Connecticut is seeing more than just leaves changing color and flight-avoiding tourists. It’s also seeing a high volume of home buyers looking to move.
Sales of single-family homes in the third quarter increased 30 percent year-over-year, to 13,960 from 10,698, according to a report by Compass. Average price surged 26 percent, to $478,915.
Homes also didn’t languish on the market, selling after just 64 days, or 6 percent faster than last year’s 68.
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“With more people telecommuting and/or going into the office less frequently, many are seeking larger homes with more space and land as opposed to homes predicated on distance and time to Grand Central,” the report said.
Overall sales volume rose by $2.8 billion, an increase of 64 percent from a year ago.
While nearly all areas of Connecticut saw a rush in business, some fared better than others. In Southport, sales doubled to 52 and dollar volume skyrocketed 255 percent to $80 million from $22 million.
In Greenwich, third-quarter sales outpaced those of the second quarter, as pandemic-related interest in the suburbs gained momentum and pent-up demand was released.
From July 1 through Sept. 30, greater Greenwich saw 311 homes changed hands, up 89 percent from the 165 sold from April through June.
Although the report did not offer any predictions, it did draw one conclusion.
“One thing is crystal clear, greater Greenwich is on many people’s radar and the demand is red hot,” it said.