The Ridgefield Real Estate market for single-family homes faced an interesting year in 2018 with a tumultuous mid-term election and the challenge of attracting businesses to the state. Combined with the new tax structure - the effects of which have not yet come to pass - and a bear market, Ridgefield sales rallied remarkably well showing a drop in volume, but no appreciable drop in value. Overall, the number of homes sold was down 11 percent with 329 homes selling in 2018 as compared to 370 in 2017. The total sales volume also decreased by 13 percent resulting in a total of $236,085,651 transacting as compared to $273,224,044 in 2017. With the tax implications sorting themselves out in the first quarter of 2019, and mortgage rates poised to hold steady or possibly decrease slightly, buyers may do well to jump into the market sooner rather than later.
“The good news in 2018 was that Ridgefield real estate continued to hold its own in the value department with the median sales price decreasing only slightly from $642,500 to $641,260,” said Karla Murtaugh, Neumann Real Estate. The average home price fell by only 2.8 percent from $738,443 in 2017 to $717,586 and homes also continued the trend of selling at 96.5 percent of their listed price as in previous years. “Buyers continue to look for turn-key properties particularly as it pertains to kitchens and bathrooms, and we have also seen an uptick in the demand for in-town or walk-to-town properties,” continued Murtaugh.
Download the full report (https://karlamurtaugh.com/ridgefields-2018-year-in-review/) and get regular market updates at www.KarlaMurtaugh.com.