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The housing market for Greenwich increased by 1.35% from the previous month according to the latest Zillow survey.
Zillow released their monthly Home Value Index from November 2016 which shows the median price of a home in Greenwich at $1,391,400, which represents an increase of 1.35% from the previous month. The index for Greenwich is up 3.67% from last year.
Zillow also reported that the average value per square foot of a home in Greenwich is $ 588.
The average of the index for each town in Connecticut is $242,800, which is up .20% from the previous month, and up 1.85% from last year. The average of the median values per square foot in CT is $163.
Zillow believes US homes will continue to regain lost value since 2007 and could surpass pre-recession highs by mid-2017.
Zillow also reports that rents are more unaffordable than ever in many markets. On average in the US renters spend 29% of their income on rent.
More information on how Zillow computes their price index can be found here http://www.zillow.com/research/zhvi-methodology-6032/
