February 27, 2024

Uvenco

Interior Of The Road

Greenwich’s hot real estate market could be cooling off

GREENWICH — The red hot real estate market in Greenwich appears to be cooling off, due to rising rates to borrow and growing inflation — but the news is not all bad, according to a local expert.

One big indicator of the local slowdown is the number home sales, which are down 36 percent from this point in 2021, David Michonski, a local Realtor and analyst, told the Retired Men’s Association of Greenwich.

“That’s a big decline,” Michonski said. A drop of “3 or 4 percent would be more normal during a couple of quarters. That means the volume of sales is down.”