Opportunities and challenges marked the fourth quarter real estate landscape in the Darien, New Canaan and Rowayton markets. Notably, these markets saw a continued double-digit decline in home sales primarily due to persistent low inventory levels over the past few years, according to the Houlihan Lawrence Darien, New Canaan, Rowayton Q4 Market Report released today. The report said that despite the sales decline, median sale prices increased in all three markets by 9% on average, offering sellers favorable returns.
“Amidst the inventory scarcity, we continue to benefit from the diverse offerings of recreation, cultural amenities, and vibrant communities our region has to offer. Most areas have sustained heightened demand across all price points, further fueling the competitive buyer environment,” said Liz Nunan, President and CEO of Houlihan Lawrence. “However, a small sign of change has emerged with a slight uptick in inventory observed in select luxury markets, though this remains an exception rather than the norm,” Nunan added.
Looking ahead the report noted that recent statements from the Federal Reserve indicating a potential reduction in interest rates in mid-2024 may serve as a catalyst, prompting more buyers and sellers to enter the market and start to alleviate the inventory shortage.
MARKETS AT A GLANCE (2023 vs 2022)
DARIEN
Homes Sold: Down 15.8%
Median Sale Price: Up 13.9%
NEW CANAAN
Homes Sold: Down 19.2%
Median Sale Price: Up 4.3%
ROWAYTON
Homes Sold: Down 33.8%
Median Sale Price: Up 8.5%
