D A R I E N , R O W AY T O N , N E W C A N A A N
Market Report
FULL YEAR 2023
P R O U D LY C L O S E D $ 6 . 5 B I L L I O N I N S A L E S A N D R E P R E S E N T E D O V E R 7, 8 0 0 B U Y E R S A N D S E L L E R S I N 2 0 2 3
PUT THE POWER OF THE # 1 B R O K E R AG E
N O R T H O F N YC T O W O R K F O R YO U .
914.220.7000
H O U L I H A N L AW R E N C E .CO M
OKMLS, MHMLS, CGNDMLS, SMARTMLS, 1/1/23-12/31/23, Total Volume Sold by company, Single Family, Westchester, Putnam, Dutchess, Columbia and Fairfield Counties combined. Source: 1/1/2023-12/31/23, total sales both on and off MLS.
FULL YEAR 2023 MARKET REPORT
EXECUTIVE SUMMARY Opportunities and challenges marked the fourth quarter real estate landscape in Darien, Rowayton and New Canaan. Notably, the market saw a continued decline in home sales due to persistent low inventory levels over the past few years. Despite this decline, median prices increased across many markets, 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. 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. The 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. As we close the year, we thank our clients for their trust and business. We wish everyone a healthy and happy new year. With Warm Regards, Liz Nunan President and CEO
DARIEN
QUARTERLY MARKET OVERVIEW Q4 2023
Q4 2022
56
59
HOMES SOLD
% FULL YEAR FULL YEAR % CHANGE 2023 2022 CHANGE -5.1%
239
284
-15.8%
AVERAGE SALE PRICE
$2,266,062 $2,217,246
2.2%
$2,443,235
$2,020,720
20.9%
MEDIAN SALE PRICE
$2,075,000 $1,800,929
15.2%
$1,925,000
$1,690,560
13.9%
AVERAGE PRICE PER SQUARE FOOT
$648
$582
11.3%
$638
$567
12.5%
AVERAGE DAYS ON MARKET
47
59
-20.3%
37
41
-9.8%
% SALE PRICE TO LIST PRICE
102.1%
100.6%
1.5%
99.4%
102.7%
-3.2%
TEN-YEAR MARKET HISTORY
Average Sale Price
$1,619,781
$1,705,978
$1,673,646
$1,676,743 $1,603,743
$1,534,435
$1,655,525
Average Price/SqFt
$474
$504
$490
$476
Days On Market
109
105
110
%Sale Price to List Price
96.9%
95.6%
96.0%
$458
$429
$446
$505
$567
$638
Average Price/SqFt
126
122
147
124
70
41
37
Days On Market
95.5%
94.7%
94.0%
96.3%
99.4%
102.7%
99.4%
HOULIHANLAWRENCE.COM
$1,929,797 $2,020,720 $2,443,235 Average Sale Price
%Sale Price to List Price
DARIEN SUPPLY/DEMAND ANALYSIS AS OF DECEMBER 31, 2023
AS OF DECEMBER 31, 2022
2023 vs. 2022
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
% CHANGE IN LISTINGS
% CHANGE IN PENDINGS
$0 - $499,999
0
0
Not Valid
0
1
0
0.0%
-100.0%
$500,000 - $699,999
0
1
0
1
1
1
-100.0%
0.0%
$700,000 - $999,999
1
2
1
4
2
2
-75.0%
0.0%
$1,000,000 - $1,499,999
1
1
1
3
5
1
-66.7%
-80.0%
$1,500,000 - $1,999,999
1
4
1
0
1
0
0.0%
300.0%
$2,000,000 - $2,499,999
1
0
Not Valid
4
4
1
-75.0%
-100.0%
$2,500,000 - $2,999,999
0
0
Not Valid
0
3
0
0.0%
-100.0%
$3,000,000 - $3,999,999
2
3
1
6
2
3
-66.7%
50.0%
$4,000,000 and up
10
3
3
4
1
