New Fairfield, CT Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

New Fairfield, CT Housing Market Trends

With 13,579 people, 4,971 houses or apartments, and a median cost of homes of $434,257, real estate costs in New Fairfield are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Connecticut communities.

Single-family detached homes are the single most common housing type in New Fairfield, accounting for 96.01% of the town's housing units. Other types of housing that are prevalent in New Fairfield include row houses and other attached homes ( 2.04%), duplexes, homes converted to apartments or other small apartment buildings ( 1.22%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in New Fairfield. Owner-occupied housing accounts for 93.19% of New Fairfield's homes, and 74.83% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. New Fairfield's housing was primarily built during this period, from the '40s through the '60s. A full 42.44% of the town's housing hails from this era. Other housing ages represented in New Fairfield include homes built between 1970-1999 ( 39.48%) and housing constructed before 1939 ( 10.66%). There's also some housing in New Fairfield built between 2000 and later ( 7.42%).

Vacant housing appears to be an issue in New Fairfield. Fully 15.59% of the housing stock is classified as vacant. Left unchecked, vacant New Fairfield homes and apartments can be a drag on the real estate market, holding New Fairfield real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

New Fairfield Home Appreciation Rates

New Fairfield's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in New Fairfield during the period has been just 2.50%, which is lower than 80% of US communities.

Appreciation rates are so strong in New Fairfield that despite a nationwide downturn in the housing market, New Fairfield real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, New Fairfield appreciation rates continue to be some of the highest in America, at 17.87%, which is higher than appreciation rates in 88.99% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in New Fairfield. New Fairfield appreciation rates in the latest quarter were at 5.68%, which equates to an annual appreciation rate of 24.72%.

Relative to Connecticut, our data show that New Fairfield's latest annual appreciation rate is higher than 70% of the other cities and towns in Connecticut.

Average Home Values

 

Median Home Value:
$434,257

New Fairfield, CT HOME PRICES

> $1,267,000
2.7%
2.7%
$950,001 - $1,267,000
2.2%
2.2%
$633,001 - $950,000
11.6%
11.6%
$507,001 - $633,000
16.8%
16.8%
$380,001 - $507,000
33.2%
33.2%
$253,001 - $380,000
24.9%
24.9%
$126,001 - $253,000
5.7%
5.7%
$63,001 - $126,000
0.6%
0.6%
$0 - $63,000
2.2%
2.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for CT

Value Relative To Nation

Number Of Homes And Apartments:
4,971

New Fairfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CT*
Compared To
America*
Latest Quarter:
2021 Q2 - 2021 Q3
Last 12 Months:
2020 Q3 - 2021 Q3
Last 2 Years:
2019 Q3 - 2021 Q3
Last 5 Years:
2016 Q3 - 2021 Q3
Last 10 Years:
2011 Q3 - 2021 Q3
Since 2000:
2000 Q1 - 2021 Q3
63.87% 2.30%
5
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,828 / per month

Homeownership Rate

Owners
93.2%
93.2%
Renters
6.8%
6.8%
Vacant
15.6%
15.6%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
7.4%
7.4%
1970 - 1999
39.5%
39.5%
1940 - 1969
42.4%
42.4%
1939 or Older
10.7%
10.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
96.0%
96.0%
Townhomes
2.0%
2.0%
Small Apt. Buildings
1.2%
1.2%
Apt. Complexes
0.0%
0.0%
Mobile Homes
0.7%
0.7%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.0%
0.0%
1 Bedroom
3.5%
3.5%
2 Bedrooms
14.9%
14.9%
3 Bedrooms
44.8%
44.8%
4 Bedrooms
30.0%
30.0%
5 or more bedrooms
6.7%
6.7%
0.0% 100.0%
% OF HOMES