Home Prices Surge In Darien, New Canaan & Rowayton

Press release from Houlihan Lawrence:

Oct. 7, 2020

Third-quarter sales in all local markets continued to surge as COVID-fueled demand, low interest rates and decreasing inventory levels drove purchase activity across all price ranges.

What began in spring as a flurry of urgent requests for rental properties from New York City residents seeking to escape the city has broadened and strengthened into a sustained increase in demand for homes in Darien, New Canaan and Rowayton, according to the Houlihan Lawrence Q3 Market Report for Darien, New Canaan and Rowayton.

The number of homes sold during the third quarter of this year increased by 81% in Darien, 75% in New Canaan and 50% in Rowayton compared to the same period last year. Seemingly, this increased level of sales will continue into the fourth quarter given that the number of pending transactions as of September 30 in Darien, New Canaan and Rowayton is up 360%, 54% and 200%, respectively, compared to the same date last year.

“Interestingly, we have noticed a significant shift in buyer behavior and preferences during this unprecedented time,” said Elizabeth Nunan, President and CEO, Houlihan Lawrence. “Attributes that had become undesirable to buyers in recent years, such as ample interior space and sizeable acreage, are now in greater demand. Local buyers’ new focus on one or more home offices and recreational amenities, such as a pool, tennis court or home gym, seems to reflect the new reality of spending more time at home.”

Given the staggering increases in sales activity, it comes as no surprise that the inventory of homes for sale in these markets has declined significantly. As of September 30, the number of homes for sale in Darien, New Canaan and Rowayton is down 46%, 22% and 77%, respectively, compared to the same date last year.

While the sales data in the Q3 report is welcome news for sellers, the report points out that the vast majority of our buyers remain extremely price sensitive. Despite anecdotal reports of multiple bid situations and sales at (or above) asking prices, strategic pricing continues to be a key driver of offer activity.

“As our area’s leading real estate firm, we remain devoted to the very special communities we serve,” Nunan said. “We wish everyone good health and safety during this challenging time.”

Markets at a Glance Q3-2020 vs Q3-2019

DARIEN

Homes Sold: Up 81.3%

Median Sale Price: Up 13.8%

NEW CANAAN

Homes Sold: Up 77.5%

Median Sale Price: Up 23.4%

ROWAYTON

Homes Sold: Up 50.0%

Median Sale Price: Up 3.9%

About Houlihan Lawrence

Houlihan Lawrence is the leading real estate brokerage serving New York City’s northern suburbs. Founded in Bronxville, New York, in 1888, the family-run firm is deeply committed to technological innovation and the finest client service. The company has 30 offices and 1,300+ agents serving Westchester, Putnam, Dutchess, Columbia, Ulster and Orange counties in New York and Fairfield County in Connecticut. For more information visit: http://www.houlihanlawrence.com/ | TWITTER: @HoulihanRE | INSTAGRAM: @houlihanlawrence

This press release was produced by Houlihan Lawrence. The views expressed here are the author's own.