Fairfield County February 2022 Update

The 2022 real estate market begins where 2021 left off. Existing home sales reached their highest level since 2006, with the National Association of REALTORS® reporting sales were up 8.5% compared to the previous year as homebuyers rushed to take advantage of historically low mortgage rates. Home sales would’ve been even greater were it not for soaring sales prices and a shortage of homes for sale in many markets, forcing a multitude of buyers to put their home purchase plans on hold temporarily. 

For February, in Fairfield County,  single-family home new listings decreased 11.5 percent,  pending sales fell 12.3 percent, and inventory decreased 35.9 percent. 

2022 marks a new opportunity for many buyers to make their home purchase dreams a reality. But it won’t be without its challenges. In Fairfield County, the inventory of existing homes was at the lowest level recorded since 2003, according to SMARTMLS, and competition remains fierce. Affordability continues to decline as inflation, soaring sales prices, and surging mortgage interest rates reduce purchasing power. The sudden increase in rates and home prices means buyers are paying significantly more per month compared to this time last year, which may cause sales to slow as more buyers become priced out of the market.