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While home sellers in many Connecticut towns have seen home sale prices rise to decade highs in 2019, Fairfield sellers weren't among them! 2019 was a disappointing year as home sales lagged and prices dropped, especially in high end markets.
Fairfield, CT real estate market report:
Home marketing time slowed significantly.
The market is just not as hot as it used to be. The days for homes to sell in Fairfield jumped significantly from 44 days in 2018 to 77 days in 2019:
Home sales prices in Fairfield dropped 8% in 2019.
Fairfield home sale prices peaked in 2018 at a median of 585,000, and then dropped to $540,000 in 2019, a five year low!
While Fairfield prices fell overall, results among different market segments varied.
The good news is that demand for homes under $500,000 continued to grow for the third year in a row:
Median home prices in the $500,000 to $1,000,000 bracket dropped by 2% in 2019:
Home sellers in the over $1,000,000 bracket were the biggest losers of all, seeing home sales prices drop by over 5% to the lowest point in the most recent five year period:
A look back even further into the history of Fairfield home sale prices tells an interesting story. Fairfield home sale prices peaked in 2007 at $599,000. After falling for the next several years and bottoming out in 2012, the market started to creep up again. Home sales prices almost recovered to peak levels in 2018 at $585,000 and have been dropping since. 2020 is certainly starting off slowly, but the year has only just begun.
What does it all mean for your Fairfield home sale?
It's hard to say what 2020 holds, but 2019 was certainly a disappointing year for Fairfield homeowners. Recent changes to tax laws burden many Fairfield property owners, specifically those with high end homes. That, along with the ever increasing cost of living in Connecticut makes the long term outlook for Fairfield real estate very uncertain.