Fairfield County Luxury Real Estate Market Update 2024

May 13, 2025

Outliers Still Impacting the Data

Fairfield County's market data has been notably skewed in recent years by a handful of ultra-high-end transactions. The most extreme example: a $85 million sale in 2023, which pushed the annual top-sale average to $21 million—well above the typical range. By comparison, 2024’s average sale price of $10.8M brings the market back within historical trend lines.

Days on Market: A Return to Activity, with Caution

Properties in 2024 spent an average of 375 days on market (DOM)—a significant improvement compared to prior years of stagnation. However, some high-end properties still linger. A standout example in Westport took 1,368 days to sell and closed at 20% below its original asking price.

Macro Trends: In Line with Broader East Coast Movement

Fairfield County mirrors many of the macro dynamics seen along the East Coast:

43% price appreciation since 2017
A market correction in 2022 amid economic uncertainty
A rebound in 2023 followed by a cooling in 2024

While the trend suggests stabilization, questions remain—is this a short-term pause or a structural plateau?

📈 Key Performance Indicators

Metric	2024	Commentary
Average Sale Price	$10.8M	Down from 2023’s $21M (skewed by $85M sale)
Avg. Days on Market (DOM)	375 Days	Faster than recent years but still elevated
High DOM Property	1,368 Days (Westport)	Closed at 20% discount after prolonged listing
Price Growth Since 2017	+43%	Consistent with East Coast luxury markets
List-to-Sale Ratio	~88-92% depending on DOM	Longer listings saw larger price reductions

Strategy Takeaway for Sellers

Proper pricing is critical in this market to avoid prolonged DOM and eventual markdowns.
Outlier transactions should not be used as the sole benchmark for pricing strategies.
Sellers of unique, ultra-luxury homes must be prepared for longer timelines and negotiate flexibly.

Want to know what your home is worth in today’s market?
Contact Eric Radecki Licensed Real Estate Salesperson affiliated with Coldwell Banker Realty LLC for a custom market evaluation. Call 475-245-4205 or register at ColdwellBankerLuxuryHome.com