The Murtaugh Minute in Ridgefield’s Hamlet Hub

Karla Murtaugh answered some pressing Real Estate questions for Ridgefield’s Hamlet Hub.  Here’s where she thinks the market is going.


Q: What is going on with the real estate market these days? Are we still in the surge, as crazy as it was?

A: The market is not as crazy as it has been – it’s more fluid and balanced. I feel we’re on our way to a more normal market. We’re hearing a lot of comparisons to 2019 right now, particularly the second half of 2019 since we were starting to see a definite uptick in the market at that point. The lack of inventory is still driving this market and allowing prices to remain steady. Supply and demand is in full force.


Q: Is it still a good time to list my house?

A: Absolutely. There are plenty of buyers still in the market. Buyers fall into two camps – they are either new to the market now that it’s a little calmer, or took a break because they were exhausted by the frenzy of the past two plus years, but have decided to reenter again. You can feel confident entering the market right now, no matter whether you’re a buyer or a seller.


Q: Is it a good time to buy?

A: Definitely. At Karla Murtaugh Homes we are working with a number of buyers across all price points and there’s just not enough inventory to service them all. We are still seeing multiple offers, but generally they are coming in on properties that are as turnkey as possible and priced properly.


Q: What is one of the misconceptions you’re hearing a lot?

A: We always have to remind ourselves that real estate is hyper local. The national sound bites and headlines do not apply in Ridgefield right now. A lot of the numbers that are floating out there in headlines are comparing us to 2020 and 2021. The big, big difference is that there was so much more inventory to sell then, and a lot of the headlines aren’t giving any explanation or context.


Q: What about interest rates?

A: Though they have hedged up, they’re still not unreasonable especially when you look back and compare to where they’ve been throughout history. Most lenders are now suggesting a shorter-term variable rate. I don’t believe they’ll go back to below 4%, which is fine because that’s unsustainable, but hopefully the economic indicators will continue to show they will drop again soon.


Check out our 2022 Year End Real Estate Market Report here.

You Just Moved To Ridgefield With Kids. Now What?

Ridgefield is an absolutely fabulous place to raise a family! Excellent schools, plenty of activities, the first Cultural District in the state of Connecticut, close proximity to NYC and it’s consistently one of the safest towns in America.

So you just moved here and have kids in elementary and/or middle schools. Welcome! Now what? Our first recommendation is to get connected to the Ridgefield Newcomers, Ridgefield Moms Club, or another group where you can meet other families who are new to town.

Our area is home to plenty of parks, museums and playgrounds that you can check out with your little ones. Here are a few of our favorites:

  • Ballard Park in downtown Ridgefield has a fabulous new playground, beautiful gazebo and lovely gardens plus fabulous free CHIRP concerts in the summer.
  • Ambler Farm in Wilton celebrates our community’s agrarian roots through active learning programs, sustainable agriculture, responsible land stewardship, and historic preservation. They hold plenty of programs year-round and are home to many animals you can visit every day.
  • Woodcock Nature Center in Wilton offers terrific hiking trails and camps.
  • Stepping Stones Children’s Museum and The Maritime Aquarium are both located in Norwalk with plenty of programs for kids of all ages.
  • Silverman’s Farm in Easton is home to a petting zoo and plenty of pick-your-own fruit orchards.

The Boys & Girls Club of Ridgefield is an outstanding organization that I’ve been proud to support for many years. They offer an incredible variety of programs and services, including their Torch Club which is a National leadership and service club for Middle School Age Club members. The program focuses on character development, community service, and social skills in a fun and creative environment.

Head to the Ridgefield Library and learn more about their many programs for children, including Reading to ROAR (Ridgefield Operation for Animal Rescue), Scrabble Club STEAM Corner, and Chess Club. They also have plenty of programs, seminars and book clubs for parents, and their daily newsletter contains a lot of valuable community resources.

Don’t miss The Prospector Theater, a 501(c)(3) non-profit dedicated to providing competitive and integrated employment to people with disabilities through the operation of a premium, first-run movie theater located right here in Ridgefield. In addition to their incredible mission, they show family-friendly movies and serve gourmet treats. Plus, it’s a fabulous date night destination!

Ridgefield Parks and Rec offers a plethora of classes and activities, from aquatics and dance to glee club and drop-in courses.

We highly recommend you subscribe to newsletters like Hamlet Hub for more information on what’s happening here in town!

We are proud to welcome you to our community and hope you love it as much as we do!

Ridgefield 2022 Year End Real Estate Market Report

2022 proved to be another strong year in residential real estate. While pricing remains elevated above pre-pandemic levels, we are seeing a slowdown in the number of homes sold. There was a 24% drop in the number of sales from 482 to 366 in 2022. The total dollar volume sold decreased by 20% to $360,490,826. Buyer demand is still strong with homes spending an average of 46 days on the market compared to 60 in 2021. Prices increased with the Median sales price rising 7% over last year to $870,000 and the Average sales price rising 5% to $984,948. Homes also continued to sell above asking price particularly in the first half of 2022.

Download the FULL REPORT including charts, graphs and additional stats

Looking Ahead
Since mid-2020 we have seen home prices elevate at an exceptional rate due to the pandemic. The demand caused by the influx of buyers to our local towns, coupled with exceptionally low mortgage rates created a perfect storm. The main concern going into 2023 is the lack of available housing inventory. There are many qualified buyers in the market for homes at all price points, but supply and demand continues to remain out of balance. This lack of inventory will allow prices to hold somewhat steady. Towns such as Ridgefield, which offer a sophisticated, suburban lifestyle & award-winning schools, are still in demand. New residents are taking advantage of the amenities with no desire to return to cities. The outlook of most economists is that we may see the market move towards a more balanced buyer/ seller dynamic in 2023 with seasonality returning to the buying/selling timeline.

The Luxury Market
Sales in the luxury home market (over $1.5 million) continued to have a strong showing in 2022. 40 homes sold in this price point compared with 44 in 2021 and 41 in 2020. We have seen luxury buyers come from all areas of the country, with a particularly large number migrating east from as far west as Texas and California. There have also been buyers moving locally as the opportunity to trade-up presented itself.