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Fairfield Market Report September 2022
Market Overview
Home prices in Fairfield continued to drop for a third straight month. The median sales price for a single family house fell to $829,500 in August from $875,000 in July, a 5.20% decline. However, home values are still up from the start of the year by 13.24%, and up 6.89% over the previous 12 months. Fairfield is starting to feel the cooling off in the housing market that most of the country has been experiencing for the past few months as interests rates have rapidly risen. After some weeks of decline in July, the 30 year fixed rate started climbing again earlier in the month and had reached a new 13 year high of 5.89% by the end of the first week of September. Fewer homes sold in August compared to July, down from 90 to 80, and active listings were also down, from 184 in July to 164 in August. New listings also decreased for the fourth straight month, down to 62 from 77 in July. It took homes on average 30 days to sell in August, which was the same as the previous month. Although prices have decreased, Fairfield still remains in a seller’s market, as the months of supply dropped for the third straight month from 2.9 months to 2.6 months. It is considered a balanced market between buyers and sellers when months of supply is in the range of 4-6 months. Since inventory is currently so low, and buyers are still looking, sellers still have the advantage and homes are still selling quickly. While bidding wars are no longer the norm, sellers, on average are still getting asking price, as the % of list price to sales price was 101.4%. As interest rates continue to rise, some buyers may back out of the market and sellers may have to make some concessions on price and buyer requests, moving to market to a more balanced position. This pattern has been consistent over the past several years as more homes are sold in the Summer and less are sold in the Fall. Overall, homes are still selling and at record prices. For anyone considering a move, this is still a great time to sell a house in Fairfield. Do you know anyone looking for more information about their real estate market? I’d be happy to help.
12 Month Sales Activity
Housing Stats
(change from previous month)
| Current Month | Previous Month | 12 month ago | |
| Median Sale Price: | $829,500 | $875,000 | $776,000 |
| change: | -5.20% | 6.89% | |
| YTD change: | 13.24% | ||
| Units Sold: | 80 | 90 | 107 |
| change: | -11.11% | -25.23% | |
| Active Listings: | 164 | 184 | 184 |
| change: | -10.87% | -10.87% | |
| New Listings: | 62 | 77 | 77 |
| change: | -19.48% | -19.48% | |
| Days on Market: | 30 | 30 | 38 |
| change: | 0.00% | -21.05% | |
| Months of Supply: | 2.6 | 2.9 | 2.2 |
| change: | -10.34% | 18.18% |
Interest Rates
Absorption Rate
The Absorption Rate, also know as Months Of Supply, is a great measure of the current market conditions. It indicates the number of months it would take the current number of houses on the market to sell if no additional houses came on the market. A months of supply under 4 is considered a seller’s market. Between 4 – 6 months would be a balanced market while over 6 months is considered a buyer’s market.
Local Real Estate Price Trends
| Curent Month | Previous Month | Change | |
| Bethel | $459,000 | $535,000 | -14.21% |
| Bridgeport | $344,500 | $320,000 | 7.66% |
| Brookfield | $552,500 | $535,000 | 3.27% |
| Danbury | $450,000 | $445,000 | 1.12% |
| Easton | $995,000 | $845,000 | 17.75% |
| Fairfield | $829,500 | $875,000 | -5.20% |
| Milford | $458,500 | $446,825 | 2.61% |
| Monroe | $562,000 | $618,250 | -9.10% |
| Newtown | $518,000 | $550,000 | -5.82% |
| North Haven | $360,000 | $393,500 | -8.51% |
| Orange | $501,000 | $475,000 | 5.47% |
| Oxford | $530,000 | $432,000 | 22.69% |
| Redding | $940,000 | $777,500 | 20.90% |
| Ridgefield | $902,500 | $1,007,500 | -10.42% |
| Seymour | $347,950 | $368,750 | -5.64% |
| Shelton | $460,000 | $503,500 | -8.64% |
| Stratford | $395,000 | $395,000 | 0.00% |
| Trumbull | $597,500 | $526,400 | 13.51% |
| Weston | $1,275,000 | $1,165,000 | 9.44% |
| Westport | $1,900,000 | $2,070,000 | -8.21% |
National Real Estate Headlines
Mortgage Rates Rise Again, Nearing Affordability Threshold: Mortgage rates continued inching up this week, nearing a threshold that would bring the average American household to a financial tipping point, warns Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS®. The 30-year fixed-rate mortgage jumped to an average of 5.66%, Freddie Mac reported Thursday. A 5.7% mortgage rate would force the typical household to spend over 25% of its annual income on a median-priced home, Evangelou notes on the Economists’ Outlook blog. Most financial experts consider homeowners to be “house burdened” at that level. However, relief may be on the horizon for buyers. Fannie Mae predicted this week that the 30-year fixed-rate mortgage will drop to an average of 4.5% in 2023. Still, economists say home buyers who can afford to purchase now are better off moving forward rather than waiting for lower mortgage rates.
