Greenwich | Year End Market Report 2024

RESEARCH

| YEAR END 2024

©2023 Centric Realty LLC. All rights reserved. Corcoran® and the Corcoran Logo are registered service marks owned by Corcoran Group LLC. Centric Realty LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchi se is independently owned and operated.

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©2023 Centric Realty LLC. All rights reserved. Corcoran® and the Corcoran Logo are registered service marks owned by Corcoran Group LLC. Centric Realty LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchi se is independently owned and operated.

R E S E AR CH | G R E E N WI CH 2024 | 3

SIN G L E FA M IL Y/ CO O P/ CO NDO

-1.7% YE AR OVER YE AR

+ 12.8% YE AR OVER YE AR

+7.8% YE AR OVER YE AR

-1.4% YE AR OVER YE AR

The Greenwich real estate market remained resilient in 2024, marked by rising prices and strong competition despite ongoing inventory challenges. For the third consecutive year, inventory declined, with just 802 homes available at year’s end, down 4.4% YoY. The median sale price climbed to $2.25M, up 12.8% YoY, and the median price per square foot rose 7.8% to $731. While closed sales dipped slightly to 695 (-1.7% YoY), sellers continued to benefit from heightened demand, achieving an average of 102.1% of their list price, up 1.5% YoY. Migration from NYC, Greenwich’s primary feeder market, continued to fuel demand and sustain competitive bidding environments. Low inventory remained a defining factor, driving urgency and contributing to multiple offers on competitively priced properties. Despite these challenges, the total dollar volume for the year reached an impressive $2.04 billion, down just 1.4% from 2023.

Experts anticipate some improvement in inventory levels in 2025, especially if slightly lower interest rates incentivize sellers to move off the sidelines. However, this process may be slow, with buyers and sellers carefully weighing their options in this competitive landscape. Strategic pricing and market expertise will continue to be crucial for both buyers and sellers. With strong fundamentals and persistent demand, Greenwich remains a highly sought-after market and an excellent place to invest in real estate.

-4.4% YE AR OVER YE AR

1.5% YE AR OVER YE AR

R E S E AR CH | G R E E N WI CH 2024 | 4

Single-family home sales declined for the third consecutive year, down 4.9% YoY, largely due to limited inventory. In contrast, condo/coop sales rose 7.8%, reflecting strong demand and heightened competition. Competitively priced homes consistently attracted multiple bids throughout the year. Cos Cob experienced the steepest decline in sales, dropping 19.8% YoY.

Inventory levels continued to hit historic lows throughout the year, reaching their lowest point in Q4. High mortgage rates and limited supply kept many sellers on the sidelines, waiting for more inventory or alternative options. Overall, inventory was down 4.4% in 2024, following a 21.5% drop in 2023 vs 2022, marking the third consecutive year of declines. Riverside was the exception, with inventory rising 18.2% YoY, from 65 to 78 homes for sale.

2024

2023

%CHG (YR)

ACTIVE INVENTORY

2024

2023

%CHG (YR)

ALL OF GREENWICH

695

707

-1.7%

ALL OF GREENWICH

802

838

-4.4%

S INGLE- FAMILY

501

527

-4.9%

S INGLE- FAMILY

626

645

-3.2%

COND O/COOP

194

180

7.8%

COND O/COOP

176

193

-8.3%

GREENWICH

455

443

2.7%

GREENWICH

575

589

-2.9%

COS COB

77

96

-19.8%

COS COB

73

98

-24%

RIVERSIDE

75

77

-2.6%

RIV ERS ID E

78

65

18.2%

OLD GREENW ICH

88

91

-3.3%

OLD GREENW ICH

76

86

-10.6%

S I N G LE- FAMILY

S I N G LE- FAMILY

CONDO / COOP

CONDO / COOP

ACTIVE INVENTORY

NUMBER OF CLOSED SALES

CLOSED SALES

R E S E AR CH | G R E E N WI CH 2024 | 5

Single-family sales declined again in 2024, though the drop was a modest 4.9%,

Unlike single-family sales, condo/coop sales rose 7.8% in 2024, increasing from

compared to sharper declines of 17% in 2023 and 37% in 2022. Q3 stood out as

180 to 194 closings. Q3 was the strongest quarter with 58 closings, up 28.9% YoY.

the strongest quarter, with 160 sales—an impressive 90.5% increase YoY.

