Connecticut’s Real Estate Surges as Affluent New Yorkers Flock to Buy Homes Amid the ‘Mamdani Effect’
A real estate boom in Connecticut, dubbed the “Mamdani Effect,” is seeing wealthy New York City residents relocate. This follows Zohran Mamdani’s mayoral election victory in New York, with many citing fears over policies like free buses and economic uncertainty.
Areas in Fairfield County, including Greenwich, are experiencing unprecedented demand. Broker Mary Ann Heaven reports open houses attracting triple the usual attendance, with 50 to 60 parties expected.
Today’s buyers differ from past trends. According to broker Marshall Heaven, these are often families, aged 30 to 45 with children, who are selling their city apartments entirely to settle in Connecticut suburbs like Greenwich, New Canaan, and Stamford.
This surge is driving prices significantly above asking. One Greenwich home recently sold for $2.5 million, over $500,000 more than its list price.
Brokers link the exodus directly to safety concerns stemming from NYC policy. Manhattan broker John Antretter states that if parents feel city buses are unsafe for children, relocation becomes a primary motivator.
The market is described as “screaming hot” by local experts. Dimitry Melnikov of Putnam Design notes houses receiving dozens of offers within days, selling far above their perceived value.
This migration underscores how urban policy can reshape regional housing markets. The ongoing trend threatens to push Fairfield County prices to record highs while drawing a demographic of affluent families away from New York City.
