This spring, real estate professionals expect home prices to continue holding strong, but sales to continue to slow down from the breakneck pace of the years immediately following the pandemic. While it’s still a seller’s market by most counts, real estate agents say they are seeing buyers will be selective and demand move-in ready conditions whenever possible.
“High housing prices and lack of inventory, combined with higher mortgage rates, are making buyers reassess their budgets nationwide,” says Patricia Schram, real estate salesperson with William Pitt Sotheby’s International Realty in Darien, CT. “We are expecting more inventory, which will help stabilize our markets here in Connecticut.”
Patricia Schram’s listing at 31 Contentment Island in Darien, CT, offers waterfront living with a dock and mooring, a home office, easy flow between rooms and lots of natural light-all among buyer must-haves this year. It’s listed for $6,495,000.
Photo credit: Marcott Studios
By the Numbers
February 2025 Higgins Group Private Brokerage reported on their Instagram page that single family sales were up 2.5 percent year-over-year and the median sales price was down 1.5 percent at $727,500 in Fairfield County. Median days on the market, they reported, was 37. In Westchester County, Julia B Fee Sotheby’s International Realty reported in their February 2025 market report that the total number of homes sold was down 7.6 percent year-over-year but the median sale price was up 2.2 percent at $857,000. Compared to February of last year, the average number of days a home sat on the market in Westchester this February was up almost 29 percent (61 days compared to 48 days last year).
Since the pandemic in 2020, home prices have soared and inventory has been very low. “There has been extreme buyer competition,” says Schram, who is seeing demand continue to remain high throughout Connecticut towns.
Bidding wars are still occurring at most price points, according to Amy Smith Sroka, associate real estate broker at Julia B. Fee Sotheby’s International Realty in Bedford, NY. “We have just seen this from properties under $1 million to multiple offers over $5 million,” she adds.
Meanwhile, across all luxury markets the sales-to-list price ratio declined from 101.7% to 99.0% in February, according to market data provided to subscribers to a newsletter provided by Cindy Raney at Coldwell Banker Realty in Westport, CT. This suggests that buyers are less willing than they were at this time last year to stretch beyond asking prices, analyzes Raney.
27 Sunrise Drive in Thornwood, NY, listed for $2,125,000, is part of the desirable Byram Hills School District, and has outdoor living in spades with a heated in-ground pool and spacious backyard. Buyers, whether urban or suburban, consider outdoor amenities a necessity. A detached barn has an art studio on the second floor, providing an additional 527 square feet of living space.
Photo credit: Framewor
Ready to Move
Many homeowners who have been waiting to make a move are getting antsy and many realtors expect inventory to increase a bit more this spring. “Buyers will be a bit more measured and sellers, we expect to be a bit more price sensitive,” Schram tells 365 Collective. “Between the two adjustments, we expect to see a strong market that is a bit less frenzied.”
In her market in Brooklyn, NY, Abigail Palanca, real estate advisor with SERHANT., in NYC, says many homeowners have been waiting for the right time and they just don’t want to wait anymore. Plus, financial lenders are finding creative ways to make financing more attractive despite mortgage rates staying above pre-pandemic percentages.
Many real estate agents say they are seeing a balanced pool of buyers ranging from first-time homebuyers to those looking to downsize. Those seeking investment properties and parents looking for housing closer to the grandchildren are also among those looking to make a move this year, says Jenny Allen, real estate agent with Compass of Greenwich, CT.
“We are definitely seeing an uptick in young families on the Upper East Side. There’s a real buzz,” says Lisa Simonsen, associate real estate broker with Brown Harris Stevens in NYC. She is also licensed in the Hamptons, Florida and California. She attributes the draw to new restaurants and private clubs opening on the Upper East Side, including the reopening of the Four Seasons.
Second homes, apartments for grown children or apartments where empty nesters can come stay when they visit their grown children are also among the real estate opportunities people are looking for, she adds. This interest in the Big Apple is also driving activity out in the Hamptons, says Simonsen. “When New York does well, the Hamptons are doing well.”
Lisa Simonsen’s listing at 34 West 74th St., on the Upper East Side is a three-bedroom duplex with lots of outdoor rooftop space and an open layout. The neighborhood is attractive to buyers right now who are looking for city living near amenities.
Photo Credit: VHT Studios
What Buyers Want
Real estate agents say buyers are savvy and discriminating, and homes that are not meeting demand will linger on the market. So what do buyers want this year? Outdoor space and a flex space or home office continue to be a big factor, says Palanca.
“Big picture, people are looking for more turnkey because they’re a little nervous about having to take on the cost of a renovation themselves,” says Palanca. “I think prices for materials and contractor costs have kind of gone through the roof post Covid, so I think people who could stomach a renovation before are just a little concerned.”