The median price increased from $875,000 to $1,012,250, reflecting a strong

Meanwhile, the median sale price rose by 14.7% YoY, climbing from $2,500,000 to $2.866,300. Inventory levels continued to tighten, reaching a record low with a

seller’s market. Inventory dropped 8.3%, from 192 to 176, as demand remained high, making 2024 another competitive year for the condo/coop market.

3.2% decline from 647 in 2023 to 626 in 2024.

MEDIAN SALE PRICE

MEDIAN SALE PRICE

$3,100,000

$1,100,000

$2,800,000

$1,000,000

$2,500,000

$900,000

PRICE

$1,900,000 $1,600,000 $1,300,000

$800,000

$700,000

YEAR

YEAR

SINGLE FAMILY

2024

2023

%CHG (YR)

CONDO/COOP

2024

2023

%CHG (YR)

CLOS ED S ALES

501

527

-4.9%

CLOS ED S ALES

194

180

7.8%

Q1

77

166

-53.6%

Q1

39

54

-27.7%

Q2

149

167

-10.8%

Q2

57

47

21.3%

Q3

160

84

90.5%

Q3

58

45

28.9%

Q4

115

110

4.5%

Q4

40

34

17.6%

INV ENTORY

626

647

-3.2%

INV ENTORY

176

192

-8.3%

MED IAN PRICE

$2,866,300

$2,500,000

14.7%

MED IAN PRICE

$1,012,250

$875,000

15%

MED IAN PPS F

$762

$703

8.4%

MED IAN PPS F

$624

$607

2.7%

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2007

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

$400,000

2010

$400,000

2009

$500,000

2008

$700,000

2008

$600,000

$1,000,000

2007

PRICE

$2,200,000

R E S E AR CH | G R E E N WI CH 2024 | 6

Greenwich’s luxury market, defined as the top 10% of all single-family transactions by price, encompassed sales above $6.6M in 2024. The year saw 17 sales exceeding $10M, up from 13 in 2023, and 32 sales in the $6.6M–$10M range. Prices largely remained stable YoY. The highest-priced sale was 21 Vista Drive, which sold off-market for an impressive $31,500,000 in October. The second-highest sale, also off-market, was 11 French Road, which closed for $18,250,000 and included an additional neighboring lot. In third place was 22 Dairy Road, selling for $16,250,000 in April.

The luxury market’s median price increased significantly, up 16% YoY from $7,562,952 to $8,775,000. While the average price saw a slight decline of 4.7%, from $10,435,141 to $9,939,687, the highest sale price fell 77.3%, from $138,830,000 in 2023 to $31,500,000 in 2024. This drop was primarily due to the record-breaking Copper Beach Farm sale in 2023, which skewed last year’s figures.

LUXURY

2024

2023

%CHG (YR)

MEDIAN PRICE

$8,775,000

$7,562,952

16%

AVERAGE PRICE

$9,939,687

$10,435,141

-4.7%

HIGH PRICE

$31,500,000

$138,830,000

-77.3%

AVERAGE S IZE

9,580

8,772

9.2%

AVERAGE PPS F

$1,037

$1,189

-12.8%

21 Vista Drive, Greenwich Closing Price: $31,500,000 | Date Closed: 10/11/2024 This remarkable estate, originally built in 1939, spans nearly 20,000 square feet on 5.8 acres of prime Greenwich real estate. Showcasing timeless elegance and unparalleled luxury, the property features 11 bedrooms, 15 bathrooms , and sweeping views, solidifying its status as one of the year's most significant transactions. Just is minutes from do wntown Greenwich and 35 miles from New York City. *LISTING INFO COURTESY ROB JOHNSON & GREENWICH MLS

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The top sales in Greenwich this year showcased a diverse range of luxury properties, with standout transactions including 21 Vista Drive, which sold at $31,500,000, and 616 Indian Field Drive, exceeding its original list price by 4% at $16,150,000. These record-setting homes reflect the enduring demand for high-end properties, with prices per square foot ranging from $876 to $2,072 and a mix of historic and newly built estates dominating the market.

