Buying a home in Greenwich, Connecticut, has been fiercely competitive this year, and that remained the case in the second quarter, a local real estate brokerage said.
People looking to buy in Greenwich are interested in properties in neighborhoods near the northern coast of Long Island Sound, especially houses close to marinas and beaches, said Houlihan Lawrence — a real estate brokerage focusing on New York City's northern suburbs. Deeper inland, buyers are also hankering for homes with large acreages and privacy, the brokerage said.
"Buyers remain motivated, many prepared to pay in cash or with substantial equity, allowing them to act quickly when the right property becomes available," Houlihan Lawrence said in its second-quarter market report.
Greenwich is a coastal community that became popular in the 1980s when wealthy New Yorkers flocked there for summer vacations. Colonial Revivals, Cape Cods and cottages with yards featuring white picket fences are mainstays here. The town is made of a collection of small neighborhoods near major transit — like Riverside — or near the coast, including Old Greenwich and Cos Cob.
The median home sales price for Greenwich rose 12% to $4 million in the second quarter, according to Houlihan Lawrence data. Prices rose 32% in the quarter to $3.1 million in Old Greenwich and rose 22% to $2.9 million in Riverside, Houlihan Lawrence said.
Cos Cob, Old Greenwich and Riverside are seeing some of Greenwich's most intense competition — partly because inventory is limited there, real estate agents said.
"In Old Greenwich, for example, properties continue to receive multiple offers and sell quickly — often over asking," said Evangela Brock, a Greenwich-based agent for Douglas Elliman, told Homes.com in an interview.
The competition isn't limited to single-family homes, Brock added.
"And despite limited inventory, the condo and co-op market is competitive too, with only about 32 units currently available and over half of them selling above asking," she said.
Competition in Greenwich rages on even as interest rates on 30-year home loans have been near 7% all year. But the elevated rates haven't bothered Greenwich buyers too much, Brock said.
"Today’s [mortgage] rates have introduced a bit more caution among buyers, but they haven't stopped serious purchasers from moving forward," she said. "In fact, we’re still seeing steady activity, particularly for well-priced, move-in-ready homes."
Mortgage rates may be climbing, but Greenwich is still a nearby and desirable location for New Yorkers — a fact that will keep the Connecticut town's housing market strong for the foreseeable future, according to Houlihan Lawrence CEO Liz Nunan said.
"The market is likely to maintain its competitive edge, with updated, well-located properties continuing to lead the way," Nunan said in the brokerage's report.