Lower Fairfield County Report RESEARCH | YEAR END 2023
©2023 Centric Realty LLC. All rights reserved. Corcoran® and the Corcoran Logo are registered service marks owned by Corcoran Group LLC. Centric Realty LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated.
R ESEARCH | Lower Fairfield County 2023 | 2
Contents Overview p. 3 Sales & Inventory p. 4 Graphs p. 5 Sales by Town p. 7 Town Summary Luxury Market
p. 1 3
p. 1 4
Top 10 p. 1 5 Methodology p. 16
©2023 Centric Realty LLC. All rights reserved. Corcoran® and the Corcoran Logo are registered service marks owned by Corcoran Group LLC. Centric Realty LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated.
R ESEARCH | Lower Fairfield County 2023 | 3
Lower Fairfield County Overview SINGLE FAMILY/COOP/CONDO
Closed Sales
Average PPSF
5,158
$516
Median Price
Sold Dollar Volume
$880K
$7B
21% YEAR OVER YEAR
5 . 3 % YEAR OVER YEAR
10.5% YEAR OVER YEAR
15% YEAR OVER YEAR
Inventory
% List Price Rec’d
6,134
103%
20% YEAR OVER YEAR
NO CHANGE YEAR OVER YEAR
The Lower Fairfield County market encompasses the western towns along the Fairfield County coast. These towns include Greenwich, Stamford, Darien, New Canaan, Norwalk, Westport, Fairfield, Easton, Wilton, Weston, Redding, and Ridgefield. Throughout 2023, this market faced the challenge of the lowest recorded number of homes for sale, fostering heightened competition and numerous instances of multiple bids. The trend of migration from the primary feeder market, New York City, to suburban areas, particularly wellestablished ones, persisted strongly. The number of homes for sale in the area plummeted 20% from 7,865 in 2022 to 6,134 in 2023 marking all-time lows. Closed sales dropped 21% YoY while the median sale price increased 5.3% from $880,000 from $835,000 in 2022. Experts anticipate an increase in inventory in 2024, coupled with a slight reduction in interest rates. However, the pace of this shift may be gradual, as both buyers and sellers carefully weigh their decisions. Given the market's discerning buyers, strategic pricing remains crucial. Despite the challenges, this is still a great time to sell.
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Sales
Inventory
Residential home sales were down by 21% YoY across Lower Fairfield County as a
Buyer demand remained steady throughout the year forcing the market to remain
result of anemic inventory. The market remained strong due to the continued high
competitive. Inventory levels were down on average by 20% across Lower Fairfield County
demand throughout the year. The average sale price increased 8% vs 2022 from
with the largest drop occuring in Ridgefield by 28% from 508 listings in 2022 to just 366 in
$1.35M to $1.46M, while the average PPSF was $429, up 9% vs $393 in 2022.
2023.
Closed Sales
2023
2022
% C hg/ yr
GREENWICH
706
852
-17.1%
WESTPORT
351
472
DARIEN
253
NEW CANAAN
Active Inventory
2023
2022
% C hg/ yr
GREENWICH
838
1,068
-21.5%
-25.6%
WESTPORT
471
615
-23.4%
304
-16.8%
DARIEN
488
358
-19.6%
278
335
-17%
NEW CANAAN
333
404
-17.6%
WESTON
160
195
-17.9%
WESTON
194
231
-16%
WILTON
229
290
-21%
WILTON
275
327
-15.9%
FAIRFIELD
680
841
-19.1%
FAIRFIELD
802
1,027
-22%
RIDGEFIELD
326
423
-22.9%
RIDGEFIELD
366
508
-28%
REDDING
108
147
-26.5%
REDDING
150
169
-11.2%
EASTON
92
113
-18.6%
EASTON
127
150
-15.3%
NORWALK
843
1,133
-25.6%
NORWALK
957
1,237
-22.6%
STAMFORD
1,132
1,552
-27.1%
STAMFORD
1,333
1,771
-24.7%
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Median Sale Price
Median Sale Price The graph to the right represents the median sale price of residentials homes by town for 2023 compared to 2022, a year over year comparison. The average median sale price was $880,000. Ridgefield witnessed the largest increase in median sale price up 14% YoY from $799K in 2022 to $912K in 2023. The average sale price was up across the board with the largest increase in Darien, up 20% from $1.98M to $2.38M.
