That’s a Wrap: Key Takeaways and Stats from Connecticut’s 2021 Real Estate Market

Thats A Wrap Key Takeaways And Stats From 2021 Connecticut Real Estate

Elegant 21 Alan Lane in New Canaan is listed with Janet Jorgensen and Rita Kirby of William Pitt Sotheby’s International Realty. Photograph by Bryan Haeffele

If 2020 was characterized by unprecedented market lows followed by an amazing recovery nationwide, 2021 was entirely on the up-and-up. Need some hard data? Here are some of the Connecticut market’s latest, greatest stats.

Thats A Wrap Key Takeaways And Stats From 2021 Connecticut Real Estate B

The home office at 21 Alan Lane. Photograph by Steve Rossi – Virtually staged by Box Brownie

Shorter Closing Times

In Fairfield County, the “days on market” figure fell to its lowest number—48 days from list to close—in 18 years.

Bidding Wars Galore

In Fairfield County, bidding wars accounted for more than 50% of all home sales.

Inventory Shortages

In Old Greenwich, inventory was down 58%, with only six homes on the market, when comparing September 30, 2021, to the same date in 2020.

Thats A Wrap Key Takeaways And Stats From 2021 Connecticut Real Estate C

Classic Connecticut, 21 Alan Lane’s exterior is quaint and charming while asking $3.295 million. Photograph by Bryan Haeffele

Rising Prices

In Riverside, the single-family home’s average sale price rose 16.6%, from $2.176 million to $2.538 million, when comparing September 30, 2021, to the same date in 2020.

Mortgages Now Vs. Then

The 30-year fixed-rate mortgage averaged 3.14% for the week ending October 28, 2021. The all-time high for the 30-year fixed-rate mortgage hit 18.63 percent 40 years ago, in October 1981.