RESEARCH | GREENWICH 2022
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Real estate agents affiliated with Corcoran Centric Realty are independent contractors and are not employees of Corcoran Cent ric Realty. Corcoran Centric Realty is a licensed real estate broker located at 103 Mason Street, Greenwich, CT 06830. All materi al presented herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal notice.
SINGLE FAMILY/COOP/CONDO
-%YEAROVERYEAR 1.7%YEAROVERYEAR +11.2%YEAROVERYEAR -32.7%YEAROVERYEAR
The trend of falling inventory continued throughout the year as the number of Greenwich homes for sale sunk below 150, a 1-month supply and an all-time low To put this in perspective, over the past 3 decades the active inventory has averaged 500-800 properties for sale. Many buyers who delayed purchasing during the pandemic entered the market during the first half of 2022 adding to overall demand Low inventory also played a major factor in adding urgency to the process and driving days on market down. The $2.45M median price of a single family finally exceeded the prior high of $2 2M reached way back in 2007 Buyers continued to seek out space, privacy, and turnkey properties The condo/coop market also reached its highest median price ever at $825K, up 8.6% from 2021 and 43% over the last 10 years For the second consecutive year, listings declined by triple-digits annually, a whopping 32% YoY
-34.2
Although sales were down 33.4% YoY, the market remained strong due to low inventory and high demand. If homes were priced competitively, which in most cases they were, multiple bids were the norm throughout the year. With inventory levels at historic lows, we expect this trend to continue in 2023.
CLOSED SALES
2022 2021 %CHG (YR)
ALL OF GREENWICH 852 1,280 -33.4%
SINGLE-FAMILY 637 1,006 -36.7%
CONDO/COOP 215 274 -21.5% GREENWICH 528 788 -33%
COS COB 108 135 -20% RIVERSIDE 108 171 -36.8%
OLD GREENWICH 108 186 -41.9%
Buyer demand slowed in Q3&4 2022 due to rising interest rates, inflation, and volatile financial markets, however supply was still an issue forcing the market to remain competitive at any given price point. Inventory levels were down 32.7% YoY with the highest decline being in Riverside at 35.2%.
CLOSED SALES 2022 2021 %CHG (YR)
ALL OF GREENWICH 1,065 1,583 -32.7%
SINGLE-FAMILY 796 1,228 -35.2%
CONDO/COOP 269 355 -24.2% GREENWICH 708 1,090 -35%
COS COB 145 169 -14.2%
RIVERSIDE 103 159 -35.2%
OLD GREENWICH 109 165 -33.9%
SINGLE- FAMILY CONDO / COOP SINGLE- FAMILY CONDO / COOP
Following the hottest market ever in 2021, single family sales were down 36.7% for the year while the median sale price was up 6.5% YoY to $2.45M which is only 10% above the previous peak back in 2007. Greenwich experienced a strong Q3 with 204 sales while Q4 slowed with 101 sales, down 41.3% YoY as inventory levels dipped to the lowest on record.
It was a competitive year for the condominium/coop market. Although sales were down 21.5% from 2021, the market remained strong and sale prices up 8.6% with a median price of $825K. Q2 was the strongest quarter for condo/coop sales with 64 closings.
PRICE
MEDIAN SALE PRICE
$400,000 $700,000 $1,000,000 $1,300,000 $1,600,000 $1,900,000 $2,200,000 $2,500,000 $2,800,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
YEAR
SINGLE FAMILY 2022 2021 %CHG (YR)
CLOSED SALES 637 1,006 -36.7% Q1 142 200 -29% Q2 190 314 -39.5% Q3 204 320 -36.2% Q4 101 172 -41.3% INVENTORY 796 1,228 -35.2%
MEDIAN PRICE $2,450,000 $2,300,000 6.5%
MEDIAN PPSF $669 $595 12.4%
MEDIAN
SALE PRICE
$300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 2006 2008 2010 2012 2014 2016 2018 2020 2022
PRICE YEAR
CONDO/COOP 2022 2021 %CHG (YR)
CLOSED SALES 215 274 -21.5%
Q1 49 67 -26.9%
Q2 64 83 -22.9% Q3 45 69 -34.8%
Q4 57 55 3.6% INVENTORY 269 355 -24.2%
MEDIAN PRICE $825,000 $760,000 8.6%
MEDIAN PPSF $564 $500 12.7%
Greenwich’s luxury market is defined as the top 10% of all single-family transactions in terms of price In 2022, that included all sales above $5 215M There were 9 sales above $10m in 2022 vs 15 in 2022 In the $5m-$10m range there were 90 homes sold in 2022 compared to 120 in 2021 Prices remained predominately stable year-over-year The highest priced sale in Greenwich was 70 Lower Cross Road which traded privately for $21,875,000 in late November The second highest priced sale was 435 Round Hill Road, closing at $17,616,666 in April. Coming in at #3 was 32 Grahampton Lane which was originally listed for $14 4M and closed at $12 8M Waterfront 25 Nawthorne Lane was the highest priced sale in Old Greenwich in over 3 years at $10.550M. Average price, PPSF and size all decreased between 3 and 10% vs 2021 where there were 2 outliers on the upper end, 100 Field Point Circle which traded for $50M and 30 John Street for $45M.
