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If you’re a first-time homebuyer looking for a single-family dwelling under $2 million in Greenwich, Conn., chances are you might have to look beyond the borders of this affluent bedroom community situated 30 miles from Manhattan.

The lack of inventory for these more affordable properties has caused a decline of 32% in second-quarter sales in this price range, with inventory having shrunk by 13%.

While the median sale price rose 11.7% to $1.7 million in the area, housing availability definitely favors those looking for properties in the $3 million-to-$6 million range, where market activity grew 90% in the quarter compared with last year. Houlihan Lawrence, the real estate firm that compiled the report, concludes the trend toward higher prices will continue.

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