Fairfield County, CT Housing Market: House Prices & Trends
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Zillow's metrics aim to inform and support the decision-making process with relevant market data by measuring monthly market changes across various geographies and housing types. Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Fairfield. Owner-occupied housing accounts for 76.60% of Fairfield's homes, and 67.06% have either three or four bedrooms, which is average sized relative to America. Homes remained relatively affordable during the COVID-19 pandemic and over the last few years despite high prices due to historically low mortgage rates, said Rick Sharga, executive vice president of market intelligence at ATTOM. The median national home price increased 16 percent last year, trending up for the 11th straight year. But average annual wages didn’t keep pace, increasing just 6 percent.
In the last twelve months, Fairfield's appreciation rate has been 9.48%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Fairfield were at 1.99%, which equates to an annual appreciation rate of 8.21%. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor. Relative to Connecticut, our data show that New Fairfield's latest annual appreciation rate is higher than 80% of the other cities and towns in Connecticut. Single-family detached homes are the single most common housing type in New Fairfield, accounting for 95.82% of the town's housing units.
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Other types of housing that are prevalent in New Fairfield include row houses and other attached homes ( 2.50%), duplexes, homes converted to apartments or other small apartment buildings ( 1.18%). The median national home price reached an all-time high of $349,000, and the portion of average wages required to buy a house has risen to 31.5 percent — well above the recommended 28 percent. The portion of average wages needed for monthly home payments has risen at the fastest rate, measured from the first quarter of 2022 and over the past year, since at least 2000, according to the report.
The new mortgage acquisitions are used to identify repeat transactions for the most recent quarter, then are fed into NeighborhoodScout's search algorithms. Our data are designed to capture changes in the value of single-family homes at the city, town and even the neighborhood level. Different neighborhoods within a city or town can have drastically different home appreciation rates. Our data are built upon median house values in each neighborhood, and combine data from the United States Bureau of the Census with quarterly house resale data. The data reflect appreciation rates for the neighborhood overall, not necessarily each individual house in the neighborhood. Neighborhood appreciation rate data are based on transactions involving conforming, conventional mortgages.
View houses in Fairfield that sold recently
In November 2022, Fairfield home prices were down 7.5% compared to last year, selling for a median price of $555K. On average, homes in Fairfield sell after 41 days on the market compared to 30 days last year. There were 56 homes sold in November this year, down from 135 last year.
Leading online rental site, Rent.com, outlines the 10 cities with the lowest vacancy rates, as well as deals and tips for renting. It was a very 'emotional' week for markets, with the effects of Sandy, the two-day exchange closings, and a lot of AAPL news dominating the headlines. I also trust the underlying indices to get us in the actual market's ballpark. Fire risk estimates the risk of wildfires, based on the likelihood of burning in the future and the potential size and severity of a fire. Home price increases outpaced wage growth over the past year in over 90 percent of counties. The share of counties that are historically less affordable is at its highest point since 2007, just before the Great Recession, according to the report.
Fairfield Housing Market
Nationally, just 34.2% of homes have surpassed the previous peak, but recovered share varies widely by metropolitan area and ZIP code. PK started DQYDJ in 2009 to research and discuss finance and investing and help answer financial questions. He's expanded DQYDJ to build visualizations, calculators, and interactive tools. Some of it is personal interest and my sense of what the "American Dream" might be (or was... depending on how expensive homes are when you're looking). Shiller's monthly data started in 1953; we merely have a yearly home value resolution before then. If you clamor enough, I'll extend the series further back with linear interpolation.
Only mortgage transactions on single-family properties are included. Conforming refers to a mortgage that both meets the underwriting guidelines of Fannie Mae or Freddie Mac and that doesn't exceed the conforming loan limit, a figure linked to an index published by the Federal Housing Finance Board. Conventional means that the mortgages are neither insured nor guaranteed by the FHA, VA, or other federal government entity.
Average Market Rent:
Storm risk estimates how much climate change increases the chances of extreme precipitation, when a lot of rain or snow falls in a short time, including thunderstorms, snowstorms, and tropical cyclones. Heat risk estimates how much climate change might increase the typical number of hot days in a year and the likelihood of extreme heat and heatwaves. Median home value is the value which has equal numbers of homes valued above and below it.
Use the average ratio in the overlap of the FHFA index and Shiller's NSA home data. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Secure your position in the market with a mortgage from Rocket Mortgage®, our sister company.
Relative to Connecticut, our data show that Fairfield's latest annual appreciation rate is lower than 70% of the other cities and towns in Connecticut. Single-family detached homes are the single most common housing type in Fairfield, accounting for 77.43% of the town's housing units. The annual wage needed to afford monthly payments on a typical home in Fairfield County is $129,401, which is higher than the county’s average annual wage of $101,530, according to the U.S. Under current market conditions, the average wage earner in Fairfield County would put 35.7 percent of their wages toward monthly house payments on a median-priced home. That’s slightly above the county’s historic mark of 31.6 percent, according to the study.
Find my historical home price series using nominal prices and one adjusted for inflation. The tool automatically checks for data updates weekly, but due to report release cadence, the data lags behind . ClimateCheck™ analyzes a property's risk from climate change using the latest modeling and data from climate scientists, universities, and federal agencies.
No racist, discriminatory, vulgar or threatening language will be tolerated. Harrison County, Mississippi, had the largest year-over-year decrease in its affordability index, which dropped 42 percent from 117 in the second quarter of 2021 to 68 in the latest report. Home Affordability Report showed potential home buyers face significant financial obstacles across the United States amid rising home prices and interest rates as well as straggling wage growth.
The average homes sell for about 11% above list price and go pending in around 17 days. The average homes sell for about 1% below list price and go pending in around 43 days. Homes in Fairfield receive 1 offers on average and sell in around 43 days. The average sale price of a home in Fairfield was $555K last month, down 7.5% since last year. The average sale price per square foot in Fairfield is $319, down 6.3% since last year.
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