Real estate is booming almost everywhere amid the pandemic, but the gains in local housing markets are far from equal. Two wealthy New York City satellites, the Hamptons and Greenwich, Conn., are quickly outpacing their neighbors in sales volume — a development that isn’t as predictable as you might think.
“Since the pandemic lockdown ended, both markets have been on a tear, seeing record sales levels and price growth,” said Jonathan Miller, of Miller Samuel, the appraisal company.
In the first quarter of 2021, the number of property sales over $5 million in Greenwich increased 400 percent year over year, from five to 25; sales between $1 million and $5 million were up about 90 percent. In the Hamptons, the corresponding segments were up 24 percent and nearly 83 percent over a year.
up about 31 percent over a year in both Greenwich and the Hamptons in the first quarter of 2021 — could make these homes harder to sell a couple of years down the road if demand fades.
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