The year-to-date Ridgefield real estate market is a mixed bag of results due to a lack of inventory. While we had a strong third quarter, the number of sales – and as a result – the overall sales volume, was down 24% and 19% respectively over the same time in 2021. However, the good news is that prices are holding steady. The median and average sales prices are still up 6% over the same period in 2021 and up 30% from 2020. While this is encouraging, the lack of inventory plus rising interest rates are starting to create a slight slowdown. For sellers, now is a great time to put your home on the market. For buyers, while interest rates may be elevated over the same time last year, they are still historically low, so it is still a great time to buy. Overall, we hope to see the seasonality remain in the market. The balance is already returning with buyers & sellers equally negotiating to create a favorable environment for their sale.
Decrease YTD in SFH sales from 393 in 2021 to 300 in 2022
Overall sales volume decreased due to the drop in sales
List to sales price ratio reflected over-asking offers
Median sales price YTD increased from $825,000 to $875,000
Average sales price YTD increased from $931,726 to $987,920