Ridgefield 2020 Year In Review Real Estate Market Report
Ridgefield Market Snapshot
2020 started out strong, but the year came to a grinding halt in March as we all sheltered in place due to Covid-19. When real estate was allowed to resume towards the end of April, a torrent of buyers from NYC and other urban areas created unprecedented demand for homes in Westchester and Fairfield counties. The number of single-family home sales in Ridgefield increased by 70% year over year with 556 units selling this year as compared to 327 in 2019. In addition, the total sales volume increased 93.5% in 2020 with $451,684,839 in total sales compared to $233,379,725 last year.
Price gains were seen throughout the Ridgefield single family home market with the Median Sales Price increasing from $628,250 to $707,500, representing an overall increase of 12.6%. The Average Sales Price also increased by 14% from $713,699 to $812,383. The Days On Market decreased with homes spending 70 days on the market before selling, as compared to 167 in 2019. The List to Sales Price Ratio rose from 96.5% to 97.8% with many homes receiving offers above asking price or even multiple offers.
Demand for single-family homes increased at all price points, however, the greatest boost came in properties selling between $1-million and $1.5-million. Sluggish sales over the past few years were reversed with a 217% gain from 24 sales last year to 76 this year. The luxury market – defined as homes selling for more than $1.5-million – also saw appreciable gains with a 128% rise from 18 to 41 sales, and the under $1-million sales increased 54% from 285 to 439. In general, homes that had been updated were often selling at or above their listed price.
Trends In The Market
- As people reevaluate their lifestyles in the wake of the pandemic, many are finding their home a sanctuary. People are moving out of cramped urban spaces to more residential neighborhoods in the suburbs.
- While the market has transitioned to benefit the seller, buyers are still wary of creating a ‘bubble’ and will continue to be reasonable in their offer strategy.
- A shortage of inventory will continue to place pressure on first-time and even ‘move-up’ buyers as continued demand outweighs supply.
- It is increasingly important to understand how the market changes we are seeing breaks down by price and segment, as not all gains are the same across the board.
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