HARTFORD, Conn — The COVID-19 pandemic having a huge impact on the real estate market in Connecticut. We’re seeing a trend of people moving out of New York City and into Connecticut. Experts say it has quickly turned parts of Connecticut from a buyer’s to a seller’s market.
“I’ve been in the business for 30 years, and I’ve seen a market I’ve never seen before from a demand standpoint. The buyer and rental activity coming out of New York City is unprecedented,” said Paul Breunich, President and CEO of William Pitt Sotheby's International Realty.
Paul Breunich says William Pitt Sotheby’s 27 offices in Westchester, Connecticut and the Berkshires have seen New York buyers make up 46% of business in Westchester, 33% of business in Fairfield County, 31% of business in Litchfield County, 9% of business on CT shoreline, and 35% of business in Berkshire County.
Breunich says there’s a shift in the market we haven’t seen in twelve to 15 years with people leaving the cities for the suburbs. He attributes that to the pandemic and people’s basic need for shelter.
“Working at home now is acceptable and also people are concerned in New York City that they’re not going to be able to send their kids to school for the fall semester. That’s playing into it, and they want to get settled and situated in another area and get in the school system and get their kids acclimated,” said Breunich.
He says right now, if a home is priced right and turn key, it’s getting its asking price and sometimes multiple offers.
Robert Russo is a real estate attorney with Russo & Rizio, LLC in Southport and says where we were seeing prices comparable to when homes sold in the late 90’s, they’re now back to their 2007 price peaks.
“What we assumed when the pandemic launched was that the real estate market would grind to a halt, and we were totally wrong. Instead real estate prices right now are the best we’ve seen in 13, 14 years,” said Russo.
Russo says the rental market is also soaring.