$2,000,000 $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $-
2023
2022
% List Price Received
Sale Price to List Price Ratio The chart to the right represents the sale to list price ratio for the sales of residential homes in 2023 vs 2022, a year over year comparison. There is a variation of ratios here by town with the
106.00% 105.00% 104.00% 103.00% 102.00% 101.00%
100.00%
largest increase seen in Norwalk, up 2.1% from 102.4% of list price
99.00%
received in 2022 vs 104.5% in 2023. Wilton succeeded in the largest
98.00%
sale to list price ratio at a whopping 105.5% with no change YoY.
2023
2022
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Inventory
Inventory The graph to the right represents the active inventory of homes by town for 2023 compared to 2022, a year over year comparison. The number of homes for sale decreased by 20% across the board YoY. Stamford witnessed the largest decline in inventory with just 1,333 homes for sale in 2023 vs 1,771 in 2022, a 25% decrease.
1800 1600 1400 1200 1000 800 600 400 200 0
2023
2022
Sold $ Volume
Sold $ Volume The chart to the right represents the sold dollar volume of all homes in 2023 vs 2022, a year over year comparison. The largest decline in sold dollar volume occurred in Westport, down 24% YoY from $1B in 2022 to $811M in 2023. Darien witnessed the smallest decline YoY down 0.2% from $602M in 2022 to $601M in 2023.
$2,500,000,000 $2,000,000,000 $1,500,000,000 $1,000,000,000 $500,000,000 $-
2023
2022
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Greenwich Market
Greenwich Active Inventory 1800 1600 1400 1200 1000 800 600 400 200 0 2018
2019
2020 CONDO
2021
2022
2023
SINGLE FAMILY
Stamford Market
RESEARCH
Single Fam/Condo/Coop
2023
2022
%CHG (YR)
ACTIVE INVENTORY
838
1,068
-21.5%
CLOSED
706
852
-17.1%
AVG DOM
35
37
-5.4%
DOLLAR VOLUME
$2,075,673,879
$2,180,222,167
-4.8%
MEDIAN PRICE
$1,995,000
$1,958,750
1.9%
AVERAGE PRICE
$2,940,048
$2,558,946
15%
100.6%
100.7%
-0.1%
AVG % OF LIST PRICE
RESEARCH
Stamford Closed Sales
Single Fam/Condo/Coop
2023
2022
%CHG (YR)
ACTIVE INVENTORY
1,333
1,771
-24.7%
CLOSED
1,132
1,552
-27.1%
AVG DOM
41
46
-10.9%
DOLLAR VOLUME
$757,419,898
$970,265,317
-21.9%
400
MEDIAN PRICE
$575,000
$541,500
6.2%
200
AVERAGE PRICE
$669,099
$625,171
7%
0
AVG % OF LIST PRICE
102.6%
101.7%
0.9%
1200 1000
800 600
2018
2019
2020 CONDO
2021 SINGLE FAMILY
2022
2023
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Darien Market
Darien Active Inventory 300 250 200 150
100 50 0 2018
2019
2020 CONDO
2021
2022
2023
SINGLE FAMILY
Single Fam/Condo/Coop
2023
2022
%CHG (YR)
ACTIVE INVENTORY
288
358
-19.6%
CLOSED
253
304
-16.8%
AVG DOM
38
40
-5%
DOLLAR VOLUME
$601,756,293
$602,827,684
-0.2%
MEDIAN PRICE
$1,875,000
$1,680,251
11.6%
AVERAGE PRICE
$2,378,483
$1,982,986
19.9%
103.3%
