Known as one of the most desirable and prominent communities within easy commuting distance of New York City, Greenwich, CT has been a coveted place to live for decades. Featuring a charming small-town atmosphere, an impressive quality of life, and high-end real estate, many benefits are afforded by relocating here. If you are looking to buy in the area, here’s what you need to know.
As we approach 2023, this Connecticut haven has boomed in 2022. With more people working remotely, more families and older couples are moving here, which in turn drives residential real estate prices up. January 2022 saw a 17.3% price increase from 2021, with a median price landing at around $1.6 million. Fortunately for buyers, pricing has come down slightly, with median home prices lingering around $1.4 million as of October 2022.
Currently, the mortgage interest rates in Connecticut are averaging 6.3%. That is decently higher than last year’s rates of 2-3% nationally. However, compared to the national average of 6.8%, this is still 0.5% less. Since Connecticut rates are lower, you’ll get better mortgage loan deals, making this state a better market than average to use your down payment money to get a reasonable loan.
While there is a housing scarcity in many other places of the country, especially in high-profile, popular areas, this is currently not the case for Greenwich. There was a purchasing boom the past year, but it’s slowed down enough to make buying here manageable again. However, it’s still a competitive seller’s market — making it the perfect time to list your home, especially if it’s in the multi-million range as $2.5 million homes are in the greatest demand in this area. As a buyer, finding the right property and winning the bid might take some work, but it’s definitely possible if you’re strategic and have a good agent to work with.
Ready to shop for Greenwich real estate?
If you want to learn more about the Greenwich real estate market or about Greenwich, CT homes for sale, contact local expert Mia Simonsen.