21 Vista Drive, Greenwich

$

31,500,000

$ 31,500,000

100%

10/11/2024

0

19,786

1939

$ 1,592

*11 French Road, Greenwich

$

18,250,000

$ 18,250,000

100%

22 Dairy Road, Greenwich

$

18,950,000

$ 16,250,000

86%

616 Indian Field Drive, Greenwich

$

15,495,000

$ 16,150,000

104%

6 Windrose Way, Greenwich

$

15,750,000

$ 14,800,000

94%

2 Midwood Road, Greenwich

$

15,900,000

$ 14,750,000

16 Windrose Way, Greenwich

$

21,500,000

80 Meadow Wood Drive, Greenwich

$

12,250,000

32 Meadowcroft Lane, Greenwich

$

248 Round Hill Road, Greenwich

$

5.8

11

15

3

6/11/2024

0

10,750

2017

4/24/2024

189

14,916

2023

$ 1,698

2

6

6

3

$ 1,089

2.74

7

9

2

6/4/2024

17

7,793

1999

1/5/2024

900

8,111

2008

$ 2,072

2

6

8

1

$ 1,825

2.01

6

7

93%

1/5/2024

153

13,000

1

2023

$ 1,135

1.4

7

10

1

$ 13,750,000

64%

7/12/2024

715

$ 12,180,000

99%

12/5/2024

134

8,914

1985

$ 1,543

2

8

10

1

8,847

2008

$ 1,377

1.05

6

6

2

15,000,000

$ 11,700,000

78%

5/15/2024

379

13,355

2011

$

876

2.2

7

8

2

11,900,000

$ 11,400,000

96%

11/26/2024

107

9,887

1982

$ 1,153

3.41

5

6

1

*11 French Road was closed inhouse by Jeff Jackson of Corcoran Centric Realty.

R E S E AR CH | G R E E N WI CH 2024 | 8

Greenwich Proper is the largest market within the town of Greenwich, and it remained robust in 2024 despite slight shifts in activity. There were 306 sales, a 4.1% decrease from 319 in 2023. However, properties moved faster than ever, with days on market dropping significantly by 29.3%, from 41 days in 2023 to just 29 days in 2024. Pricing trends showcased the market’s resilience, with the median sale price increasing slightly to $3,206,250 from $3,200,000. Meanwhile, the average sale price experienced a modest decline, down 6% from $4,267,615 to $4,008,292, reflecting a dynamic yet balanced market.

SINGLE-FAMILY

2024

2023

%CHG (YR)

C LOS ED S A LES

306

319

-4.1%

DOM

29

41

- 29.3%

INVENTOR Y

435

451

- 3.5%

MEDIA N PR IC E

$3,206,250

$3,200,000

0.2%

A VER A GE PR ICE

$4,008,292

$4,267,615

- 6%

A VER A GE PPS F

$771

$760

1.4%

A VER A GE S IZ E

5,102

5,174

1.4%

There were 149 closed sales up 20.2% YoY with and average of 31 days on market, down 8.8% from 34 YoY. The median price increased 23.1% YoY from $930,000 to $1,144,880 while the average price also increased nearly 17% from $1,240,513 to $1,449,766 indicating a strong market.

CONDO/COOP

2024

2023

%CHG (YR)

C LOS ED S A LES

149

124

20.2%

DOM

31

34

- 8.8%

INVENTOR Y

140

141

- 0.7%

MEDIA N PR IC E

$1,144,880

$930,000

23.1%

A VER A GE PR ICE

$1,449,766

$1,240,513

16.9%

A VER A GE PPS F

$711

$676

5.2%

A VER A GE S IZ E

2,042

1,887

8.2%

11 French Road, Greenwich Closing Price: $18,250,000 | Date Closed: 6/11/2024 Nestled on two acres in Greenwich, Connecticut, 11 French Road is a luxurious single-family residence built in 2017. This 10,750-square-foot home features six bedrooms and seven and a half bathrooms, offering ample space for comfort and entertainment. The property boasts a pool, a finished basement with exercise, game, and playrooms, and a wine cellar, catering to a variety of lifestyle needs. The master suite includes a fireplace, balcony, sitting room, two baths and dressing rooms, providing a private retreat within the home. With its elegant design and high-end amenities, 11 French Road exemplifies luxury living in Greenwich. This sale included an adjacent lot.

*LISTING INFO COURTESY ROBIN KENCEL AND GREENWICH MLS BUYER REP: JEFF JACKSON OF CORCORAN CENTRIC REALTY

R E S E AR CH | G R E E N WI CH 2024 | 9

Closed sales dropped 13.8% YoY, with 56 sales compared to 65 in 2023. Inventory also declined significantly, down 27.4% YoY, with only 53 properties available for sale versus 73 in 2023. Despite fewer transactions, pricing in Cos Cob strengthened, with the median price increasing 12.7% from $1,700,000 to $1,915,500, and the average price rising 14.3% from $1,793,257 to $2,049,533. Homes sold more quickly as well, with days on market dropping 16.1% from 31 days to just 26 days, underscoring the competitive nature of this sought-after market.