103.7%
-0.4%
AVG % OF LIST PRICE
New Canaan Market
RESEARCH
Single Fam/Condo/Coop
2023
2022
%CHG (YR)
ACTIVE INVENTORY
333
404
-17.6%
CLOSED
278
335
-17%
AVG DOM
62
70
-11.4%
$1,500,000
DOLLAR VOLUME
$554,564,401
$653,957,448
-15.2%
$1,000,000
MEDIAN PRICE
$1,752,500
$1,695,000
11.6%
$500,000
AVERAGE PRICE
$1,994,836
$1,963,836
1.6%
$-
100.7%
101.9%
-1.2%
AVG % OF LIST PRICE
RESEARCH
New Canaan Average Sale Price $2,500,000 $2,000,000
2018
2019 CONDO
2020
2021 SINGLE FAMILY
2022
2023
R ESEARCH | Lower Fairfield County 2023 | 9
Norwalk Market
Norwalk % of List Price 108.00%
RESEARCH
Single Fam/Condo/Coop
2023
2022
%CHG (YR)
ACTIVE INVENTORY
957
1,237
-22.6%
CLOSED
843
1,133
-25.6%
98.00%
AVG DOM
36
44
-18.2%
96.00%
DOLLAR VOLUME
$589,815,727
$758,638,354
-22.3%
MEDIAN PRICE
$570,000
$521,000
9.4%
AVERAGE PRICE
$699,663
$669,584
4.5%
103%
103%
0%
106.00% 104.00% 102.00% 100.00%
94.00% 92.00% 2018
2019
2020
CONDO
2021
2022
2023
SINGLE FAMILY
Wilton Market
AVG % OF LIST PRICE
RESEARCH
Wilton Inventory
Single Fam/Condo/Coop
2023
2022
%CHG (YR)
ACTIVE INVENTORY
275
327
-15.9%
CLOSED
229
290
-21%
AVG DOM
39
45
-13.3%
150
DOLLAR VOLUME
$257,084,934
$315,330,429
-18.5%
100
MEDIAN PRICE
$1,042,000
$962,500
8.3%
50
AVERAGE PRICE
$1,122,642
$1,087,346
3.2%
0
105.5%
105.5%
0%
AVG % OF LIST PRICE
250 200
2018
2019
2020 CONDO
2021 SINGLE FAMILY
2022
2023
R ESEARCH | Lower Fairfield County 2023 | 10
Westport Market
Westport Average Sale Price
RESEARCH
$2,500,000
Single Fam/Condo/Coop
2023
2022
%CHG (YR)
$2,000,000
ACTIVE INVENTORY
471
615
-23.4%
CLOSED
351
472
-25.6%
AVG DOM
58
52
11.5%
DOLLAR VOLUME
$811,216,487
$1,062,092,843
-23.6%
MEDIAN PRICE
$1,914,000
$1,875,000
2.1%
AVERAGE PRICE
$2,311,158
$2,250,197
2.7%
101.8%
103.5%
-1.6%
$1,500,000 $1,000,000 $500,000 $-
2018
2019
2020
CONDO
2021
2022
2023
AVG % OF LIST PRICE
SINGLE FAMILY
Fairfield Market
RESEARCH
Fairfield Active Inventory
Single Fam/Condo/Coop
2023
2022
%CHG (YR)
ACTIVE INVENTORY
802
1,027
-22%
CLOSED
680
841
-19.1%
AVG DOM
45
46
-2.2%
DOLLAR VOLUME
$707,136,368
$837,966,042
-15.6%
200
MEDIAN PRICE
$800,000
$784,000
2%
100
AVERAGE PRICE
$1,039,906
$996,392
4.4%
0
102.6%
102.1%
-0.5%
AVG % OF LIST PRICE
600 500
400 300
2018
2019
2020 CONDO
2021 SINGLE FAMILY
2022
2023
R ESEARCH | Lower Fairfield County 2023 | 11
Easton Market
Easton Closed Sales 200 150 100 50 0 2018
2019
2020
2021
2022
2023
SINGLE FAMILY
Weston Market
Single Fam
2023
2022
%CHG (YR)
ACTIVE INVENTORY
127
150
-15.3%
CLOSED
92
113
-18.6%
AVG DOM
48
51
-5.9%
DOLLAR VOLUME
$87,737,300
$104,317,499
-15.9%
MEDIAN PRICE
$872,500
$875,000
-0.3%
AVERAGE PRICE
$953,666
$923,164
3%
AVG % OF LIST PRICE
101.8%
102.3%
-0.5%
RESEARCH
Weston Average Sale Price
Single Fam
2023
2022
%CHG (YR)
ACTIVE INVENTORY
194
231
-16%
CLOSED
160
195
-17.9%
