Happy New Year! Welcome back to the 2020 market reports for Greenwich, CT, as well as some thoughts about what is going to happen in the upcoming year. The COVID pandemic has changed priorities and many City dwellers feel the need to move to the suburbs. Demand to live in Greenwich is super high, and our inventory is super low. In 2020 we quickly went from a buyer market to a seller's market. If we look year over year, the median home prices in Greenwich were up by 11%, year over year. These numbers vary upon what part of town you live in and what your price point is. In Greenwich, there are 286 homes available, which is down from the year before when we had 488; that is a 35% decrease in inventory. There are 149 pending home sales, which is up by 97%. Finally, in 2020, we had 861 home sales, which is also up from 2019 by 63%.

What do we think is going to happen in 2021? I have talked to some top economists as well as some real estate experts, and they were all super optimistic that 2021 will continue to be a robust year for real estate. First of all, the vaccine is here! People will be out and about more. In addition, there is a lot of saved up money. People have not been able to do anything, so they have a lot of cash on their hands. Additionally, the Federal Reserve has committed to keeping interest rates low until at least 2023. So, people will have more buying power. The government is also committed to a stimulus plan that's going to stimulate the economy. Finally, the US dollar is trending lower, so foreigners will be buying and investing in the US. Greenwich has also been a pull for international buyers because of its beauty and proximity to New York City. As always, if you have any questions we are here to be your resource for information. So, reach and we will talk soon!