National economic data shows an improving housing market, but don't be fooled Fairfield County! Anyone who has had to sell in Connecticut over the past few years knows, it has been a little slower of a bounce back for our homeowners. Below is a quick analysis of our communities "Zhvi", which is Zillow speak for Median Home Value*. It shows the percent change: Year-Over-Year (YoY), 5Year (2011) and 10 Year (2006).
- Compared to last year only three communities have seen home values increase: Bridgeport (+4.4%), Fairfield (+3.2%) and Norwalk (1.7%)
- Over the last 5 years some of our coastal communities have seen some of the biggest increases in home values: Greenwich (+3.6%), Fairfield (+2.7%) and Westport (+2.6%)
- Many of our communities are still facing home values below what we saw in 2006, the exception being Darien with home values flat to 2006.
* Data provided by zillow.com/data - 9/30/2016.
Bottomline
The local housing market doesn't align with all that you hear on the news. With the changes we've seen in recent years, each town is unique and is facing their own challenges. The lower tier (entry level) homes in many of our communities are selling quickly while the inventory of luxury homes continues to grow. When considering buying and selling, I recommend speaking with a professional Realtor to help you navigate the current market and get the best price for your home.
To learn more about your communities, the Market Insider page on my website is a great resource to keep you informed of the latest pricing and inventory information. You can even compare community statistics side by side (ie. Norwalk vs. Wilton).
About the Author
I am full-time real estate agent with Coldwell Banker that works with clients buying and selling real estate in Darien, Fairfield, Greenwich, New Canaan, Rowayton, Stamford, Weston, Wesport, and Wilton. Prior to becoming a real estate agent, I spent 13 years managing client relationships for various Marketing and Advertising companies. I implemented numerous integrated marketing campaigns and managed ongoing performance for some well-known Hospitality, Retail and Telecommunications partners. I am uniquely qualified to deliver exceptional service to you while I help you buy or sell your home. I love what I do and would be happy to help you as you explore your real estate options. To schedule a free consultation call 203.919.7479, or request a custom home evaluation here.