Experts: Buyers Should Shop Around for a Mortgage as Rates Rise: As mortgage rates surge and remain volatile, it’s becoming increasingly necessary for home buyers to shop around for a loan to find savings. According to Freddie Mac, borrowers potentially could save an average of $1,500 over the life of a loan by gathering one additional rate quote from a lender. And borrowers could save even more by gathering five different quotes from lenders—up to $3,000, Freddie Mac research shows. Every dollar may help as housing affordability reaches a critical threshold. The typical U.S. household will no longer be able to afford a median-priced home when mortgage rates reach 5.7%.
U.S. household wealth suffers record drop in second quarter: U.S. household wealth fell by a record $6.1 trillion in the second quarter to its lowest in a year as a bear market in stocks far outweighed further gains in real estate values, a Federal Reserve report showed on Friday. The latest fall was led by a $7.7 trillion decline in stock market values as equities slid into a bear market in the first half of the year on worries about surging inflation and the Fed’s aggressive response with interest rate increases. The equity market drop outstripped a $1.4 trillion gain in real estate values.
The housing market is finally becoming more buyer-friendly: More good news for home buyers: A new survey from Realtor.com found that sellers are offering more concessions to lure buyers into signing contracts. It found that recent sellers were facing more pressure from buyers in the market than those who sold last year. According to Realtor.com, 92% of home sellers who sold within the last year had accepted some buyer-friendly terms. 41% had accepted some contingencies in the contract. But those who sold in recent months had seen an uptick in buyers’ requests: According to the survey, the number of buyers asking for repairs based on inspection results had more than doubled in recent months. The number of sellers refusing to make repairs in the last few months had dropped to zero. About a third of sellers dropped the price because the home didn’t meet appraisal, and another third paid for “some or all” of the buyer’s closing costs; 30% had to be flexible on the ideal timeline for closing, and 29% paid for repairs after the appraisal.
Tips
The Benefits of Passive Cooling
As we move into the cooler Fall weather, this may be the perfect time to think proactively about home upgrades to help mitigate next Summer’s inevitable oppressive heat. Passive cooling refers to any means of cooling that doesn’t use compressors, fans, pumps or any other form of powered machinery. In other words, passive cooling keeps homes comfortable without gas or electricity. Though passive cooling is easiest to implement in a new build, some features can be retrofitted to existing homes.
Reflective White Paint on Exteriors: Using light colors to reflect sunlight is nothing new, but advances in research and technology could make ultra-reflective paint de rigueur in hot climates. For homeowners who prefer to shy away from a stark white house, there’s still room to play. A white roof could be paired with colorful brick or siding. Roofing products with cooling color pigments can also reflect up to 60% of sunlight, reducing home temperatures by up to 5.4 degrees Fahrenheit.
Clerestory Windows and Skylights: Operable clerestories—window rows placed above eye level—and skylights help keep homes cool without consuming energy by allowing rising heat to exit the house.
Triple-Glazed Windows: Direct sunlight through windows is one of the greatest contributors to heat inside the house and anything that prevents this warming can help slash energy costs, especially in areas with little shade. Replacing older windows with energy-efficient, triple-glazed windows, with operable shades, on all south- and west-facing walls can help reduce sun related heat buildup inside the house.
Exterior Window Coverings: Because the sun’s rays quickly heat houses, exterior operable shading is one of the most effective cost-cutting passive cooling features. Operable shutters, awnings or blinds deflect solar radiation before it enters the window. When temperatures cool in the evening, the shades should be retracted or opened allowing warm glass surfaces radiate to cold night skies.
Cooling Landscape Features: Lush landscaping can help cool a house in two ways: preventing sunlight from shining directly into rooms and, in the case of fountains or ponds, absorbing heat to cool the air.
Healthy Grab and Go Breakfast
Life on the go often means grabbing a quick, convenient “meal” while rushing off to work, school or appointments. Unfortunately, that granola bar you thought was healthy might be loaded with sugar. You know breakfast is the most important meal of the day, but sometimes there’s just no slowing down to properly prepare it.
Eating a balanced breakfast can help control weight, increase metabolism and stabilize blood sugar levels.
Try these delicious, easy-to-prepare breakfast options:
Protein Smoothie
Blend a frozen banana with one tablespoon nut butter, one tablespoon flaxseed and a scoop of protein powder.
