2021 Market Report

The 2021 real estate market brought increased home values to both Connecticut and Fairfield Counties. According to Investopedia reports, real estate values in Connecticut in 2021 were at an average of 20.7%.

This strong seller’s market is especially beneficial for people interested in selling their real estate now or in the near future, as this upward trend continues into 2022. In Fairfield County specifically, home values have increased since 2000, and the area has some of the most upscale luxury real estate properties available in Connecticut.

Westport is another area in Connecticut known for its luxury homes and real estate, and real estate values have also been appreciating over many years, including throughout 2021. Even since December 2020, Westport real estate increased by 23.5% — quite a significant appreciation rate over just one year.

The real estate market tends to dip and rise slightly throughout the year, depending on the season. In Connecticut, this low point in terms of selling and home value usually happens during the autumn season. Because 2021 saw a hot market with low inventory, this trend didn’t occur as much in 2021. For potential buyers, fall could still be the best time to buy for the best value. For sellers, this likely means that any time will still guarantee good value for your real estate, but you may see some benefit from selling outside of the fall period.

One of the main trends of 2021 Connecticut real estate was low inventory and high demand. The most common home found was a three-bedroom, single-family home. While this was the most common, there were homes from one bedroom to five or more, with 4.5% of the total properties having five or more bedrooms.

For real estate other than single-family homes, there were also a few townhomes, small apartment buildings, and apartment complexes on the market, too. Homes on the market in 2021 dating from 1940 to 1969 and 1970 to 1999 range, but there were a few older and some new-construction properties available as well.

Many people were looking to buy rather than rent, with a 64% homeowners rate. In Fairfield specifically, the median home cost was $803,132. In Westport, the median value in 2021 was $1.9 million to over $3 million. Most real estate in this area are single-family homes featuring four or more bedrooms. Homes in these areas are known for their luxury appeal and high-end amenities that you don’t find in most areas.

Even with its high appreciation rate, there are some neighborhoods in Fairfield that have seen more growth than others. To further break it down, these are the highest appreciating neighborhoods in the area:

• Town Center
• Jennings Road/Holland Hill Road
• Post Road/Old Post Road

Westport also has neighborhoods that have appreciated more than the average place in the area. The top communities in terms of appreciation include:

• Green Farms
• Post Road East/Harvest Commons
• Post Rd E/Main St

These are all things you can keep in mind as either a buyer or seller looking into the real estate market in Fairfield and Westport.

The market in Connecticut and Fairfield County, specifically, is considered a seller’s market given the trends of 2021. This is due to the highly appreciating value of the real estate in the area and the amount of inventory available. There is a high demand to live in Fairfield County and not enough houses to keep up with the demand, which means that the homes on the market sell for higher prices. It also means that properties sell quickly and don’t stay on the market long.

This seller’s market trend has been seen in Westport, too. People looking to buy homes in this area may pay higher prices, but they’ll also get fantastic value from the property’s location. With home values in Fairfield County consistently on the rise, it would likely be a good investment, as homes will increase in value for 2022.

The average home on the market closed in 70 days of being put up for sale in Westport, and the national average was 81 days, closer to the three-month mark. If you’re looking to sell real estate in this area, this trend from 2021 can provide a better picture of how long it might take to sell. However, this can significantly depend on the actual property you’re selling itself.

The sale price versus the list price is another thing to note. The trend in 2021 in Westport for property sale versus list price was an overall value of one, which means that property on the market is typically going for the asking price or somewhere near it.

Sellers received their asking price for homes priced appropriately, but not much more or less. Buyers had a good understanding of the property’s cost, which was around the advertised asking price. You won’t expect many major bidding wars for real estate in the current market. This trend can be seen in the rest of Fairfield County as well.

Now that you know some of the latest trends throughout the year, you might be looking to get into the market yourself or sell your home. If you’re looking for Westport or Fairfield houses for sale, get in touch with real estate agent Julie Walsh. She can help with all of your buying and selling needs.