New Construction in Fairfield, CT

New Construction in Fairfield

While New Home Construction drives much of the economy around the country, it is not the same here in Fairfield.   It starts with a region that was first settled 400 years ago and has gone through many a Real Estate boom --- most recently in the late 80's and then again in the late 90's. It is hard to find any open land for new homes.  The continuing upward spiral in prices and the paucity of vacant land has led to a new type of lot preparation called the "tear down".  The Capes and Ranches built in the 1940's, 1950's and 1960's are giving way to brand new Colonials getting built in their place.

Even with Tear Downs figured in, New Construction still amounts to only 5-8 percent of the home sales each year.  With each new home seemingly larger than the one that was built before, prices have continued to climb too.  The Average Sale Price for all Single Family Homes was just under $900,000 for this past year.  New Construction is definitely getting a premium for all the new features and amenities with an Average Sales Prices of almost $1.4 Million.

Changing Zoning Regulations adding restrictions may slow this Tear Down trend in the small lot dominated Beach area but the demand for New Construction will just move the builders inland where larger lots are more common.  Today's consumer is definitely willing to pay a premium for the modern and up to the minute features available in today's high tech world.