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With NYC Influx, Greenwich Area Home Prices Rise Fastest in U.S.

Bloomberg logoBloomberg 10/19/2020 Prashant Gopal

(Bloomberg) -- With New Yorkers rushing to the suburbs, Fairfield County, Connecticut -- the home of tony Greenwich -- suddenly has the fastest-rising real estate prices in the U.S.

The median home price climbed 33% in September from a year earlier to $499,000, while sales jumped 80%, according to data from brokerage Redfin. By both measures, the county was the hottest U.S. housing market, based on an analysis of the largest metropolitan areas in the U.S.

Housing Rush © Bloomberg Housing Rush

The pandemic is fueling a rush to the suburbs as New Yorkers leave tight quarters in the city and hunt for more space to quarantine as coronavirus cases climb. The city’s employers now mostly operate with remote workforces, allowing people to telecommute from anywhere.

Read more: Greenwich Home Purchases Soar to a Decade High on NYC Exodus

Fairfield County is home to expensive towns like Greenwich and nearby New Canaan, but also Bridgeport, one of the poorest cities in Connecticut.

The surge in prices is likely due, in part, to sales of high-end properties. In the third quarter, single-family home sales jumped 70% in Greenwich, with the median price hitting $2.13 million, according to a recent report by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.

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