A popular adage among economists of a particular stripe is that a rising tide lifts all boats. A case study for that was on display in 2004 in the field of real estate. Saying 2004 was a good year to be a homeowner in New Canaan or Darien is not news to anyone. From a statistical perspective, 2004 was terrific for New Canaan and Darien homeowners. According to figures from New Canaan’s Sisson Realty, the average sold-home price in New Canaan rocketed 28 percent to $1.74 million, up from $1.36 million in 2003. Meanwhile, according to Prudential Wheeler in Darien, average sold prices there reflected a comparable increase of around 25 percent, jumping from $1.2 million to $1.52 million.
While these rises may be markedly sharp, the fact is there are no bad years when it comes to price appreciation in Darien and New Canaan’s housing market, just varying degrees of good. Yes, 2004 was great, but that might be expected in a rebounding economy with low interest rates to be had.
The story of 2004, where that saying about rising tides rings most true, is found in Rowayton. For the first time last year, average sold-home prices there definitively reached the seven-figure mark, topping out at $1,073,151, up from $938,674 in 2003, according to Preferred Properties in New Canaan.
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