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.
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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.