The 2021 Real Estate Market maintained momentum but felt less panicked than in 2020. The number of sales decreased slightly from 556 to 482 mostly due to a lack of inventory, which remains challenging. Buyers are still out in force and homes are selling in 60 days on average, as opposed to 70 days in 2020. The overall sales volume only differed by $38,000 from 2020 on a total sales volume of $451,645,946. Homes also generally sold at or above asking.
Looking ahead, while it continues to be a seller’s market, the frenzied pace of 2020 has subsided to a dull roar. There are still plenty of buyer’s looking for homes, and with mortgage rates expected to rise slightly – although still remaining historically low – there is a sense of urgency to find the perfect property. Inventory remains the biggest challenge, but we are encouraged already this year with many sellers’ reaching out to begin the process of listing their home. Ridgefield has benefited from continued remote work options and the quality of life and vibrancy of our town is clearly getting noticed. We also continue to see Ridgefield residents trading up and down in this market, which speaks volumes for our community.
• There was a 13% decrease in the number of homes sold in 2021 compared to 2020
• There was a 15% increase in the median sales price year over year
• There was a 15% increase in the average sales price year over year
• Homes priced in the $1.0 to $1.25 million range saw an increase from 47 to 70 sales this year
• The higher end of the Ridgefield luxury market – over $2 million – saw huge gains with 19 sales in 2021 compared to 11 in 2020
• The highest value home sold in Ridgefield in 2021 was $6.6 million
2021 continued to boast favorable market conditions for towns throughout Fairfield County. While many places saw double digit growth in median sales value, the number of sales decreased year over year in most areas. Greenwich, New Canaan, Norwalk and Stamford were exceptions to this rule and experienced large gains in both the number and value of their single-family home sales. Weston experienced an unprecedented growth in median sales price (35%) over 2020. As is being felt everywhere, if inventory stays fluid, we expect to continue to see price and the number of sales hold steady