Established in 1640, Old Greenwich is a charming hamlet in Connecticut that serves as the oldest neighborhood in Greenwich. Known as a neighborhood for “quieter money,” Old Greenwich has long been a highly desirable locale for real estate buyers and investors. Featuring picturesque coastal views, plenty of shops and restaurants, and incredible architecture, Old Greenwich is a wonderful place to call home or invest in property. However, before investing in any area, it’s best to learn the current state and future forecasts of the local market.
Here are the prices, trends, and forecasts for the Old Greenwich real estate market in 2023.
Old Greenwich Housing Market Forecast 2023
Steady home appreciation
Real estate in Old Greenwich
is on an upward trajectory in terms of home values. Homes in this part of Connecticut tend to appreciate at a higher rate than in other parts of the state. Because demand for houses in the area is so high, the cost of homes continues to rise at a steady pace, which means investing in property in the neighborhood is an excellent choice. In fact, many experts predict that homes in Old Greenwich will continue to appreciate throughout the rest of the year and beyond. At the very least, it wouldn’t be farfetched to see home prices grow at a rate of 9 to 11 percent by the year’s end.
Increased demand and limited inventory
Demand for houses in Old Greenwich is at an all-time high with homebuyers flocking from around the country searching for better living conditions. Since this Connecticut neighborhood serves as a respite from “big-city” living, it remains an alluring option for buyers who hail from major metropolitan areas. In fact, given Old Greenwich’s proximity to New York City and easy commute to Manhattan via train, many New Yorkers are among the top buyers in the local market. Because of this high demand, the number of available houses has dropped drastically, creating a seller’s market, which is a real estate market that favors sellers over buyers. Moving forward, that high demand and low inventory situation will likely continue, driving up home prices in the area.
Decreasing mortgage interest rates
Mortgage interest rates
hit a peak of 7.23 percent in August of this year. While that figure serves as the highest rate in over two decades, most experts predict rates will decrease throughout the remainder of 2023. Although ongoing economic uncertainty continues to keep rates elevated, experts believe they will slowly decline to some degree by the end of the year, potentially dropping to below 6 percent. If mortgage rates do drop, it will incentivize more buyers to enter the market, and home sales will likely increase drastically. Such a scenario would further put a strain on the already low inventory, pushing home prices well beyond their current figures.
Fairfield County housing market trends 2023
Fairfield County and Old Greenwich are hot markets in terms of real estate. Learning the current trends of the area could go a long way in helping you secure the home of your dreams. As mentioned before, the local market is marked by high demand and limited inventory, which means you need to act quickly once you find a home to your liking. Additionally, since the area is in a seller’s market, you will likely encounter bidding wars when making offers. Because of this, knowing how to navigate a bidding war can help you make a successful offer. Lastly, many environmentally-conscious buyers have flooded the Old Greenwich real estate market, forcing developers to adopt sustainable and eco-friendly practices when building new houses.
Old Greenwich foreclosure statistics 2023
When compared to the rest of the country, Connecticut, in general, ranks in the tenth spot for the states with the most foreclosures in 2023
. Of the state’s more than 1.5 million homes, around 463 entered the foreclosure process in this year alone. This gives the state a foreclosure rate of one in every 3,298 housing units. Fairfield County, which houses the neighborhood of Old Greenwich, serves as the state’s fifth-highest county for the number of foreclosures in 2023.
Current Old Greenwich median home prices
In Old Greenwich, the current median cost
for a four-bedroom home is around $1.7 million, which is up around 5.4 percent from this same time last year. Because the area is deep within a seller’s market, buyers typically encounter bidding wars when making offers on houses, resulting in them spending around 108 percent of the asking price. Therefore, if you enter the market now, you can expect to pay well beyond the listing price. Additionally, single-family homes sell quickly when they hit the market, lasting an average of only 15 days.
Should you invest in Old Greenwich real estate?
Known for multi-million dollar homes and incredible views, Old Greenwich in Connecticut is a favorite local for investors and homebuyers. In fact, many financial executives and hedge fund managers call the neighborhood home. With that in mind, owning property in Old Greenwich is a solid investment. While the costs of homes in the area are expected to rise even further by the end of the year, entering the market sooner rather than later is your best bet at securing a good return on investment (ROI).
Get help with the Old Greenwich real estate market
Encompassing the entire vibe of Greenwich, Old Greenwich is highly sought after when it comes to real estate. Both investors and homebuyers continue to flock to this part of Connecticut, looking for new properties to purchase. Because of this, home prices continue to grow at a staggering rate, which means investing in a house in the area will likely pay off when the time comes. However, given the competitive nature of the local market, you need an experienced real estate agent on your side.
and her team of highly skilled real estate agents have helped numerous clients buy and sell homes in Old Greenwich. Using their knowledge of the local market, Roseann and her team know what it takes to secure great deals on properties in the area. If you’re looking to enter the Old Greenwich real estate market, then contact Roseann Benedict today.