Few listings, sustained demand keeps Fairfield home prices near record highs

The median sale price was $550K as half of all homes went for above asking

Prices for the few homes in Fairfield are still going up (iStock)
Prices for the few homes in Fairfield are still going up (iStock)

Sparse inventory continues to push home prices through the roof in Fairfield County, Connecticut.

The median sale price for a home in the county was $550,000 in the third quarter, the second-highest mark in history — trailing only the previous quarter, when the median sale price was $570,000 — according to a report by Douglas Elliman by appraiser Miller Samuel.

The median sale price was 4.8 percent higher than it was a year ago, when the suburban market was overwhelmed with demand as sales in Manhattan cratered. Prices were up 31.6 percent from the same period in 2019.

The high price point was driven by the unusually low amount of homes available in Fairfield, which continues to see heavy demand, said Jonathan Miller, who authored the report. Roughly 2,265 homes are available for sale, down 25.8 percent from a year ago and up 0.5 percent from the previous quarter.

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Consistent with the second quarter, half of all sales in the third quarter were above asking price.

In affluent Greenwich, where single-family homes represented 83 percent of the market in the third quarter, sales activity rose to an all-time high of 328 deals. It was the second quarter in a row in which sales activity set a record, Miller said.

Meanwhile, the number of homes for sale in Greenwich fell to an all-time low, with 266 single-family homes and 44 condos available.

The average size of condos sold in Greenwich fell to 1,858 square feet, a 14.4 percent year-over-year decline. The median price of a condo in the submarket was down 3.3 percent annually, now that most of the larger properties have been snatched up, Miller said.

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