Shortage Of Greenwich Homes Triggers Bidding War As New Yorkers Flock To Suburbs 

The exodus of city dwellers from New York City continued into late 2020 as homebuying in Greenwich surged, according to Bloomberg. 

A new report from appraiser Miller Samuel Inc. and Douglas Elliman Real Estate said 317 single-family homes were listed in the tiny town, located in southwestern Fairfield County, at the end of December. 

A shortage of Greenwich homes prompted a fierce bidding war among buyers who were willing to pay at least 14% above the seller’s asking price, compared with 2.6% in 2019. 

The average listing time for homes on the market was 142 days in 2020, compared with 183 days one year earlier. The pace at which Greenwich homes are selling is the the fastest in seven years. 

Completed transactions jumped 141% in the fourth quarter from a year earlier to 282, Miller Samuel and Douglas Elliman said.

In a separate report, Brokerage Houlihan Lawrence said pending home sales in the town soared as well. The number of homes in Greenwich under contract at the end of December was up 97% from a year earlier. 

A combination of the virus pandemic, social unrest, remote working, and violent crime has resulted in hundreds of thousands of people fleeing New York City. 

The great escape to Greenwich began in April and has continued ever since. Last month, we noted that condo interest in New York City suburbs was erupting in the fourth quarter, especially in Greenwich.

New York City’s trend is to either downsize and find a house in the suburbs or unload real estate and never return as the metro transforms into a violent hellhole. The city’s economic recovery times will undoubtedly lag the rest of the country.