SINGLE-FAMILY

2024

2023

%CHG (YR)

C LOS ED S A LES

56

65

- 13.8%

DOM

26

31

-16.1%

INVENTOR Y

53

73

- 27.4%

MEDIA N PR IC E

$1,915,500

$1,700,000

12.7%

A VER A GE PR ICE

$2,049,533

$1,793,257

14.3%

A VER A GE PPS F

$672

$602

11.6%

A VER A GE S IZ E

3,218

3,153

2%

Cos Cob's condominium market saw a shift in 2024, with 21 closings, a 32.3% decrease YoY. Inventory also dropped, with 20 properties listed for sale, down 13% from 23 in 2023. The median sale price experienced a decline to $835,000 from $1,200,000 in 2023, while the average price fell nearly 9%, reflecting the changing market dynamics.

CONDO/COOP

2024

2023

%CHG (YR)

C LOS ED S A LES DOM

21

31

- 32.3%

37

36

2.8%

INVENTOR Y

20

23

- 13%

MEDIA N PR IC E

$835,000

$1,200,000

- 30.4%

A VER A GE PR ICE

$1,019,244

$1,119,483

- 8.9%

A VER A GE PPS F

$623

$832

- 25.1%

A VER A GE S IZ E

1,641

1,616

1.5%

320 Valley Road Closing Price: $2,475,000 | Date Closed: 5/31/2024 This impeccably maintained residence, crafted with stone and shingle, graces a spacious .28-acre parcel, offering over 4,300 square feet of opulent living. The highly sought-after and aesthetically pleasing floor plan boasts expansive living and dining areas accentuated by 10-foot ceilings. This gracious property is enriched with special features, including an elevator, wine room, media room, sliders to patios, and abundant natural light throughout. A two-car garage provides the finishing touch to this stunning residence, promising the joy that emanates from well-designed living spaces.

*LISTING INFO COURTESY ERIC PARENT AND GREENWICH MLS

R E S E AR CH | G R E E N WI CH 2024 | 10

The Riverside single-family market remained strong in 2024, with sales holding steady at 71 transactions compared to 72 in 2023. Homes moved even faster, with days on market decreasing by 10.9% from 23 to just 21 days. Inventory saw a notable uptick, rising 25% with 75 listings in 2024 versus 60 the prior year. Despite increased supply, prices surged, with the median price climbing nearly 20% from $2,430,482 to $2,910,000. These metrics highlight the continued desirability of the Riverside market.

SINGLE-FAMILY

2024

2023

%CHG (YR)

C LOS ED S A LES

71

72

-1.4%

DOM

21

23

- 10.9%

INVENTOR Y

75

60

25%

MEDIA N PR IC E

$2,910,000

$2,430,482

19.7%

A VER A GE PR ICE

$3,329,028

$2,968,875

12.1%

A VER A GE PPS F

$881

$806

9.3%

A VER A GE S IZ E

3,694

3,628

1.8%

The Riverside condo market faced a sharp inventory decline in 2024, down 50% from 6 available listings in 2023 to just 3 this year. This limited supply contributed to a 20% drop in closed sales, from 5 in 2023 to 4 in 2024. However, the constrained inventory also fueled significant price growth, with the median price rising 32.3% from $801,000 to $1,060,000. These dynamics underscore the continued strength and value appreciation in Riverside’s condo market despite fewer transactions.

CONDO/COOP

2024

2023

%CHG (YR)

C LOS ED S A LES

4

5

- 20%

DOM

33

47

- 30.9%

INVENTOR Y

3

6

- 50%

MEDIA N PR IC E

$1,060,000

$801,000

32.3%

A VER A GE PR ICE

$1,018,750

$798,360

27.6%

A VER A GE PPS F

$524

$524

0%

A VER A GE S IZ E

1,933

1,574

22.8%

84 Meadow Road Closing Price: $4,000,000 | Date Closed: 8/13/2024 This stunning six-bedroom, eight-bathroom home is situated in Riverside's prestigious Willowmere Association, offering deeded access to a private beach and dock. The timeless stone-and-stucco exterior is complemented by beautifully landscaped gardens and mature trees.