Avocado Toast
Toast two slices of bread and top with Ricotta cheese, sliced avocado and a dash of black pepper.
Apple Sandwich
Spread nut butter and low-sugar granola between two apple slices (sliced thin from stem to bottom).
Upcoming Events
A new year, all new events. Check out what’s going on throughout Connecticut.
Sales Trends: January - August
August Single-Family Home Sales
(OLP: original list price • LP: list price • SP: sale price • DOM: days on market)
| Address | Style | sq ft | BR | BA (f/h) | OLP | LP | SP | SP/OLP | DOM |
| 2197 Kings Hwy E. | Cape Cod | 1,397 | 4 | 1/0 | $455,000 | $435,000 | $404,000 | 89% | 37 |
| 165 Fairview Ave | Cape Cod | 1,507 | 2 | 2/0 | $565,000 | $550,000 | $490,000 | 87% | 61 |
| 23 Lisbon Dr | Ranch | 2,372 | 3 | 1/1 | $575,000 | $575,000 | $595,000 | 103% | 62 |
| 320 Godfrey Rd | Cape Cod | 2,229 | 4 | 2/0 | $699,000 | $699,000 | $712,000 | 102% | 12 |
| 33 Dorking Dr | Colonial | 2,204 | 3 | 2/1 | $649,000 | $649,000 | $712,500 | 110% | 46 |
| 260 Barryscott Dr | Split Level | 2,137 | 4 | 2/1 | $829,000 | $829,000 | $829,000 | 100% | 82 |
| 313 Bullard St | Ranch | 1,236 | 4 | 2/0 | $459,900 | $459,900 | $459,900 | 100% | 13 |
| 1748 Stratfield Rd | Cape Cod | 2,121 | 4 | 2/0 | $639,069 | $650,000 | $650,000 | 102% | 18 |
| 73 Marlborough Ter | Colonial | 2,814 | 4 | 2/1 | $679,000 | $679,000 | $685,000 | 101% | 18 |
| 40 Carlynn Dr | Colonial | 3,491 | 4 | 3/1 | $2,495,000 | $2,295,000 | $2,272,500 | 91% | 51 |
| 370 Veres St | Cape Cod | 1,245 | 4 | 2/0 | $639,000 | $629,000 | $600,000 | 94% | 74 |
| 1763 Cross Hwy | Farm House, Modern | 4,034 | 4 | 3/1 | $1,295,000 | $1,200,000 | $1,150,000 | 89% | 55 |
| 870 Pequot Ave | Colonial, Victorian | 4,977 | 5 | 4/1 | $2,950,000 | $2,500,000 | $2,225,000 | 75% | 407 |
| 193 Old Black Rock Tpke | Colonial, Antique | 1,954 | 3 | 2/0 | $750,000 | $750,000 | $700,000 | 93% | 6 |
| 201 Hulls Hwy | Cape Cod | 1,773 | 3 | 2/0 | $598,000 | $598,000 | $761,000 | 127% | 14 |
| 39 Windsor Rd | Ranch, Split Level | 2,656 | 3 | 2/1 | $799,000 | $799,000 | $796,500 | 100% | 59 |
| 149 Crestwood Rd | Colonial | 2,540 | 3 | 2/1 | $729,000 | $729,000 | $800,000 | 110% | 25 |
| 454 Verna Hill Rd | Ranch | 3,244 | 4 | 3/0 | $939,000 | $939,000 | $1,105,000 | 118% | 34 |
| 187 Glen Arden Dr | Colonial | 3,056 | 4 | 3/1 | $1,150,000 | $1,150,000 | $1,250,000 | 109% | 13 |
| 50 Oyster Rd | Colonial | 3,319 | 5 | 4/1 | $1,849,000 | $1,849,000 | $1,875,000 | 101% | 26 |
| 110 Taylor Pl | Colonial | 3,260 | 6 | 3/1 | $1,195,000 | $1,145,000 | $1,075,000 | 90% | 34 |
| 1240 Fairfield Beach Rd | Cottage | 1,105 | 3 | 2/0 | $1,149,000 | $1,149,000 | $1,150,000 | 100% | 24 |
| 2780 Redding Rd | Colonial | 5,208 | 4 | 3/1 | $1,395,000 | $1,299,000 | $1,250,000 | 90% | 74 |
| 178 Mill Hill Ter | Colonial | 4,266 | 4 | 2/2 | $1,479,000 | $1,479,000 | $1,525,000 | 103% | 31 |
