Considering moving to CT and looking for homes in the $2-3MM range? Our guide below will provide you with the insight needed to decide if Lower Fairfield County CT Real Estate is a fit for you and your family
Hi! If you are new to the blog my name is Charlie Vinci. I’m a Fairfield County Connecticut realtor covering Connecticut’s “Gold Coast”, and my team and I specialize in helping people move to the area.
Be sure to check out our other guides for different price brackets, as well as upcoming waterfront and luxury buyer’s guides. Check out our YouTube channel for those videos and our blog for the articles. You can also find the associated maps and guides mentioned in this article on our website!
Table of Contents:
- Market Overview
- New Canaan
- Stamford, Wilton & Weston
- Metrics & Analysis
- About the Author
- Relevant Links
We know home prices change over the course of the year. With most forecasts predicting continued appreciation in 2022, although at a slower pace than 2021, I'm going to show you, when possible, what you would get at the beginning of the year, and how your buying power may erode over the course of the year. I’m also going to show you the uniqueness of the real estate in the $2-3MM price bracket, in each of the towns.
Let’s look at homes in the $2-3MM price bracket in each town. Then, if you stay around until the end, I’m going to benchmark the towns for a few of the metrics that matter most.
Alright, we are going to start in Greenwich, the average Greenwich home in this price range looked something like this at the beginning of 2022 and has a living area of 3874 square feet above ground, with 4.3 bedrooms, 3.6 full baths, 1.2 half bath, has 1.8 garage spaces, was built in 1963, and had a lot size of 1.21 acres, again on average.
By the end of 2022 buyers should expect a reduction in buying power that looks something like this. The most noticeable difference being a reduction of 435 square feet, which is roughly equivalent to losing a complete master suite, including the bathroom and walk-in closet.
By the way, if you weren't already aware, we have town specific buyers guides for all of the towns in the area. They are going to answer your questions about the schools, commuting, trains, the buying process and more. You can find them by going to the link, and choosing your town.
But first, let's jump to Darien. At the beginning of 2022, this is roughly what the average home looked like with approximately 4504 square feet above ground, 4.6 bedrooms, 3.8 full baths, 1.3 half baths, 2.3 garage spaces, was built in 1968 and was on a 1.4 acre lot.
You should expect the average home in Darien to look something like this by the end of 2022. With the most noticeable difference being the loss of 439 square feet, which is roughly like losing a complete master suite including the bathroom and walk-in closet.
Let's compare Greenwich to Darien for a moment. If you watch some of my other videos, you know that homes Darien and Greenwich typically are about the same size if you are spending a fixed amount. However, as we dig into the data a bit deeper, we can see that as your investment moves up past $2MM, you are going to find larger homes in Darien, likely with better build quality, when compared to Greenwich, for the same money.
OK, let's move on to New Canaan. In the start of 2022 the average home looked something like this, with an average of 4809 square feet above ground,4.5 bedrooms, 4.1 full baths, 1.4 half bath, 2.4 garage spaces and was built in 1974, and had a lot size of 2.15 acres
Buyers should expect a reduction in buying power that looks something like this by the end of 2022. The square footage reduction of 811 square feet would be roughly like losing a complete master suite, plus another large bedroom or office.
Here’s an interesting note, New Cannan has been appreciating at a faster rate than Darien, and if this continues, by the end of the year you should expect to get roughly the same size home for the same budget.
Next, let's take a look at Westport. At the start of 2022 the average home in this price bracket looked something like this, with an average of 4390 square feet above ground, 4.6 bedrooms, 4.0 full baths, 1.3 half baths, 2.3 garage spaces and was built in 1983, and had a lot size of 2.91 acres.
Buyers should expect a reduction in buying power by the end of 2022 that looks something like this. The loss of 498 square feet is roughly like losing a complete master suite.
Notice that by the end of 2022, the average home in this price bracket is forecasted to be approximately 100 square feet smaller than both Darien, and New Cannan. What is happening is that real estate in these towns are equalizing.
If you aren't finding the home you want in these four towns, you have other options.
One town that may be worth a look is Norwalk, at the start of 2022 the average home in this price bracket looked something like this with 3766 square feet above ground, with 4.1 beds, 3.4 full baths, 1.2 half baths, 2.1 garage spaces, and was built in 1978 with 0.62 of an acre.
Buyers should expect a reduction in buying power that looks something like this by the end of 2022. The most noticeable difference is the reduction of 169 square feet, which is roughly equivalent to losing a small bedroom or office.
Another interesting note is that the overwhelming majority of real estate in Norwalk over $2MM is in Rowayton and some of the other waterfront neighborhoods. Rowayton has smaller lots, which is why you probably noticed that the average lot size is much lower than the other towns. Let me know if you would like a Rowayton neighborhood tour in the comments below.
Another place you might want to look is Fairfield. In the start of 2022 the average home in this price bracket looked something like this, with an average of 4648 square feet above ground, 4.7 bedrooms, 4.0 full baths, 1.3 half bath, 2.8 garage spaces, was built in 1961, and had a lot size of 1.43 acres
Buyers should expect a reduction in buying power of about 174 square feet by the end of 2022. Which is roughly like losing a small bedroom or office.
Approximately two thirds of the homes sold in this bracket were in the waterfront neighborhoods of Southport, Sasco, and Beach, with most of the others being in Greenfield Hill, so there is a clear pattern on where houses in this price range sell.
Stamford, Wilton & Weston:
The towns of Stamford, Wilton and Weston are options at this price, but at just 4-6 sales per year, unfortunately they don't sell enough homes in this price bracket to produce usable averages, however, I would encourage you to explore current inventory to see if anything is available.
Metrics & Analysis:
Alright, let's benchmark the towns on a few key metrics.
This is how the towns compare, in terms of the average lot size, in the $2-3MM price bracket. If you want the largest lot, New Canaan is your best bet. If we had enough data for weston and wilton, it's likely they would have made the list too.
Take a look at this graph If it's the most square footage that you are after. You can see that the town of New Canaan will give you the most space.
And if you are looking for the newest home in the $2-3MM price bracket. Here’s how the towns compare. For the newest home, you may want to consider the towns of Westport, Norwalk and again New Canaan.
If you are thinking of moving to Connecticut's “Gold Coast”, I would like to work with you. If you aren't ready to call us yet, check out the rest of our website: CharlieVinci.com and grab one of the many guides, maps and checklists that we have created for you. They will save you hundreds of hours of research, and help you make a better choice for you and your family.
I look forward to hearing from you!
Lower Fairfield County Realtor
About the Author:
Charlie Vinci, the Founder and Lead Agent of the Charlie Vinci Team has become a mainstay in Connecticut’s real estate market, earning accolades as one of the top 3% of realtors within the state. Fueled by a dedication to the success of his clients and an ever-growing assortment of area-specific resources, the business continues to thrive in the constantly evolving real estate marketplace. An informative YouTube presence has been the primary driver/focus for the team, as it has allowed Charlie to engage directly with his audience and provide a consultative approach to an often ambiguous process. Whether an international client seeking relocation to the US or a local homeowner considering the sale of their property, The Charlie Vinci Team has the market knowledge, resources, and expedient level of service that clients not only desire, but deserve.