Before anything, please note that I have found several similar questions on Stack Overflow and articles all over the web, but none of those helped me fix my issue:
I resolved the issue via this command
pg_ctl -D /usr/local/var/postgres start
At times, you might get this error
pg_ctl: another server might be running; trying to start server anyway
So, try running the following command and then run the first command given above.
pg_ctl -D /usr/local/var/postgres stop