Home values in Stamford, Connecticut, have climbed sharply in recent years, reshaping the market for both buyers and sellers. Properties that once sold for under $700,000 are now approaching or surpassing the million-dollar mark.
“A house that sold for $650,000 in 2019 is now listing at $899,000 and selling for close to a million,” says Catherine Richardson, a broker with William Pitt Sotheby‘s International Realty who has witnessed Stamford’s real estate market transform dramatically during her 28-year career.
Richardson, who transitioned from corporate America to real estate nearly three decades ago to gain more flexibility as a parent, has since built a thriving business. Today, she focuses primarily on listings, which make up about 75% of her transactions, while also representing buyers navigating one of Fairfield County’s most competitive markets.
The current Stamford market moves at breakneck speed. “75 to 80% of homes receive multiple offers and they are trading at 10%, 20%, 30% over list price,” Richardson explains. This creates a challenging environment, particularly for first-time homebuyers, who often face unprecedented competition.
“In 2020-2021, we’d go in and for the first time in my life, we literally waited 10 to 15 minutes in line to get into show houses,” Richardson recalls. The competition was so fierce that “some of these first-time home buyers made 15 offers before they were able to secure a home.”
Her strategic advice to buyers navigating this market is clear: “If you can afford $550,000, you can’t look for a house listed over $500,000. Look at $450,000 and bid up to $550,000, or $575,000 if you can stretch it, and that’s how you get a home.”
While the initial surge in Stamford’s market was driven by New York City residents fleeing to the suburbs during COVID, the narrative has evolved significantly in 2025. “When COVID hit, everybody wanted to get out of New York City,” Richardson explains. “They were buying these big houses because they now had the option of working from home. Also, since vacations were at a stand-still during 2020, swimming pools were a big draw for folks buying homes.”
Now, the primary market driver has shifted. “It’s lack of inventory that’s driving the prices up. 100%,” Richardson states emphatically. This shortage is partially attributed to the “lock-in effect” of low mortgage rates, with many homeowners reluctant to give up their pandemic-era 3% rates.
“It does make people think twice,” Richardson acknowledges. “Maybe they’ll stay another two years and then retire instead of selling now.”
Perhaps the most striking trend Richardson has observed is the prevalence of young cash buyers in Stamford. “Over the past couple of years, you can’t imagine the number of people that come here with cash, and I’m talking about people in their 30s buying $1M- $2M houses,” she says with amazement. “You just shake your head and say, ‘Wow, there’s a lot of people with a lot of money out there.'”
Unlike other markets where baby boomers dominate cash purchases, Stamford’s pattern is distinctly different. “I don’t [only] see Baby Boomers coming in with cash, I see much younger buyers,” Richardson explains. “These people are very sophisticated. They drive in with their Porsches, and they have this cash to spend.”
Many work in finance, reflecting Stamford’s status as a financial hub. Rather than inheriting wealth, many are self-made: “A lot of it is not coming from the parents.”
Richardson theorizes that many millennials who previously preferred renting have accumulated substantial savings. “The trend before COVID was, everybody wanted to rent and they valued convenience over a large house on acres of property. While they were renting, they’ve saved substantial down payments.”
Across all demographics, Richardson observes one consistent trend: the strong preference for move-in ready properties. “Most people these days want a turnkey house. They don’t want to do any work. Maybe they’ll paint, but that’s about it,” she notes.
This preference transcends generations and is driven primarily by lifestyle factors. “A lot of these families are two working people with maybe a couple of kids, and they don’t have the luxury of time to start renovating,” she explains.
The exception? Buyers with more flexible schedules who prioritize value over convenience: The worst condition, the better as long as they can get the home for a good price.”
As 2025 progresses, Richardson sees subtle signs of market normalization, though prices remain robust. “We’re seeing inventory starting to build a little bit, which is a good thing,” she notes. “Our inventory levels have been at around 2 months supply, whereas a balanced market is 5 -6 months.”
While inventory is “creeping up,” it’s not a dramatic shift. Simultaneously, buyers are adjusting to the new interest rate environment. “Last year was tough because interest rates just kept going up, and people were saying, ‘They’re going to come down.’ The days of 3% are gone, and I think now people are accepting that.”
For those priced out of Stamford, the solution often involves looking further north. Richardson shares the story of clients who sold their Stamford home of 30 years, moved to Tennessee, then decided to return to Connecticut: “They couldn’t buy in Stamford anymore. They are closing today on something an hour north.”
Despite these early signs of normalization, Richardson remains confident about Stamford’s market strength. “Stamford’s a booming city, and we don’t see prices coming down,” she concludes.
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