the same: limited inventory, strong demand, homes selling quickly and for greater than list price.
Here’s the October data across Fairfield County:
- New Listings: (-33.1%)
- Unit Sales: (-10.5%)
- Median Home Prices: (+1.1%)
- List to Sales Ratio: (+102.8%)
- Days on Market: (-29.5%)
Here’s what’s happening:
Many anticipated that the recent Fed rate cuts would open inventory, thereby “balancing” the supply/demand gap. The theory: as rates decline, more sellers are willing to trade out of their low interest rate and put their home on the market. The reality: rate cuts did little to motivate potential sellers and instead, appeased by the lower rates, brought more interested buyers into the market. This intensified competition for Buyers. Sellers who priced strategically and staged to sell benefited from these conditions.
At a macro level, Fairfield County remains a strong seller’s market. When we analyze specific markets, certain opportunities arise for Buyers. To analyze individual markets, we mine data from Altos Research, a resource that tracks over 100m listings every week. The reports are in real-time and are forward looking, allowing us to anticipate trends going forward, rather than looking back in time and interpolating what that data means for the future.
Based on the search within Altos, here are (2) pieces of advice and guidance for Buyers:
- Capitalize on Emerging Opportunities in Select Markets:
While inventory is low and competition is fierce, select markets like Southport and Wilton have seen a cooling off in recent weeks as more homes are available. While both markets remain favorable to sellers, they offer the greatest opportunity for buyers to secure high-value properties without the intense bidding wars seen in some other markets. - Leverage Days on Market for Negotiation:
While overall, Days on Market (DOM) across markets declined significantly, signaling that competitive, well-priced homes sell quickly, two markets, New Canaan (+18.0%) and Wilton (+17.6%) experienced an increase in (DOM). In these markets, buyers may find opportunity to negotiate on price or terms. Ask your advisor to track DOM trends closely to find leverage in a fast-moving environment.
For sellers, it’s important to note that it’s not enough to just put your home on the market and expect exceptional results. If you plan to list your property, here are (2) insights to help guide you:
- Price Strategically to Maximize Offers:
While sales-to-list ratios are high across most markets, the data indicates price sensitivity in some markets. Fairfield and Weston, saw median prices decrease slightly (-5.4% and -3.9%, respectively). Sellers in these markets should be aware of this price sensitivity among buyers and set an attractive, market-aligned price to drive multiple offers rather than overpricing and risking extended DOM. Even in a low-inventory market, competitive pricing remains a powerful tool. - Highlight Property-Specific Value:
With fewer listings across the board and an average DOM decline of 29.5%, buyers are increasingly selective about value. Sellers can stand out not only by showcasing unique property features—such as privacy, views, high-end finishes, or sustainability upgrades- but by crafting a compelling narrative around these features to convey a distinct lifestyle. Buyers are willing to pay a premium for unique luxury features, but transparency and high-quality presentation will be essential to attract discerning buyers in a crowded landscape.
Overall Advisory Takeaway
For buyers, this is a market that rewards readiness and a focus on areas with price softening. For sellers, the advantage lies in pricing competitively and emphasizing the lifestyle your specific property affords. Across both groups, taking swift action in line with market data remains essential to achieving the best outcomes.
Ready to take the next step?
At Cindy Raney & Team, we specialize in navigating the nuances of Fairfield County’s luxury market. Our advisory based approach has helped clients buy and sell over $600mm in luxury real estate across Fairfield County. For data-drive insights and advice, please call us today so that we can help you prepare to attain your real estate goals.