4
150.0%
200.0%
Market Totals
16
14
1
22
20
1
-27.3%
-30.0%
PRICE RANGE
*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand
SOLD PROPERTIES YEAR-TO-DATE
PRICE RANGE
01/01/2023 12/31/2023
$0 - $499,999
3
$500,000 - $699,999 $700,000 - $999,999
YEAR-OVER-YEAR
01/01/2022 12/31/2022
% CHANGE 2023/2022
01/01/2023 12/31/2023
0
Not Valid
3
10
13
-23.1%
22
39
-43.6%
$1,000,000 - $1,499,999
48
68
$1,500,000 - $1,999,999
39
$2,000,000 - $2,499,999
50
$2,500,000 - $2,999,999
01/01/2022 12/31/2022
% CHANGE 2023/2022
0
Not Valid
10
13
-23.1%
22
39
-43.6%
-29.4%
48
68
-29.4%
55
-29.1%
39
55
-29.1%
31
61.3%
50
31
61.3%
21
26
-19.2%
21
26
-19.2%
$3,000,000 - $4,999,999
39
44
-11.4%
39
44
-11.4%
$5,000,000 and up
7
8
-12.5%
7
8
-12.5%
Market Totals
239
284
-15.8%
239
284
-15.8%
Source: Smart MLS, Darien, Single Family Homes, Sold
ROWAYTON
QUARTERLY MARKET OVERVIEW Q4 2023
Q4 2022
10
14
HOMES SOLD
% FULL YEAR FULL YEAR % CHANGE 2023 2022 CHANGE -28.6%
51
77
-33.8%
AVERAGE SALE PRICE
$1,554,000 $1,907,115
-18.5%
$1,909,274
$1,762,701
8.3%
MEDIAN SALE PRICE
$1,462,500 $1,585,000
-7.7%
$1,730,000
$1,595,000
8.5%
AVERAGE PRICE PER SQUARE FOOT
$645
$669
-3.6%
$646
$615
5.0%
AVERAGE DAYS ON MARKET
29
36
-19.4%
38
37
2.7%
% SALE PRICE TO LIST PRICE
104.7%
101.6%
3.1%
103.3%
102.7%
0.6%
TEN-YEAR MARKET HISTORY
Average Sale Price
$1,340,895 $1,273,026
$1,337,148
$1,379,317
$1,273,417
$1,276,696
$1,345,651
$1,774,299
$1,762,701
$1,909,274 Average Sale Price
Average Price/SqFt
$439
$435
$463
$459
$445
$439
$452
$548
$615
$646
Average Price/SqFt
Days On Market
117
136
145
110
92
139
110
80
37
38
Days On Market
%Sale Price to List Price
96.2%
94.9%
95.3%
95.0%
95.7%
95.3%
96.6%
99.3%
102.7%
103.3%
HOULIHANLAWRENCE.COM
%Sale Price to List Price
ROWAYTON SUPPLY/DEMAND ANALYSIS AS OF DECEMBER 31, 2023
AS OF DECEMBER 31, 2022
2023 vs. 2022
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
% CHANGE IN LISTINGS
% CHANGE IN PENDINGS
$0 - $499,999
0
0
Not Valid
0
0
Not Valid
0.0%
0.0%
$500,000 - $699,999
0
0
Not Valid
2
0
Not Valid
-100.0%
0.0%
$700,000 - $999,999
1
1
1
1
2
1
0.0%
-50.0%
$1,000,000 - $1,499,999
3
1
3
0
0
Not Valid
0.0%
0.0%
$1,500,000 - $1,999,999
1
0
Not Valid
2
0
Not Valid
-50.0%
0.0%
$2,000,000 - $2,499,999
2
1
2
0
2
0
0.0%
-50.0%
$2,500,000 - $2,999,999
1
0
Not Valid
0
0
Not Valid
0.0%
0.0%
$3,000,000 - $3,999,999
0
0
Not Valid
1
0
Not Valid
-100.0%
0.0%
$4,000,000 and up
1
0
Not Valid
1
1
1
0.0%
-100.0%
Market Totals
9
3
3
7
5
1
28.6%
-40.0%
PRICE RANGE
*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand
SOLD PROPERTIES YEAR-TO-DATE
PRICE RANGE
01/01/2023 12/31/2023
YEAR-OVER-YEAR
01/01/2022 12/31/2022
% CHANGE 2023/2022
01/01/2023 12/31/2023
01/01/2022 12/31/2022
% CHANGE 2023/2022
$0 - $499,999
0
0
Not Valid
0
0
Not Valid
$500,000 - $699,999
3
6
-50.0%
3
6
-50.0%