Young turn-key modern waterfront home located in a desirable Old Greenwich neighborhood, walkable to the beach and village Two lots were combined to create a unique 0 71 acre west-facing site on Greenwich Cove A remarkable collaboration between architects Brooks & Falotico, designer Lynn Morgan and renowned builder Hobbs has produced the perfect blend of art & function for waterfront living A superior level of architectural design and craftsmanship reveals itself in this 5/6 BR and 5.2 BA 7304 SF residence. The sleek chef's kitchen is outfitted with professional-grade appliances, 9-foot Dolomite marble island and custom-built cabinetry by master crafter Stephen Gamble
Below are the top ten priciest properties that sold in 2022. Some have sold at a small discount to their original ask and others were heavily discounted after being stagnant on the market. 25 Lindsay and 34 Beechcroft both sold over ask and within mere days being on the market, (less than 20). *70 Lower Cross Sale was sold off market and not included in the statistics.
70 Lower Cross Road NON MLS $ 21,875,000 na 11/28/2022 na 9,522 2021 $ 2,297 10 7 9 2 435 Round Hill Road, Greenwich $ 19,995,000 $ 17,616,666 88% 4/4/2022 188 14,798 2005 $ 1,190 4 7 7 3 32 Grahampton Lane, Greenwich $ 14,400,000 $ 12,800,000 89% 5/20/2022 371 10,534 2022 $ 1,215 2.53 7 8 2 25 Lindsay Drive, Greenwich $ 12,250,000 $ 12,350,000 101% 7/6/2022 17 11,778 2008 $ 1,049 2 6 6 3 34 Beechcroft Road, Greenwich $ 10,750,000 $ 11,900,000 111% 6/22/2022 18 8,155 2020 $ 1,459 1.79 6 6 3 205 Round Hill Road, Greenwich $ 14,500,000 $ 11,770,000 81% 1/28/2022 615 9,500 1820 $ 1,239 5.12 7 7 2 104 Clapboard Ridge Road, Greenwich $ 11,750,000 $ 11,193,132 95% 12/22/2022 42 14,531 2000 $ 770 3.36 7 9 4 2 Broad Road, Greenwich $ 11,950,000 $ 10,675,000 89% 2/16/2022 448 8,650 1932 $ 1,234 1.53 5 7 1 25 Nawthorne Road, Old Greenwich $ 13,975,000 $ 10,550,000 75% 6/16/2022 51 7,304 2018 $ 1,444 0.71 5 5 2 17 Hemlock Drive, Greenwich $ 11,800,000 $ 10,390,000 88% 8/30/2022 126 20,298 1902 $ 512 4.18 14 13 4
Greenwich proper is the largest market within the town of Greenwich. There were 369 sales, down 36.4% YoY. Proving competitive with only 47 days on market on average. The median sale price increased 14.6% to $2,940,000 while the average sale price rose 1.75% to $3,535,673. Inventory receded 37.1% vs 2021.
AVG DOM 47 71 -34.5% INVENTORY 519 825 -37.1%
MEDIAN PRICE $2,940,000 $2,565,000 14.6%
AVERAGE PRICE $3,535,673 $3,474,814 1.75%
AVERAGE PPSF $673 $612 10%
AVERAGE SIZE 5,174 5,337 -3%
There were 159 closed sales with 37 days on market on average, down 23.6% and 47.9% respectively vs 2021. Price levels remained strong with the median price up 12.9% YoY.