$1,000,000
AVG DOM
46
54
-14.8%
$800,000
DOLLAR VOLUME
$211,705,485
$258,464,943
-18.1%
$600,000
MEDIAN PRICE
$1,260,000
$1,175,000
7.2%
AVERAGE PRICE
$1,331,481
$1,325,461
0.5%
104.5%
104.5%
0%
AVG % OF LIST PRICE
RESEARCH
$1,400,000 $1,200,000
$400,000 $200,000 $2018
2019
2020
2021
SINGLE FAMILY
2022
2023
R ESEARCH | Lower Fairfield County 2023 | 12
Redding Market
Redding Active Inventory 120 100 80 60 40 20 0 1
2
3 CONDO
4
5
6
SINGLE FAMILY
Ridgefield Market
Single Fam/Condo/Coop
2023
2022
%CHG (YR)
ACTIVE INVENTORY
150
169
-11.2%
CLOSED
108
147
-26.5%
AVG DOM
43
55
-21.8%
DOLLAR VOLUME
$105,767,514
$132,604,443
-20.2%
MEDIAN PRICE
$804,500
$799,900
0.6%
AVERAGE PRICE
$979,329
$902,071
8.6%
AVG % OF LIST PRICE
103.3%
103.7%
-0.4%
RESEARCH
Ridgefield Average Sale Price
Single Fam/Condo/Coop
2023
2022
%CHG (YR)
ACTIVE INVENTORY
94
113
-16.8%
CLOSED
278
335
-17%
$1,000,000
PENDED
288
311
-7.4%
$800,000
AVG DOM
62
70
-11.4%
$600,000
DOLLAR VOLUME
$554,564,401
$653,957,448
-15.2%
AVERAGE PRICE
$1,994,836
$1,963,836
1.6%
100.7%
101.9%
-1.2%
AVG % OF LIST PRICE
RESEARCH
$1,400,000 $1,200,000
$400,000 $200,000 $2018
2019 CONDO
2020
2021 SINGLE FAMILY
2022
2023
R ESEARCH | Lower Fairfield County 2023 | 13
Westport
Summary by Towns Single Family
SALES
MEDIAN PRICE
INVENTORY
327
$2M
430
-25%
0%
-20%
Fairfield
Greenwich SALES
MEDIAN PRICE
INVENTORY
527
$2.5M
645
-17%
20%
-19%
RIDGEFIELD
REDDING
SALES
MEDIAN PRICE
INVENTORY
561
$840K
670
-23%
4%
-25%
EASTON
Stamford
Easton
WESTON
SALES
MEDIAN PRICE
INVENTORY
543
$810K
645
-30%
8%
-29%
WILTON FAIRFIELD NEW CANAAN
Darien SALES
MEDIAN PRICE
INVENTORY
235
$1.9M
267
-17%
14%
INVENTORY
92
$873K
126
-19%
0.2%
-16%
Weston
STAMFORD
GREENWICH
MEDIAN PRICE
WESTPORT
NORWALK
-20%
SALES
SALES
MEDIAN PRICE
INVENTORY
160
$1.26M
194
-18%
7%
-16%
DARIEN
New Canaan
Redding
SALES
MEDIAN PRICE
INVENTORY
210
$2M
-20%
4%
281
SALES
MEDIAN PRICE
INVENTORY
106
$825K
146
-13%
-27%
3%
-13%
Norwalk
Wilton
SALES
MEDIAN PRICE
INVENTORY
539
$655K
623
-23%
3%
-20%
Ridgefield
SALES
MEDIAN PRICE
INVENTORY
SALES
MEDIAN PRICE
INVENTORY
195
$1.1M
241
277
$1M
317
-24%
8%
-17%
-32%
18%
-28%
R ESEARCH | LUXURY REPORT Q3 2023 | 14
Luxury Market LOWER FAIRFIELD COUNTY
Closed Sales
Average PPSF
523
$553
-15% YOY
The top 10% of real estate sales represents the luxury market in Lower Fairfield County. The price points across towns vary significantly. As a whole, the luxury housing market in Lower Fairfield County remained strong in throughout 2023. Inventory levels in this segment were down only 1% YoY while the number of luxury home sales dropped 15% with 523 closed sales vs 604 sales in 2022. The $3.9M average sale price exceeded 2022 by 15% from $3.3M. Luxury real estate buyers continue to seek out space, privacy, amenities and turnkey properties.