$700,000 - $999,999
8
11
-27.3%
8
11
-27.3%
$1,000,000 - $1,499,999
7
17
-58.8%
7
17
-58.8%
$1,500,000 - $1,999,999
14
22
-36.4%
14
22
-36.4%
$2,000,000 - $2,499,999
7
6
16.7%
7
6
16.7%
$2,500,000 - $2,999,999
6
9
-33.3%
6
9
-33.3%
$3,000,000 - $4,999,999
5
5
0.0%
5
5
0.0%
$5,000,000 and up
1
1
0.0%
1
1
0.0%
Market Totals
51
77
-33.8%
51
77
-33.8%
Source: Smart MLS, Rowayton, Single Family Homes, Sold
NEW CANAAN
QUARTERLY MARKET OVERVIEW Q4 2023
Q4 2022
46
50
HOMES SOLD
% FULL YEAR FULL YEAR % CHANGE 2023 2022 CHANGE -8.0%
211
261
-19.2%
AVERAGE SALE PRICE
$2,377,004 $2,110,036
12.7%
$2,234,269
$2,177,383
2.6%
MEDIAN SALE PRICE
$1,928,500 $1,895,000
1.8%
$2,000,000
$1,916,752
4.3%
AVERAGE PRICE PER SQUARE FOOT
$446
$457
-2.4%
$474
$458
3.5%
AVERAGE DAYS ON MARKET
60
64
-6.3%
51
55
-7.3%
% SALE PRICE TO LIST PRICE
99.9%
98.0%
1.9%
99.6%
100.6%
-1.0%
TEN-YEAR MARKET HISTORY
Average Sale Price
$1,929,472
$1,783,190
$1,770,026
$1,713,201
$1,628,160
$1,424,859
$1,670,517
$1,995,193
$2,177,383
Average Price/SqFt
$389
$406
$356
$355
$341
$316
$337
$400
$458
$474
Average Price/SqFt
Days On Market
122
126
148
147
138
164
137
83
55
51
Days On Market
%Sale Price to List Price
94.9%
95.8%
93.8%
94.0%
92.2%
92.8%
95.4%
99.1%
100.6%
99.6%
HOULIHANLAWRENCE.COM
$2,234,269 Average Sale Price
%Sale Price to List Price
NEW CANAAN SUPPLY/DEMAND ANALYSIS AS OF DECEMBER 31, 2023
AS OF DECEMBER 31, 2022
2023 vs. 2022
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
% CHANGE IN LISTINGS
% CHANGE IN PENDINGS
$0 - $499,999
0
0
Not Valid
0
0
Not Valid
0.0%
0.0%
$500,000 - $699,999
0
1
0
0
1
0
0.0%
0.0%
$700,000 - $999,999
1
1
1
6
2
3
-83.3%
-50.0%
$1,000,000 - $1,499,999
5
5
1
4
3
1
25.0%
66.7%
$1,500,000 - $1,999,999
3
4
1
8
2
4
-62.5%
100.0%
$2,000,000 - $2,499,999
2
3
1
3
0
Not Valid
-33.3%
0.0%
$2,500,000 - $2,999,999
2
3
1
1
2
1
100.0%
50.0%
$3,000,000 - $3,999,999
8
4
2
9
2
5
-11.1%
100.0%
PRICE RANGE
$4,000,000 and up
17
2
9
19
1
19
-10.5%
100.0%
Market Totals
38
23
2
50
13
4
-24.0%
76.9%
*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand
SOLD PROPERTIES YEAR-TO-DATE
PRICE RANGE
01/01/2023 12/31/2023
YEAR-OVER-YEAR
01/01/2022 12/31/2022
% CHANGE 2023/2022
01/01/2023 12/31/2023
01/01/2022 12/31/2022
% CHANGE 2023/2022
$0 - $499,999
0
0
Not Valid
0
0
Not Valid
$500,000 - $699,999
0
4
-100.0%
0
4
-100.0%
$700,000 - $999,999
18
19
-5.3%
18
19
-5.3%
$1,000,000 - $1,499,999
36
64
-43.8%
36
64
-43.8%
$1,500,000 - $1,999,999
51
50
2.0%
51
50
2.0%
$2,000,000 - $2,499,999
40
40
0.0%
40
40
0.0%
$2,500,000 - $2,999,999
24
41
-41.5%
24
41
-41.5%
$3,000,000 - $4,999,999
35
37
-5.4%
35
37
-5.4%
$5,000,000 and up
7
6
16.7%
7
6
16.7%
Market Totals
211
261
-19.2%
211
261
-19.2%
Source: Smart MLS, New Canaan, Single Family Homes, Sold
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