435 Round Hill Road Closing Price: $17,616,666 | Date Closed: 4.4.22
CLOSED SALES 159 208 -23.6%
AVG DOM 37 71 -47.9%
INVENTORY 189 265 -28.7%
MEDIAN PRICE $900,000 $797,000 12.9%
AVERAGE PRICE $1,229,233 $1,161,352 5.8%
AVERAGE PPSF $638 $564 13.1%
AVERAGE SIZE 2,027 2,067 1.9%
An Iconic Greenwich compound offers an unparalleled sophisticated lifestyle. Impressive Georgian scale is woven throughout this exquisite manse, starting with the pleached linden tree-lined drive into the grand center hall, and within each of the 20 distinctly designed rooms. Every area of this 14,000+ SF home, formerly owned by Tommy Hilfiger, is endowed with unique and glamorous architectural notes. Standout features include a dining room which comfortably seats 40 guests, a signature two-story Great Room, and a luxurious master suite with fireplace, spa bath & dressing rooms. The lower level boasts a gym, massage room, sports court, wine cellar & world-class home theater. Immaculate exteriors incorporate a luxe pool, pool house, synthetic turf tennis court and mature gardens. *LISTING INFO COURTESY BRIAN MILTON AND GREENWICH MLS
Little inventory and pent-up demand controlled Cos Cob as well. Median price rose a monstrous 20% to $1.65M and the average price up 10.3% to $1.815M, historically the highest prices ever. Days on market also trended down with an average of only 32 DOM vs 66 in 2021 a 51.1% difference.
SINGLE-FAMILY
2022 2021 %CHG (YR)
CLOSED SALES 77 108 -28.7%
AVG DOM 32 66 -51.1%
INVENTORY 91 125 -27.2%
MEDIAN PRICE $1,650,000 $1,380,000 19.6%
AVERAGE PRICE $1,815,667 $1,645,808 10.3%
AVERAGE PPSF $583 $532 9.6%
AVERAGE SIZE 3,247 3,225 0.7%
Cos Cob’s condominium market was up 14.8% YoY with 31 closed sales. Sale prices moved down 1.5% from a median price of $680K to $670K while the average price rose 3% from $762K to $785K.
CONDO/COOP 2022 2021 %CHG (YR)
CLOSED SALES 31 27 14.8%
AVG DOM 42 63 -32.8%
INVENTORY 54 44 22.7%
MEDIAN PRICE $670,000 $680,000 -1.5%
AVERAGE PRICE $785,338 $762,055 3%
AVERAGE PPSF $545 $552 -1.3% AVERAGE SIZE 1,744 1,883 -7.4%
434 Cognewaugh Road
Closing Price: $4,200,000 | Date Closed: 12.2.22
Stylish five-bedroom Colonial presides over 2.08 exceedingly private acres with pool, stone terrace and outdoor fireplace in enclosed backyard. Stunning, like-new interior showcases six fireplaces, wood floors and great architectural detailing with tray and coffered ceilings. Main level reveals luxurious formal rooms, office/library, chef's kitchen open to breakfast and family rooms, butler's pantry, half bath and threecar garage access. Serene primary suite with sitting room/office, walk-in closet and deluxe bath; two ensuite bedrooms, two bedrooms with shared bath and laundry comprise second floor. With top floor playroom, lower level media room, gym, recreational room, half bath and arts/crafts room. Close proximity to Mianus River Park trails.
With 104 sales, the single-family market had another successful year. Robust sales drove down inventory yet again by 34% compared to a year ago. A minimal downward shift in price metrics has occurred by 4% on average. Record low inventory continued to drive competition and sales throughout 2022. Average price per square foot increased by 11.7% topping off at $757 PPSF. SINGLE-FAMILY 2022 2021 %CHG (YR)
CLOSED SALES 104 163 -36.2%
AVG DOM 28 43 -34.9%
INVENTORY 97 146 -33.6%
MEDIAN PRICE $2,050,000 $2,205,000 -7%
AVERAGE PRICE $2,507,628 $2,614,485 -4.1%
AVERAGE PPSF $757 $678 11.7%
AVERAGE SIZE 3,382 3,860 -12.4%
Riverside has a very limited condominium market with just 4 closed sales in 2022 vs 8 in 2021. Average days on market were down 50% YoY along with inventory also down 54%. Median and average prices remain strong.
