Mid-Fairfield Update of Single Family Home Sales through July, 2021

 

Mid-Fairfield Update of Single Family Home Sales through July, 2021

 

By the end of July we usually have a good idea of where the market is trending for any given year.  The real estate market in Mid-Fairfield (Westport, Weston, Wilton & Fairfield) continues to function at a record setting pace. 

In Westport, through the end of July, there have been 339 closed sales of single family homes compared to 295 at the same time last year-an increase of 15%.  The median price of closed sales through July stood at $1,575,000 compared to $1,225,000 in July 2020.  This median price (+29%) still lags figures that we saw at the height of the last bull real estate market, but well above pre-Covid levels.

Weston is also on pace to have more home sales than in 2020, with 145 sales in 2021 compared to 127 at the end of July in 2020.  This is a 14% increase, similar to that seen in Westport.  What stands out is that there were 80 sales of over $1 million in 2021, compared to 44 such sales through July 2020.  The median sales price was up an astounding 59%, from $705,500 in 2020 to $1,125,000, the largest of any town in our group.

It is always interesting to compare sales in Weston and Wilton, which share many similarities, and have often had similar home values over the years.  Wilton saw an even bigger spike in sales numbers than Weston with 230 sales through July 31, compared to 166 in 2020.  This was an impressive increase of 39%, the largest of the group of four.  Million dollar sales also jumped from 36 in 2020 to 95 in 2021 (through July).  This increase was reflected in the median sales price increase from $760,000 in 2020 to $920,000.  That represents a 13% increase.  Median price points shift from year to year when comparing Wilton and Weston, which was higher last year in Wilton.  

Fairfield is by far the largest of the mid-Fairfield towns, with the most diverse housing stock.  As such total sales are always larger than in the other towns.  What has stood out thus far in 2021 is the big jump in homes sold so far this year above the $1 million mark.  Last year at this time there were only 88, compared to 158 this year-nearly double. The median price went from $639,900 in July 2020 to $725,000 this July, a 13% increase.  The number of homes sold also increased by 13%, from 494 through July 2020, to 558 in July 2021.

Home price increases for next year have been projected by most economists, although political, social and economic circumstances (as well as geological) may also impact those figures.  Current trends still point to high demand and low supply in our market.