17% YOY
Luxury Home Price Points by Town
Average Price
$3.3M 12% YOY
Inventory
736 1% YOY
GREENWICH
$5.5M
WESTPORT
$4.1M
DARIEN
$3.5M
NEW CANAAN
$3.3M
WESTON
$2.1M
WILTON
$1.9M
FAIRFIELD
$1.8M
% List Price Rec’d
RIDGEFIELD
$1.6M
102%
REDDING
$1.4M
EASTON
$1.2M
NORWALK
$1.2M
STAMFORD
$1.2M
Sold Dollar Volume
$1.28B 8% YOY
UNCHANGED YOY
SOURCES: Data is deemed reliable but not assured as exact. Assessor Records, DOMUS Analytics, MLS Databases, Proprietary Info & Valuation Tools.
R ESEARCH
| Lower Fairfield County 2023 | 15
Top 10 Highest Priced Sales Below are the top ten priciest sales throughout Lower Fairfield County in 2023. We witnessed some major discounts off original ask, 591 Riversville Road in Greenwich being the heaviest which went to market for $40M and sold for $15M. Umpawaug Road in Redding stands out as the sole property in the top 10 list that achieved a sale price exceeding the asking price by an impressive 15%.
Address
Original Ask
Sold Price
SP/OLP
Sold Date DOM SqFt +/ - Year Built
$/SF
499 Indian Field Road, Greenwich
$ 150,000,000
$138,830,000
19 Great Island, Darien
$ 100,000,000
18 Close Road, Greenwich
-7%
8/2/2023
174
13,519
1896
$10,269
50
8
8
2
$ 85,000,000
-15%
5/5/2023
111
13,170
1902
$ 6,454
60.92
10
8
2
$ 40,000,000
$ 30,000,000
-25%
8/17/2023
668
14,887
2020
$ 2,015
27.19
6
8
2
7-11 Old Stagecoach Road, Ridgefield
$ 28,000,000
$ 24,000,000
-14%
4/17/2023
538
9,759
2009
$ 2,459
87
5
6
3
1 Indian Chase, Greenwich
$ 27,950,000
$ 22,890,000
-18%
9/26/2023
286
11,465
1913
$ 1,997
1.81
7
5
3
280 & 278 Otter Rock Drive, Greenwich
$ 20,000,000
$ 15,125,000
-24%
8/16/2023
281
7,170
1945
$ 2,109
2.36
5
5
3
591 Riversville Road, Greenwich
$ 40,000,000
$ 15,000,000
-63%
6/21/2023
814
13,343
1775
$ 1,124
17.2
7
9
4
18 Pilot Rock Lane, Riverside
$ 15,995,000
$ 14,650,000
-8%
9/19/2023
41
7,400
1958
$ 1,980
1.2
5
6
1
16 Deer Park Drive, Greenwich
$ 14,950,000
$ 13,500,000
-10%
3/6/2023
232
10,743
1947
$ 1,257
3.02
6
7
2
187/185 Umpawaug, Redding
$
$ 11,500,000
15%
9/26/2023
56
9,720
2014
$ 1,183
40.95
7
6
3
9,990,000
Acres +/ - # Bdrms # FBths # HBths
R ESEARCH | Lower Fairfield County 2023 | 16
Methodology METRICS
SOURCE
CLOSED SALES the number of properties sold in a given period.
Figures in this report are based on publicly reported closed sales
information via the Smart Multiple Listing Service, InfoSparks, CRS, PENDING AND CONTRACTS SIGNED figures for the number of properties sold and newly under contract based on purchase contract date. DAYS ON MARKET ( D O M )
is the median number of days
between when a property is listed and the contract date.
Town of Greenwich Assessor, Domus Analytics, Greenwich Multiple Listing Service, an independent proprietary information and valuation tools. DISCL AIMER
Real estate agents affiliated with Corcoran Centric Realty are independent contractors and are not employees of Corcoran
AVERAGE PRICE PER SQUARE FOOT is the average price divided by the average square footage.
Centric Realty. Corcoran Centric Realty is a licensed real estate broker located at 103 Mason Street, Greenwich, CT 06830. All material presented herein is intended for information purposes only
MEDIAN PRICE AND PRICE PER SQUARE FOOT ( P P S F ) are the middle or midpoint price where half of sales fall below and half fall above this number.
and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal notice.
INVENTORY is a count of all currently listed properties for sale at the end of the month, based on the contract date.
THE FOLLOWING MEMBERS MADE SIGNIFICANT CONTRIBUTIONS TO THIS REPORT: Sydney Hubbell
I
Jeffrey Jackson
I
Clare Bolduc