CLOSED SALES 4 8 -50% AVG DOM 47 146 -67.8% INVENTORY 6 13 -53.8%
MEDIAN PRICE $787,500 $767,500 2.6%
AVERAGE PRICE $791,125 $752,500 5.1%
AVERAGE PPSF $413 $406 1.7%
AVERAGE SIZE 1,921 1,878 2.3%
117 Meadow Road Closing Price: $9,600,000 | Date Closed: 5.20.22
Enjoy sunrises and sunsets over Long Island Sound from this dazzling waterfront home on 1.5 acres. The expansive deck and bedroom balconies encourage the year-round enjoyment of breath-taking views. This gracious home with high ceilings and floor to ceiling windows is ideal for large soirees or intimate gatherings while enjoying expansive seaside views. The private dock, 2-bedroom apartment over 3 car garage, and Thrushwood Lake for kayaking, canoeing and paddle boarding, round out the offerings of this special property located on a cul-de-sac in a coveted Riverside neighborhood. *LISTING INFO COURTESY NORA GIOVATI AND GREENWICH MLS
The single-family market closed out the year with 87 sales in Old Greenwich, down 43.9% vs 2021 while days on market were only 17, down 39.3%. Median price was up to $2.4M and average price $2.731M.
SINGLE-FAMILY 2022 2021 %CHG (YR)
CLOSED SALES 87 155 -43.9%
AVG DOM 17 28 -39.3%
INVENTORY 89 132 -32.6%
MEDIAN PRICE $2,400,000 $2,250,000 6.7%
AVERAGE PRICE $2,731,362 $2,624,038 4.1%
AVERAGE PPSF $819 $751 8.3%
AVERAGE SIZE 3,303 3,543 -6.8%
The median price of condominium sales rose 18.6% in 2022 to $605K with an average size of 1,167sf and an average price per square foot of $586, up 17% YoY. Condos in Old Greenwich are typically always in high demand due to the convenient location, low tax and low maintenance.
CONDO/COOP 2022 2021 %CHG (YR)
CLOSED SALES 21 31 -32.3%
AVG DOM 40 62 -35%
INVENTORY 20 33 -39.4%
MEDIAN PRICE $605,000 $510,000 18.6%
AVERAGE PRICE $684,386 $639,080 7.1%
AVERAGE PPSF $586 $501 17%
AVERAGE SIZE 1,167 1,248 -6.5%
As evidenced by its name, Old Greenwich is the oldest part of Greenwich Like its coastal neighbors of Riverside and Cos Cob, Old Greenwich has its own postal name and zip code and exists in the minds of its residents as a bit of a separate entity from the rest of Greenwich The neighborhood’s downtown, called “the village” by locals, is centered around its historic 1894 railroad station, still in use for the Metro-North New Haven line Here, you won’t find any chains, but rather, small independent eateries and local boutiques. Closer to Long Island Sound is Greenwich Point Park, unofficially referred to as Tod’s Point, a 147-acre park and beach at the tip of Old Greenwich’s peninsula Houses in Old Greenwich are closer together than in other parts of the city, and neighbors are friendly, sharing well-maintained beaches and evening walks
30% RESEARCH GREENWICH 2022 12
SINGLE FAMILY/COOP/CONDO -22% 6% -14%
SALES MEDIAN PRICE INVENTORY
MEDIAN PRICE INVENTORY
% -36% 2% -38% -44% -6% -35% -55
15% 2% -30%
METRICS
CLOSED SALES the number of properties sold in a given period
PENDING AND CONTRACTS SIGNED figures for the number of properties sold and newly under contract based on purchase contract date
DAYS ON MARKET (DOM) is the median number of days between when a property is listed and the contract date
SOURCE
Figures in this report are based on publicly reported closed sales information via the Town of Greenwich Assessor, Domus Analytics, Greenwich Multiple Listing Service, an independent proprietary information and valuation tools
DISCL AIMER
AVERAGE PRICE PER SQUARE FOOT is the average price divided by the average square footage
MEDIAN PRICE AND PRICE PER SQUARE FOOT (PPSF) are the middle or midpoint price where half of sales fall below and half fall above this number
INVENTORY is a count of all currently listed properties for sale at the end of the month, based on the contract date
Real estate agents affiliated with Corcoran Centric Realty are independent contractors and are not employees of Corcoran Centric Realty Corcoran Centric Realty is a licensed real estate broker located at 103 Mason Street, Greenwich, CT 06830 All material presented herein is intended for information purposes only and has been compiled from sources deemed reliable Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal notice
THE FOLLOWING MEMBERS MADE SIGNIFICANT CONTRIBUTIONS TO THIS REPORT: Sydney Hubbell I Jeffrey Jackson I Clare Bolduc