As we approach the end of 2022, it has proven to be another strong year in residential real estate. Since mid-2020 we have seen home prices elevate at an exceptional rate due to the pandemic, but now the surge is over. We have seen a seasonality return to the real estate market, which bodes well for the typically busy Spring market and the main concern going into 2023 continues to be the lack of available housing inventory. The outlook of most economists is that we may see the market return to a more balanced buyer/seller dynamic in 2023.
In November 2022 there were 21 single family homes that sold in Ridgefield compared to 29 the year before. Year to date, total sales are down 23% from 453 in 2021 to 348 this year. Overall sales volume is also down 20% year over year, but median and average pricing is still elevated.
Year to date, the median sales price is up from $817,000 in 2021 to $875,032 in 2022. This represents a 7% jump over last year. The average sales price was $986,003 year to date in 2022 compared to $943,631 in 2021 – a 5% jump. With fewer houses on the market, many qualified buyers still looking despite increased mortgage rates, and prices holding steady, all factors point to a good time to sell.
It’s also important to assess how the market is doing in retrospect back to 2019 pre-pandemic times. Sales and values are up across the board from 2019 even as the market is slowing. For a snapshot of how they compare, scroll through the images on this page.
The demand caused by the influx of buyers to our local area, coupled with exceptionally low mortgage rates created a perfect storm in 2020 and 2021. The resulting ability to work from home either hybrid or full-time continues to benefit desirable towns such as Ridgefield, which offer a sophisticated, suburban lifestyle & award-winning schools.
To see a snapshot of how all Fairfield County towns fared in November, check out the comprehensive Compass market report here.