The affluent town has become a real estate wonder during the pandemic.
Filled with lush green lawns and exceptional architecture, the town of Greenwich, Connecticut is known for its opulence. In fact, it has consistently made the lists of the wealthiest areas in the entire United States. During the coronavirus (COVID-19) outbreak, the town has added another distinction to its name by becoming a real estate haven.
Even with multi-million dollar listings and selective inventory, Greenwich homes for sale are breaking past records during the pandemic. With increased prices, boosted sales, and renewed buyer interest, the town has been enjoying attention left, right, and center.
Greenwich’s Real Estate is Breaking Past Expectations
As COVID-19 spread through New York City, affluent residents started escaping the city’s confines to find solace in nearby areas. The phenomenon was strongly seen within Connecticut, which saw a 75 increase in typical relocation volume from NYC.
The real star of this real estate movement appeared in the form of Greenwich. At the time, the area welcomed over 1,300 New Yorkers to its territory. But that was just the end of the first quarter 2020, when COVID-19 had started spreading its wings across the U.S. Now that the pandemic has made its presence known in an unmistakable way, the Greenwich housing market is surpassing expectations. This holds true in terms of overall transactions and price movements in this part of the Nutmeg State.
According to statistics, Greenwich saw more signed contracts in the first-half of November 2020 than the entirety of November 2019. In fact, the total number of signed contracts in the month tripled from the same time a year ago. The same pattern was seen in October 2020, which broke projections and bagged three-times more signed contracts than October 2019.
Home Prices Have Soared With Demand, But Hasn’t Dampened Transactions
At the approximate median price of $1.75 million, listings of Greenwich homes for sale remained intimidating through Q3 2019. The current rush of demand has not helped their price point. In fact, it has only elevated it. Now, the Q3 2020 prices show an 18 percent jump from last year, taking the price to $2.125 million. This makes the area one of the most expensive real estate territories, especially considering its secluded suburb status.
But here’s the interesting part. The Greenwich housing market continues to move forward as though this elevation in pricing never happened. A 2.5 percent tax that applies on properties over $2.5 million has also failed to dampen buyers’ spirits. The phones in realtors’ offices continue ringing with inquiries, while the showings on premium properties keep attracting potential buyers.
This speaks of the purchasing power of New Yorkers and other out of state buyers who are flocking to Greenwich. To them, money is not an issue. As long as they can obtain luxury homes to find comfort during COVID-19, they are ready to spend big bucks. The area now also appeals to luxury renters. This includes those who either choose to wait for ideal listings or don’t want to acquire real estate at all.
If you fall under the same category, it wouldn’t hurt to check out if Greenwich holds your dream home.