| 57 Dunnlea Rd | Colonial | 4,212 | 5 | 5/1 | $1,675,000 | $1,675,000 | $1,875,000 | 112% | 41 |
| 2713 Redding Rd | Colonial, Farm House | 4,258 | 5 | 4/1 | $1,950,000 | $1,950,000 | $1,950,000 | 100% | 90 |
| 44 Casmir Dr | Ranch | 3,192 | 4 | 2/1 | $749,000 | $749,000 | $700,000 | 93% | 7 |
| 218 Elm St | Colonial | 3,172 | 3 | 2/1 | $899,000 | $899,000 | $930,000 | 103% | 16 |
| 22 Oldfield Dr | Cape Cod | 1,107 | 3 | 1/0 | $565,000 | $565,000 | $565,000 | 100% | 23 |
| 1338 Brookside Dr | Colonial | 5,167 | 4 | 3/1 | $1,499,000 | $1,499,000 | $1,600,000 | 107% | 41 |
| 120 Oyster Rd | Colonial | 3,316 | 4 | 2/1 | $1,885,000 | $1,885,000 | $1,800,000 | 95% | 23 |
| 37 Buena Vista Rd | Raised Ranch | 2,552 | 4 | 2/0 | $649,000 | $649,000 | $662,500 | 102% | 26 |
| 296 Papermill Ln | Split Level | 2,360 | 4 | 3/0 | $749,000 | $699,000 | $695,000 | 93% | 39 |
| 52 Bayberry Rd | Ranch | 2,214 | 3 | 2/0 | $679,000 | $679,000 | $737,000 | 109% | 14 |
| 281 Mill River Rd | Colonial | 2,020 | 3 | 2/1 | $779,000 | $779,000 | $825,000 | 106% | 18 |
| 192 Oldfield Dr | Colonial | 3,000 | 4 | 3/1 | $1,499,000 | $1,499,000 | $1,499,000 | 100% | 81 |
| 19 Flushing Ave | Raised Ranch | 1,920 | 3 | 1/1 | $399,900 | $399,900 | $440,000 | 110% | 69 |
| 75 Harvester Rd | Cape Cod | 1,840 | 4 | 2/0 | $789,000 | $789,000 | $785,000 | 99% | 26 |
| 119 Palamar Dr | Colonial | 2,842 | 4 | 2/1 | $995,000 | $995,000 | $1,098,000 | 110% | 32 |
| 82 Lee Dr | Colonial | 2,582 | 5 | 3/0 | $1,299,000 | $1,099,000 | $1,099,000 | 85% | 45 |
| 53 Rowland Rd | Colonial | 3,615 | 4 | 4/1 | $1,899,000 | $1,899,000 | $1,925,000 | 101% | 67 |
| 33 Wilson St | Ranch | 2,783 | 3 | 4/0 | $599,000 | $599,000 | $650,000 | 109% | 47 |
| 146 Bridle Trl | Colonial | 3,248 | 4 | 2/1 | $1,095,000 | $1,095,000 | $1,100,000 | 100% | 32 |
| 248 Sunnieholme Dr | Colonial | 2,392 | 4 | 2/1 | $1,199,000 | $1,199,000 | $1,350,000 | 113% | 46 |
| 706 Burr (Aka Summit Ln) St | Colonial | 3,993 | 4 | 5/2 | $1,195,000 | $1,195,000 | $1,350,000 | 113% | 21 |
| 264 Crest Ter | Split Level | 2,343 | 3 | 2/1 | $679,000 | $679,000 | $690,000 | 102% | 20 |
| 25 Helen St | Colonial, Farm House | 1,600 | 3 | 2/1 | $674,900 | $674,900 | $735,000 | 109% | 12 |
| 1118 Cedar Rd | Ranch, Farm House | 1,313 | 2 | 2/0 | $750,000 | $750,000 | $825,000 | 110% | 5 |
| 1502 Round Hill Rd | Colonial | 1,847 | 3 | 2/0 | $799,000 | $799,000 | $900,000 | 113% | 11 |
| 22 Partridge Ln | Ranch | 2,875 | 4 | 3/0 | $1,239,000 | $1,125,000 | $1,100,000 | 89% | 34 |
| 100 Jennie Ln | Colonial | 3,850 | 4 | 4/0 | $1,395,000 | $1,395,000 | $1,395,000 | 100% | 25 |
| 63 Leslie Ln | Colonial | 3,910 | 4 | 3/1 | $1,499,000 | $1,499,000 | $1,700,000 | 113% | 20 |
| 340 Mill Hill Ter | Colonial, Antique | 3,576 | 4 | 4/0 | $1,695,000 | $1,695,000 | $1,793,000 | 106% | 17 |
