Tough time for homebuyers

The owners of 7 Chestnut Street in Cos Cob bought it for $1.698 million in December, 2020, did absolutely nothing to it (even though, to my eye, its interior positively screams for at least a thorough fumigation, or, better, a swift mercy killing), and have now sold it for $2.125. That’s less than the (preposterous?) $2.498 they had originally asked in September, but still, a 25% increase in three years. That’s great for them, and congratulations, but for buyers trying to scrape up 20% downpayment while looking at 7% mortgage rates, it just keeps getting tougher.