Sellers who have done the cosmetic and maintenance renovations can get at or above asking price, say Sroka and her colleague Joanna Rizoulis, also at Julia B. Fee Sotheby’s in Bedford. Must-haves include outdoor space, home offices and accessibility to train and town amenities. Pools and high ceilings are both considered a plus in all markets. Allen says many of her clients in Greenwich want at least a two-car garage with possible lifts. Rizoulis says clients frequently look for a first-floor en suite bedroom.
Homes that provide flexibility of use are key to today’s buyers, who more often than not are now juggling work and family—sometimes multigenerational family—at home. “Today’s Connecticut buyers are looking for homes that combine modern convenience with versatile spaces,” says Schram. “Spaces that are flexible multi-use rooms are very important to today’s buyers. For example, a spare room that can function as an office as well as a nursery or personal gym are valuable spaces. Many of today’s buyers are often working from home and having families, and desire to have a home that will work for them as their lives and needs change through the years.”
Amenities continue to be a top priority for buyers in urban and suburban markets across the board. “Outdoor and multi-use spaces are important,” says Schram. “Decks, patios and landscaped yards add value. They offer extensions of indoor living as well as a place to relax and unwind.” But those amenities don’t have to be exclusive to home. Proximity to town amenities, restaurants, trains and strong schools continue to be valuable and make a home’s location desirable.
A new Brooklyn listing of Abigail Palanca.
Photo credit: Allyson Lubow
Advice to Sellers
Be prepared, say real estate experts.
Before you list your home, be sure it’s looking its best. Fresh paint, decluttering and minimizing furniture will keep your interiors looking their best, advises Schram. Make sure your decluttering includes closets and storage areas, adds Palanca.
Research recent sales and have a clear understanding of where your home fits in the pool of inventory. Inventory has been at historic lows the last few years, but prices are maintaining a steady pace now. For sellers in 2025, it’s important to ensure homes are priced accurately. “Unlike the buying frenzy of 2020, the current market sees buyers being more selective and assertive with their offers,” says Allen.
“I think that emotional pricing is really dangerous,” says Palanca. “We all want to assign a really high number to our homes, especially when they mean so much to us, but you really have to look at the broader market and put yourself in the buyers’ shoes. What we’re seeing right now is those homes that are priced just slightly below [market value] are selling faster and they’re selling for a much stronger number on a price-per-square-foot basis.”
Kori Sassower, real estate agent with The Kori Sassower Team at Compass in Rye Brook, NY, recommends working with an agent and putting your home on the market if you can. “Off market homes will not net you the highest price, even if they are done without an agent,” says Sassower. “There is too much buyer demand. Off market sales should be done only if the owner does not want a public sale. If their goal is to get the best price, they should go to the open market.”
Jenny Allen’s listing at 66 Ridge St., in Greenwich, CT, is new construction and move-in ready. Many buyers are turning away from properties that need renovations because of the rising cost of materials in recent years.
Photo credit: Kyle Norton
Advice to Buyers
First, find an agent you can trust who is knowledgeable about the market that you are looking in. “They will be your strongest asset as you navigate the real estate market,” says Schram.
Do your homework and understand the neighborhoods you are looking in. Spend some time in the neighborhood in which you are looking, advises Simonsen. “If you have a dog, use your dog! Take your dog for a walk and check out different neighborhoods,” suggests Simonsen.
Too often, buyers are so focused on getting into a particular neighborhood that may overlook a neighborhood that really suits their needs, says Palanca. With inventory continuing to be low, broadening your search could open you up to more opportunities. “If we’re looking for a deal, I love to start with the overpriced less attractive properties first, because I think that’s where, if it’s been sitting on the market and it’s not being marketed well, I think that’s where you’re going to get your biggest deal.”
When you find something you love, go for it, says Sassower. “You’ve got to be in it to win it, so always put in an offer, even if you think you will get priced out,” she adds. “Have your agent stay in touch with the listing agent because deals fall apart all the time and being the back up offer sometimes gets you the home.”
If you’ll be seeking a mortgage, speak to your lending broker before you start house-hunting. Beyond the mortgage rate, Palanca says, some lenders have tools to make purchasing your home a bit more palatable. For example, if you have a mortgage currently and are looking to buy a second home, financial institutions can sometimes offer you an average of the rate you have on your current mortgage and the current buying rate, depending on where those two rates are in the moment. If the home needs renovations, some lenders are offering a 30-year fixed rate plus the cost of construction so you can bundle the two expenses and not pay for renovations out of pocket.
Speaking to a mortgage broker first, you’ll have a better understanding of where your budget tops out. Plus, pre-approvals can also make it easier and quicker when you are ready to make an offer. Time is often of the essence in today’s market, according to experts.
“Buyers are still keeping a close eye on interest rates, but many feel they’ve waited long enough and plan to refinance when the opportunity arises,” says Allen. She advises buyers not to hesitate too long. “If you see something that you like, don’t hold back,” she says. “It might not check all of the boxes, but good homes are selling fast.”
