Table of Content
All analytics are copyright Altos Research and not affiliated with any MLS. Rocket Homes Real Estate LLC is committed to ensuring digital accessibility for individuals with disabilities. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. If you wish to report an issue or seek an accommodation, please contact us at If you're buying a home in Fairfield, you may be able to get a good deal.
Our data are calculated and updated every three months for each neighborhood, city and town, approximately two months after the end of the previous quarter. Each quarter, Fannie Mae and Freddie Mac provide their most recent mortgage transactions to the FHFA. These data are combined with the data of the previous 29 years to establish price differentials on properties where more than one mortgage transaction has occurred. These resultant neighborhood appreciation rates are a broad measure of the movement of single-family house prices. The appreciation rates serve as an accurate indicator of house price trends at the neighborhood level. Neighborhood appreciation rates from NeighborhoodScout are based on both median house value data reported by respondents via the U.S.
Home Size
The median home value is more stable than the average home value, which can be greatly affected by a few very high or very low home values. The average overall walking score of neighborhoods in New Fairfield, CT is 0 which means it is a little more difficult to walk to nearby businesses and points of interest. Since it is a little more difficult to get around town in New Fairfield, CT you will definitely need a bike or car to get around. Discover and understand more about what you can expect for New Fairfield, CT in terms of weather, education levels, income levels and more to get a better feel for the city. Home prices are up at least 10 percent over the past year in 65 percent of the counties in the report. CONNECTICUT — After home prices spiked over the past year, people in Fairfield County are finding it harder to buy a house than at any point in the last 15 years, according to a recently released home affordability report.
ATTOM’s calculations assumed a 20 percent down payment and that households would not be spending more than 28 percent of their income on mortgage payments, property taxes and insurance. An index below 100 indicates that housing is less affordable in that county compared to historical averages. Listing information is from various brokers who participate in the SMARTMLS IDX program and not all listings may be visible on the site. Some properties which appear for sale on the website may no longer be available because they are for instance, under contract, sold or are no longer being offered for sale. Property information displayed is deemed reliable but is not guaranteed. Description Median Home Value by Town reports the median value of all owner occupied housing units.
Is Fairfield, CT a buyer’s or seller’s market?
If California, Texas, or New York change housing policies, it can move the whole country's median home price. Below, I provide and graphhistorical monthly median single-family home valuesin the United States. Significantly, this data isnon-seasonally adjustedand based onsales of existing homes. The latest migration analysis is based on a sample of about two million Redfin.com users who searched for homes across more than 100 metro areas. To be included in this dataset, a Redfin.com user must have viewed at least 10 homes in a three month period. Percentages are based on the number of housing units for each type over the total number of units across all types.
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.
Popular Communities Near Fairfield, CT
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.
"Match Any Neighborhood" calculates the Match Level of one neighborhood to another using more than 200 characteristics of each neighborhood.
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.
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.
Bureau of the Census, and a weighted repeat sales index, meaning that they measure average price changes in repeat sales or refinancings on the same properties. This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac . Then proprietary algorithms developed by Dr. Schiller, NeighborhoodScout's founder, are applied to produce neighborhood appreciation rates. Appreciation rates are updated by NeighborhoodScout each quarter as additional mortgages are purchased or securitized by Fannie Mae and Freddie Mac.
New Fairfield's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in New Fairfield during the period has been just 3.48%, which is lower than 80% of US communities. The proportion of homes and apartments in the city built within a certain time period. The percentage of housing units in the city that are occupied by the property owner versus occupied by a tenant . For a city like New Fairfield, HUD homes are an increasingly viable option for those trying to move into a new home but may be feeling squeezed out of the current housing market. HUD homes are owned by the US Department of Housing and Urban Development and present a greater range of financing options than traditional homebuying paths.
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.
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.
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