Greenwich housing market sees gains in many areas30 May 2013 12:20 PM
As the national housing market continues to improve, a growing number of regions are experiencing heightened demand in specific areas, and Greenwich is one such city. According to the Greenwich Post, home values in the region are on their way up, particularly in the city's downtown region and among energy-efficient homes.
Due to the city's convenient and pedestrian-friendly layout, Greenwich real estate that is located toward the center of town is in high demand. Many buyers, whether they are looking for a secondary property or moving to Greenwich full-time, are showing increased interest in these properties.
Despite the mounting interest in homes in the downtown area, demand has been growing across the board. According to Patch, homes listed for more than $3 million are experiencing a growing number of bids, and there are more houses for sale that cost more than $10 million than there are homes that cost less than $1 million.
An improving luxury market typically means that consumer optimism is climbing, as people tend to invest significant amounts of money only when they are especially hopeful about a market's stability and growth. Around the country, this has been true for several months, as high-end properties have been receiving multiple offers and flying off the market.
More sales toward the top of the market have helped buoy home prices in and around Greenwich. According to Trulia, the average listing price rose more than $11,000 in the week ending May 8. Perhaps more impressively, despite rising listing prices, the pace of sales has not slowed a bit. In fact, the source reports that sales have risen 45.6 percent on a year-over-year basis.
The sweet spot
As other regions across the country see housing market activity grow due to a large number of sales at lower price points, Greenwich is somewhat unique because sales of homes priced between $2 and $3 million are growing at a rapid rate. According to the Greenwich Post, that price point accounted for the second highest number of sales between the first quarter of 2012 and the first quarter of 2013.
With rising home values, increased activity and a healthy luxury market, Greenwich's housing market appears to be as healthy as it has been in a while.