Fairfield, Connecticut, Real Estate Market Prices, Trends, and Forecast 2023

Fairfield, Connecticut, Real Estate Market Prices, Trends, and Forecast 2023

Fairfield, Connecticut, is a prime destination for anyone who wants to enjoy incredible residential amenities, a storied New England town with a rich cultural heritage, and a wealth of things to do. Exceptional educational facilities, upscale restaurants, and hundreds of locally owned shops and boutiques are hallmarks of Fairfield, an area with strong ties to Colonial America and the Revolutionary War.

Located in Fairfield County, Fairfield has a large, thriving population and is part of the Greater Bridgeport Planning Region. Buying or selling a home in Fairfield means entering a hot market with a lot of competition. However, with some planning and insights into the Fairfield, Connecticut, real estate market, you'll be ready to make your real estate venture a success.

Fairfield is a historic, charming town

With five miles of shoreline on the Long Island Sound providing a scenic backdrop to daily activities, Fairfield is a beautiful community with excellent schools, immersive historic sites, and multiple parks, including the South Benson Marina, where residents can rent boats for all their leisure activities.

Although Fairfield has a population of more than 61,000 residents, it maintains an inviting, small-town feel. Fairfield's proximity to New York City makes the town an incredible place to call home, giving locals a peaceful resting place, all while offering easy access to top shopping and dining. Still, with so many arts and entertainment venues right in the heart of Fairfield, including the Regina A. Quick Center for the Arts on the Fairfield University campus and the PepsiCo Theatre, there's never really a reason to leave town.

Architecture and home prices in Fairfield

Although Fairfield boasts many historic properties, you'll also find plenty of new builds in town. Saltbox homes are a common architectural style in Connecticut, featuring a flat front, clapboard siding, and lofty ceilings. Saltbox houses are relics of the past, so while you won't find new construction versions of these homes in Fairfield, several attractive renovated properties are around town. Cape Cod and Colonial-style homes are even more popular in Fairfield, two traditional styles that offer a lot of space, two-story design functionality, and abundant curb appeal.

Close to the Sound, you'll find cottages and bungalows that offer waterfront views and spacious walkways. These properties are in high demand with visitors as well as locals, with many New York City natives heading here as an escape from busy work weeks. If you are interested in purchasing a home in Fairfield, expect to pay a pretty penny. According to data from the U.S. Census Bureau, the median home price in Connecticut is around $286,700, with many properties in Fairfield coming in well over that.

The current Fairfield housing market

The housing market has seen some significant changes over the past few years, especially in the wake of the COVID-19 pandemic. In 2020, many people sought to move to the country for more space, leading to a mass migration of new residents to the Fairfield area from New York City and surrounding major cities. As a result, home prices increased in 2020 and remain high today. From March 2022 to March 2023, home prices in Connecticut increased by an average of 7.1%, and this, compounded with rising interest rates, has made it challenging for buyers to get the homes they want.

The supply and demand evident in local real estate markets all around the United States is still very much in effect. There are too many buyers looking for properties and not enough real estate listed for sale, which has led to bidding wars and desperate buyers paying well above the list price for the homes they are after. For sellers, however, this can be a prime opportunity to get their homes ready for listing and on the market so they can take advantage of having many eager buyers.

Fairfield Housing Market Forecast 2023

While the market in Fairfield is still hot, something has got to give eventually. Forbes estimates there could be a "housing bubble" on the horizon, where speculation and homebuyer credit expansion drive price growth. For now, there aren't any hard facts that point to a housing market crash. However, with buyers still scrambling to buy from a slim selection of available properties, there could certainly be a shift in the Connecticut real estate market going into early 2024.

Investing in Fairfield properties

For now, investing in Fairfield properties could still be profitable. An investor who wants to purchase a property to use as a short-term rental or vacation spot might enjoy substantial success since the Fairfield coastline is such a popular tourist destination. There are also several exclusive neighborhoods in Fairfield with a greater concentration of wealth, including the Southport and Greenfield Hill areas.

Buying an investment property in Downtown Fairfield or Fairfield Beach neighborhoods can also open up a world of opportunities since tourists and longtime residents gravitate to these areas due to the recreational possibilities. These areas also host many extraordinary restaurants and shops, along with live music venues and art galleries.

Tips for buying or selling a Fairfield home

If you want to enter the Fairfield housing market, whether as a buyer or seller, keep these tips in mind:

  • Work with a local real estate agent. A realtor can give you the hyper-focused local insights you need to succeed. Realtors have extensive connections to local businesses and organizations, which can be invaluable for you in your search to buy a home or sell a property. Additionally, if you're new to real estate, realtors can help walk you through the processes involved, assisting you in understanding what's next and guiding you through complicated transactions.

  • Understand Fairfield. Do a deep dive into Fairfield's history and culture before you buy or sell property in the area. This will give you a deeper understanding of market conditions and help you feel more connected to the locals. By developing a solid knowledge of Fairfield and the surrounding areas, you'll be better equipped to move forward with confidence.
Contacting a Fairfield realtor is the best way to approach your real estate journey. Whether you are new to real estate or have bought and sold several properties, a realtor can provide invaluable support and advice.

Contact Jillian Klaff for your Connecticut real estate needs

In all your Fairfield real estate transactions, Jillian Klaff can be your guiding light. A talented Connecticut realtor, Jillian has more than 30 years of experience under her belt and is part of the prestigious Coldwell Banker® International Society of Excellence, reserved for less than 1% of agents worldwide. Contact Jillian Klaff today for help buying or selling a home in Fairfield, Connecticut!

*Header photo courtesy of Shutterstock

Work With Jillian

Jillian Klaff specializes in Westport Connecticut real estate and the neighboring Fairfield County towns of Weston, Southport, Fairfield, Wilton, and Norwalk. I offer a full range of real estate services. Contact her today to get started on your next property venture.

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