via Hamlet Hub

By Karla Murtaugh | Published on October 16, 2022

The year-to-date Ridgefield real estate market is a mixed bag of results due to a lack of inventory. While we had a strong third quarter, the number of sales - and as a result - the overall sales volume, was down 24% and 19% respectively over the same time in 2021. However, the good news is that prices are holding steady. The median and average sales prices are still up 6% over the same period in 2021 and up 30% from 2020.

While this is encouraging, the lack of inventory plus rising interest rates are starting to create a slight slowdown. For sellers, now is a great time to put your home on the market. For buyers, while interest rates may be elevated over the same time last year, they are still historically low, so it is still a great time to buy. Overall, we hope to see the seasonality remain in the market. The balance is already returning with buyers & sellers equally negotiating to create a favorable environment for their sale.

Our sister town of Wilton enjoyed a surge in pricing due to carryover from low inventory in the more coastal Fairfield County towns. Prices are up, with the median sales price reaching a high 13% above 2021 numbers, and the average price increasing 11% as well. The town also benefited from desirable inventory in the $1 million plus segments in the recent past. However, we are starting to see drop-offs in the number of closed sales and the overall sales volume as of this quarter.

As with most towns, lack of inventory continues to be a problem. The good news is that homes are selling for over the asking price and we are still seeing multiple offer situations for those priced properly and in good condition. Overall, the market is still strong compared to the years before the pandemic, and buyers and sellers should continue to view real estate as a solid investment.