Wilton Real Estate Market Prices, Trends, and Forecast 2023

 

Set among the picturesque countryside of southwest Connecticut, Wilton has become a popular place for house hunters seeking a tight-knit community with ample amenities. A delightful mix of dense foliage and rolling farmland surrounds historic estates and contemporary builds in this community of just over 18,000 residents.

Wilton represents a quieter alternative to the sprawling nearby metropolises, but it also provides easy access to New York City and oceanside towns for residents wanting the best of both worlds. Highly-regarded schools, hiking trails, a growing culinary scene, and convenient public transit make this charming community among the most coveted in the area.

As a result, buyers will face a competitive housing market marked by escalating prices. Below you will discover the latest information you need to know about the Wilton real estate market.

Nationally, the housing market has favored sellers for the past several years, which continues to be the case in Wilton. Since May of last year, the median sold price for homes has increased by 4.1% to $989,000. This upward trend is most pronounced among four-bedroom homes, which have crested a sold price of one million in 2023. If buyers are hoping to find better deals by expanding their search to neighboring towns, they will not find success with that strategy. New Canaan and Westport, for example, have seen even higher gains in median sold prices.

Despite the seller’s market, there may be some good news for buyers who have the flexibility to wait. One report shows that home values in Wilton actually decreased 11 out of 12 months in the past year. This could indicate a cooling forecast that will enable buyers to get more for their investment. They may just need to time their offers accordingly.

Buyers in 2021 celebrated the unusually low-interest rates, which slipped beneath 3% for the most well-qualified buyers. While that timeframe presented an excellent opportunity to lock in a low rate, interest rates have steadily increased since then. Rising inflation may be partly to blame for higher interest rates, but other factors, such as employment reports and general economic conditions, are having an impact, as well.

Most experts agree that it does not look like rates will come close to the record lows of two years ago any time soon. Today, the average interest rate sits at 6.9% for a 30-year fixed-rate mortgage, and it could increase before the year ends. Pragmatic buyers should accept the new interest rate reality and instead focus on securing a property that meets their needs. Buyers can always refinance mortgages later while building equity right away, especially given Wilton’s enduring appeal. Ultimately, Wilton’s convenience to New York City and outstanding natural amenities position it as a strong investment for house hunters.

A primary driver behind 2020’s competitive housing market was a dearth of available homes. In 2020, the inventory sat at a 1.9-month housing supply, a significant dropoff from the six-month supply that is typical in normal conditions. Consequently, buyers engaged in bidding wars, paid above asking price, and purchased homes without much time to weigh the pluses and minuses of their decisions.

Even with a modest uptick in available houses, buyers still face a competitive market today. Existing home sales are down by 3.4% over a year ago nationally, which may sound favorable for buyers. In other words, the breakneck pace of buying and selling in 2020 has subsided in many markets. In Wilton, however, the number of homes on the market currently is 5.3% higher than it was a year ago, and the number of homes sold is up by 25% in the past month. These statistics suggest an active housing market with only a modest inventory increase. Perhaps most notably, over half of all homes are selling above the asking price, which means buyers still face stiff competition.

Buyers are advised to work with a real estate agent who can alert them to the latest homes coming on the market. Further, well-connected agents in the region will be able to work with listing agents to negotiate the best deals, given the circumstances.

Overall, buyers in Wilton must be ready to be aggressive in what remains a competitive seller’s market. Sellers still have the upper hand, and they may not have to make too many concessions during the negotiation process. Sellers also can raise asking prices and continue to expect bidding wars.

Buyers will want to ensure they are preapproved and connected with a professional agent before making any serious moves. They should budget for essential home repairs and closing costs that the seller may not offer to cover during the negotiation process. Moreover, making too many requests or stipulations as the buyer in a seller’s market could backfire and cause the seller to seek another offer. Instead, buyers serious about purchasing a property in Wilton should focus their energy on determining the type of property that suits their needs and identifying the most desirable neighborhoods.

Wilton remains firmly entrenched as a seller’s market, but buyers should know that their investment will go far in this sought-after community with a rich history. Buyers must be decisive and willing to negotiate in a market that has shown only a marginal uptick in its inventory — but they also must be realistic about how much sellers will concede.

Partnering with a real estate agent with the most current market knowledge is the best strategy for finding a home in Wilton. For sellers, an experienced agent can help command the best deal with the fewest concessions. For buyers, an agent will know the most effective negotiation tactics.

The Marion Filley Team has the expertise and client-focused commitment that is essential for success in a competitive market. We draw upon decades of experience in the area and a thirst for exceeding your expectations. Contact us today to explore Wilton real estate.