Ridgefield 2022 Mid-Year Market Report

The first of half of 2022 saw the market slow from a frantic scramble to a more manageable, but still in-demand pace. The number of sales and total sales volume were down significantly, while the median and average sales prices rose a few percent over the same time in 2021. Inventory continues to be a challenge and is sitting at 3 months, which is the same as in 2021. There are still plenty of buyers ready to purchase homes that are priced properly and in good condition, and the median days on market in the first half of the year was 30 days compared to 48 last year. Homes are selling at 103% of list price as well.

Sellers seemed hesitant to jump into the market in the early days of 2022 and inventory was a real challenge throughout the first couple of months. However, with interest rates remaining historically low, we started to see seller confidence climb again and buyers were quick to jump on properties that offered amenities, location, and updates. Multiple offer situations were common but have slowed slightly as
we move into the traditionally slower summer months of Q3. Prices are holding firm even in the face of rising inflation concerns and increasing interest rates. The luxury market continues to do well with investors taking refuge in the real estate market, even as the stock market continues with volatility. Inventory levels are still at historic lows with only 3 months of inventory currently available, which is good news for those looking to sell. There’s also good news for buyers as the market seems to be becoming more balanced and less frenzied offering a return to a more traditional pattern of purchasing with mortgage, appraisal and inspection contingencies.

The luxury market – billed as sales over $1.5 million – continued to dominate over past years. There were 16 luxury sales in the first half of the year, compared with 22 in the first half of 2021. As a percentage of total sales this represents
a 1% increase over 2021, and a 5% increase over 2019 (our last ‘non-covid’ real estate market). We also just closed the highest priced sale to date of spectacular ‘Hilltop Estate’ for $4.4 million.