FULL YEAR 2024
PUT THE POWER OF NUMBER ONE TO WORK FOR YOU. PROUDLY CLOSED
$6.8 BILLION IN SALES AND REPRESENTED 5,500+ BUYERS AND SELLERS IN 2024
FULL YEAR 2024 MARKET REPORT
EXECUTIVE SUMMARY
As we close out 2024, we are inspired by the overwhelming demand from buyers eager to settle into the vibrant markets we serve north of New York City. This year has been marked by significant market dynamics that underscore the appeal and resilience of our region's real estate.
Inventory levels continued to decline across most of our markets, contributing to a competitive landscape for buyers. This scarcity of homes for sale has driven median prices upward, with increases ranging from 3% to 13%. While these conditions have posed challenges for buyers, sellers have undeniably benefited from heightened demand and rising home values. Throughout 2024, the supply-to-demand ratio remained exceptionally high across many price points. However, the fourth quarter has shown early signs of certain markets beginning to shift toward a more balanced demand, particularly at the higher luxury price points.
The luxury segment has been a standout performer this year. While in Darien, sales of homes priced over $2 million have decreased 17% year-over-year, Rowayton and New Canaan have experienced a surge in sales of homes priced over $2 million, to 53% and 13% respectively. The growth in the luxury market reflects continued interest from buyers seeking premium properties in our region.
The outlook for 2025 remains positive, with home sales and prices expected to grow at a more sustainable pace. Moderating mortgage rates may help create a more normalized market environment, potentially easing conditions for buyers while maintaining opportunities for sellers.
As we reflect on the year, we extend our deepest gratitude to our clients and friends for your unwavering support and trust throughout 2024. It has been our privilege to serve your real estate needs, and we look forward to continuing to assist you in the year ahead. Wishing you and your families a happy, healthy, and prosperous 2025.
With Warm Regards,
Liz Nunan President and CEO
QUARTERLY MARKET OVERVIEW
DARIEN
TEN-YEAR MARKET HISTORY
DARIEN
SUPPLY/DEMAND ANALYSIS
SOLD PROPERTIES
$5,000,000
Source: Smart MLS, Darien, Single Family Homes, Sold
OF DECEMBER 31, 2023
QUARTERLY MARKET OVERVIEW
ROWAYTON
TEN-YEAR MARKET HISTORY
ROWAYTON
SUPPLY/DEMAND ANALYSIS
AS OF DECEMBER 31, 2024
SOLD PROPERTIES
$5,000,000 and up
Source: Smart MLS, Rowayton, Single Family Homes, Sold
OF DECEMBER 31, 2023
QUARTERLY MARKET OVERVIEW
NEW CANAAN
TEN-YEAR MARKET HISTORY
NEW CANAAN
SUPPLY/DEMAND ANALYSIS
AS OF DECEMBER 31, 2024
SOLD PROPERTIES
Source: Smart MLS, New Canaan, Single Family Homes, Sold
OF DECEMBER 31, 2023