According to The New York Post, Connecticut’s luxury housing market is surging as wealthy New Yorkers rush to buy homes across Fairfield County — a trend local brokers are calling “the Mamdani Effect.”
The term refers to a sudden uptick in demand following the election of Zohran Mamdani as New York City’s mayor, which has reportedly prompted fears about safety, public transportation, and economic stability.
A Surge in Demand
Realtors in affluent towns like Greenwich say open houses are overflowing with interested buyers.
Mary Ann Heaven, a broker with Berkshire Hathaway in Greenwich, said she’s seeing three times the usual turnout at showings. “Every lot is desirable in Greenwich now,” Heaven said, noting that she expects as many as 50 to 60 parties to visit one property in a single weekend.
She added that buyers are motivated by the area’s perceived stability: “Greenwich is extremely stable, and people are confident that the winds of change that are happening down there [in New York City] are not happening up here.”
The New Wave of Movers
Unlike the ultra-wealthy buyers of the past, this new wave of transplants is made up of upper-middle-class professionals — largely families in their 30s and 40s — who are selling their New York apartments entirely rather than keeping multiple homes.
Realtor Marshall Heaven of M.H. Heaven Real Estate, who works alongside his wife Mary Ann, said, “These are people that are selling their apartments in New York City and moving their families to Greenwich, Connecticut.”
He added that demand is so fierce that bidding wars have become the norm. One home recently sold for $2.5 million — more than half a million above its asking price.
Fear Drives the Market
Some brokers believe Mamdani’s policy proposals, particularly his plan to make public buses free, have fueled unease among New Yorkers concerned about safety and infrastructure.
“I think the major thing that will affect people would be something as simple as free bus tickets,” said Manhattan broker John Antretter. “If people feel unsafe sending their kids across town on the bus every day, that’ll be the No. 1 driving force.”
A Market on Fire
Local design consultant Dimitry Melnikov described the Connecticut housing market as “screaming hot,” with homes selling within hours and far above their value. “My friend put a house up last Friday.
Within 12 hours, by Monday morning, he had 90 offers,” he said. “I don’t think it’s normal. I don’t think it’s good. I know it’s not good for New York City.”
Melnikov, who emigrated from Belarus, expressed concern about what he sees as socialist-leaning policies influencing the shift. “It’s not going to work in New York City,” he said. “To lay socialism on top of capitalism? That’s not going to work.”
The “Mamdani Effect” Takes Hold
As home prices continue to climb and bidding wars intensify, Fairfield County — including towns like Greenwich, New Canaan, Stamford, and Norwalk — has become a prime escape for those seeking safety and stability outside the five boroughs.
While the long-term effects remain to be seen, brokers agree on one thing: for now, Connecticut’s real estate market is on fire — and New York City’s political climate may be fueling the flames.
Leave a Reply