| 365 Old Stratfield Rd | Ranch | 1,158 | 2 | 2/0 | $409,900 | $395,900 | $410,000 | 100% | 80 |
| 569 Old Stratfield Rd | Cape Cod | 1,225 | 3 | 1/0 | $399,000 | $399,000 | $420,000 | 105% | 26 |
| 88 Pratt St | Cape Cod | 1,008 | 1 | 1/0 | $525,000 | $525,000 | $575,000 | 110% | 8 |
| 163 Inwood Rd | Colonial | 3,977 | 4 | 3/1 | $1,450,000 | $1,450,000 | $1,460,000 | 101% | 28 |
| 255-264 Old Dam Rd | Colonial, Modern | 2,800 | 4 | 3/1 | $2,095,000 | $2,095,000 | $2,125,000 | 101% | 4 |
| 220 Crest Ter | Ranch | 1,773 | 3 | 2/0 | $599,900 | $599,900 | $631,500 | 105% | 13 |
| 950 Mill Hill Ter | Colonial | 4,902 | 5 | 4/1 | $1,449,000 | $1,449,000 | $1,675,000 | 116% | 17 |
| 23 Sterling St | Colonial | 1,728 | 3 | 2/1 | $599,000 | $559,000 | $540,000 | 90% | 62 |
| 478 Riverside Dr | Colonial | 1,740 | 3 | 1/1 | $898,500 | $898,500 | $830,000 | 92% | 67 |
| 190 Alden St | Colonial | 1,020 | 3 | 1/1 | $639,000 | $639,000 | $663,000 | 104% | 18 |
| 277 Woodbine Ln | Colonial | 3,556 | 4 | 2/1 | $799,000 | $799,000 | $827,000 | 104% | 4 |
| 2150 Sturges Hwy | Colonial | 3,270 | 4 | 3/0 | $1,199,000 | $1,199,000 | $1,230,000 | 103% | 14 |
| 216 Fairfield Beach Rd | Raised Ranch | 2,168 | 4 | 3/0 | $1,500,000 | $1,500,000 | $1,400,000 | 93% | 256 |
| 1335 Brooklawn Ave | Colonial, Antique | 1,321 | 3 | 1/0 | $375,000 | $375,000 | $395,000 | 105% | 15 |
| 565 Pemburn Dr | Ranch | 1,344 | 3 | 2/0 | $515,000 | $515,000 | $582,500 | 113% | 15 |
| 108 Weeping Willow Ln | Split Level | 1,845 | 4 | 2/1 | $679,000 | $679,000 | $750,000 | 110% | 18 |
| 606 Duck Farm Rd | Cape Cod, Colonial | 2,303 | 3 | 2/1 | $799,900 | $799,900 | $916,475 | 115% | 50 |
| 431 Aran Hill Rd | Colonial | 4,027 | 5 | 3/1 | $1,500,000 | $1,500,000 | $1,490,000 | 99% | 0 |
| 171 Carlynn Dr | Cape Cod | 3,127 | 4 | 2/1 | $1,895,000 | $1,895,000 | $1,850,000 | 98% | 48 |
| 1353 Mill Plain Rd | Ranch | 960 | 3 | 1/0 | $549,000 | $519,000 | $519,000 | 95% | 67 |
| 30 Gate Stone Ln | Colonial | 4,034 | 5 | 4/1 | $1,250,000 | $1,250,000 | $1,325,000 | 106% | 61 |
| 276 Taintor Dr | Colonial | 5,247 | 6 | 5/2 | $1,749,000 | $1,749,000 | $1,640,000 | 94% | 136 |
| 189 Tuller Rd | Colonial | 3,056 | 4 | 2/1 | $787,500 | $787,500 | $790,000 | 100% | 22 |
| 66 Flax Rd | Colonial | 2,108 | 3 | 2/1 | $1,225,000 | $1,225,000 | $1,225,000 | 100% | 43 |
| 286 Old Stratfield Rd | Cape Cod | 1,988 | 3 | 2/0 | $450,000 | $450,000 | $480,000 | 107% | 59 |
| 451 S. Benson Rd | Raised Ranch | 2,358 | 3 | 2/0 | $825,000 | $750,000 | $725,000 | 88% | 42 |
| 234 Lalley Blvd | Colonial | 3,328 | 4 | 3/2 | $2,295,000 | $2,245,000 | $2,245,000 | 98% | 63 |
| Units Sold: 80 | $812,450 | $799,450 | $829,500 | 101% | 30 |
Are You Interested In A Real Estate Review?
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