DARIEN, ROWAYTON, NEW CANAAN
Q3-2024
Q3-2024 MARKET REPORT
EXECUTIVE SUMMARY
In the third quarter of 2024, the real estate market north of New York City began to experience its first notable shift in over three years. After an extended period of dwindling inventory due to high demand, many communities are observing an increase in available listings, offering much-needed relief to buyers.
Darien, Rowayton and New Canaan remain highly sought-after markets with varying levels of demand and market conditions. In Darien, there was a 7% increase in homes sold last quarter alongside a notable 22% increase in average sale price. The median sale price surged by 33%, reaching $2,250,000 indicating a strong demand for higher-end properties. Although Rowayton experienced a 24% decline in homes sold, the average sale price grew by 6%, maintaining demand for premium properties. The median sale price decreased by 10%, but overall, Rowayton remains a resilient market with a strong average price-persquare foot and a 100% sale price to list price ratio. New Canaan presented a 13% decline in homes sold, though it reported a 10% increase in the average sale price and a substantial 27% rise in the median sale price, signaling continued interest in the luxury segment.
These developments, coupled with indications from the Federal Reserve regarding potential rate cuts, may encourage sellers hesitant to enter the market to reconsider. The opportunity to capitalize on increased inventory and sustained buyer demand could prompt more movement among homeowners, particularly those looking to trade up or down.
Overall, the trends observed in the third quarter of 2024 suggest meaningful changes in the market, marking a shift in a landscape that has remained relatively flat for years. As we move forward, the sustained resilience of the buyer pool, coupled with increasing inventory levels, points towards a dynamic and evolving market environment.
With Warm Regards,
Liz Nunan President and CEO
QUARTERLY MARKET OVERVIEW
DARIEN
TEN-YEAR MARKET HISTORY
* Homes sold for 2024 are annualized based on actual sales year-to-date.
DARIEN
SUPPLY/DEMAND ANALYSIS
$5,000,000
Source: Smart MLS, Darien, Single Family Homes, Sold
QUARTERLY MARKET OVERVIEW
ROWAYTON
TEN-YEAR MARKET HISTORY
* Homes sold for 2024 are annualized based on actual sales year-to-date.
ROWAYTON
SUPPLY/DEMAND ANALYSIS
SOLD PROPERTIES
Source: Smart MLS, Rowayton, Single Family Homes, Sold
QUARTERLY MARKET OVERVIEW
NEW CANAAN
TEN-YEAR MARKET HISTORY
* Homes sold for 2024 are annualized based on actual sales year-to-date.
NEW CANAAN
SUPPLY/DEMAND ANALYSIS
SOLD PROPERTIES
Source: Smart MLS, New Canaan, Single Family Homes, Sold
OF SEPTEMBER 30, 2023
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