Inside, the home boasts bright, flowing spaces ideal for entertaining, from the elegant living room with a fireplace and formal dining room to the sophisticated parlor with a bar, a chef’s kitchen, a family room, and a vaulted game room. Outdoors, enjoy a fabulous stone terrace with a fireplace. The property also features a private in-law suite above the garage, perfect for hosting guests.

*LISTING INFO COURTESY MARLI MEIER, DANIELLE POWERS AND GREENWICH MLS

R E S E AR CH | G R E E N WI CH 2024 | 11

The Old Greenwich single-family market ended the year with 68 sales, down 4.2% from 2023. Average days on market dropped 30% to just 14 days, while prices surged. The median price rose 27%, and the average price climbed 25.9% YoY, from $2,502,622 to $3,150,105, highlighting a strong seller's market.

SINGLE-FAMILY

2024

2023

%CHG (YR)

C LOS ED S A LES

68

71

-4.2%

DOM

14

20

- 30%

INVENTOR Y

63

63

0%

MEDIA N PR IC E

$2,787,500

$2,195,000

27%

A VER A GE PR ICE

$3,150,105

$2,502,622

25.9%

A VER A GE PPS F

$932

$845

10.3%

A VER A GE S IZ E

3,383

3,002

12.7%

The Old Greenwich condominium market remained steady in 2024, with 20 closed sales, unchanged from the previous year. However, inventory was tight, with just 13 condos available for sale, down 40.9% from 22 in 2023. Median days on market declined 14.3% from 32 to 27 days. While the median price dropped 19.6%, from $765,000 to $615,000, the average price held relatively steady, edging up slightly from $735,400 in 2023 to $750,775 in 2024.

CONDO/COOP

2024

2023

%CHG (YR)

C LOS ED S A LES

20

20

0%

DOM

27

32

- 14.3%

INVENTOR Y

13

22

-40.9%

MEDIA N PR IC E

$615,000

$765,000

- 19.6%

A VER A GE PR ICE

$750,775

$735,400

2%

A VER A GE PPS F

$671

$623

7.7%

A VER A GE S IZ E

1,103

1,170

- 5.7%

20 Ann Street Closing Price: $9,650,000 | Date Closed: 3/11/2024 Extraordinary + Record Breaker, this turn-key modern home located in one of Old Greenwich's most desired and idyllic locations, within close proximity to the beach at Tod's Point and the village. This exquisite home is set on an oversized flat lot in the Sylvan Lane Association offering mesmerizing water views, access to a private sandy beach, and a deep-water dock. Incredible attention to detail is evident throughout the 9,500+ square feet of living space, spanning 4 floors.

*LISTING INFO COURTESY ALEX ROBINSON, JEFF JACKSON AND GREENWICH MLS

R E S E AR CH | G R E E N WI CH 2024 | 12

SIN G L E FA M IL Y/CO O P/ CO NDO

SALES

MEDIAN PRICE

INVENTORY

30%

18%

10%

SALES

-7%

MEDIAN PRICE

6%

SALES

MEDIAN PRICE

INVENTORY

-2%

-13%

15%

SALES

MEDIAN PRICE

INVENTORY

-3%

-3%

-13%

SALES

MEDIAN PRICE

INVENTORY

-20%

15%

-22%

SALES

MEDIAN PRICE

INVENTORY

-3%

19%

25%

SALES

MEDIAN PRICE

INVENTORY

-3%

21%

-9%

INVENTORY

-11%

SALES

MEDIAN PRICE

INVENTORY

-19%

8%

-39%

SALES

MEDIAN PRICE

INVENTORY

-37%

21%

-24%

R E S E AR CH | G R E E N WI CH 2024 | 13

ME TRI CS

SOUR CE

CLOSED SALES the number of properties sold in a given period.

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

PENDING AND CONTRACTS SIGNED figures for the number of properties sold and newly under contract based on purchase contract date.

information and valuation tools.

DI SCL AI MER

DAYS ON MARKET ( D O M ) is the median number of days between when a property is listed and 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

AVERAGE PRICE PER SQUARE FOOT is the average price divided by the average square footage.

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

MEDIAN PRICE AND PRICE PER SQUARE FOOT ( P P S F ) are the middle or midpoint price where half of sales fall below and

errors, omissions, changes or withdrawal notice.

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.

THE FOLLOWING MEMB ERS MADE SIGNIFICANT CONTRIBUTIONS TO THIS REPORT:

Sydney Hubbell

I

Jeffrey Jackson

I

Clare Bolduc