Q1-2025 MARKET REPORT
EXECUTIVE SUMMARY
The first quarter of 2025 reinforced the strength of the luxury residential market across key markets in New York and Connecticut. Despite macroeconomic uncertainty and lingering volatility in interest rates, luxury homebuyers remained highly active. From the $2 million entry point in Westchester to the $10 million-plus estates of Greenwich, the luxury segment continued to outperform broader market trends in both pricing and pace.
Westchester County saw a 32 percent year-over-year increase in luxury home sales at $2 million and above, with 98 transactions recorded in Q1. However, the median sale price ticked down 4.8 percent to $2.64 million, reflecting a slight broadening of the luxury base. Notably, activity in the $2M to $3M bracket surged by 55 percent. Days on market increased to 101, but homes continued to trade near list price, with an average sale-to-list ratio of 99.7 percent. High-demand areas included Scarsdale, Rye, and Bedford.
Putnam and Dutchess Counties, defined here by the $1 million threshold, held steady in transaction volume with 31 luxury sales, identical to Q1 2024. However, dollar volume fell nearly 16 percent, and median sale price dropped 6.7 percent. This softness may reflect seasonal variations, fewer ultra-high-end trades, or a more cautious start to the year in rural and second-home markets. Still, properties in Garrison, Millbrook, and Red Hook anchored the high end of activity.
Greenwich, Connecticut delivered one of the strongest quarters on record for homes priced at $3 million and above. Sales increased 12 percent to 46 closings, while dollar volume surged nearly 50 percent, driven by multiple transactions exceeding $10 million. The median sale price reached $5.56 million, up over 20 percent year-over-year. Notably, days on market fell below 110, and sale-to-list price ratios remained competitive at 96.1 percent. High-end waterfront and estate properties continued to draw interest from both local and out-of-state buyers.
Southern Fairfield County markets, including Darien, Rowayton, and New Canaan, also performed well. Darien saw luxury sales rise 88 percent year-over-year, with a median price of $3.55 million and homes selling on average in just 34 days. New Canaan remained consistent, with a modest 5 percent sales increase and strong pricing momentum. In Rowayton, luxury homes moved faster than any other market in the report, averaging just 14 days on market.
Across all markets, demand remained concentrated in the $2M–$5M range, though ultra-luxury activity, particularly in Greenwich and parts of Northern Westchester, gained traction. In Greenwich alone, $10M+ sales quadrupled compared to Q1 last year. Meanwhile, Westchester recorded no sales above $10M this quarter, despite notable activity in the $5M–$9.9M bracket.
As spring unfolds, the supply-demand dynamic in the luxury segment remains tight. Inventory levels are not keeping pace with demand in most submarkets, especially in Darien and lower Fairfield County, where multiple price bands are experiencing a 1:1 ratio of listings to pendings. The implication is clear: well-priced homes in coveted areas continue to move swiftly.
Luxury buyers in 2025 are not chasing discounts. Instead, they are prioritizing location, design, and lifestyle alignment. With fewer homes meeting elevated expectations, competition remains high. For sellers, the message is equally clear, presentation and precision pricing are paramount.
The Q1 2025 luxury market confirms that despite economic complexity, demand at the top remains confident, capable, and committed.
At Houlihan Lawrence, we recognize that every home sale or purchase is a deeply personal and significant decision, and we remain uniquely positioned, with local expertise, market insight, and trusted relationships, to guide buyers and sellers through every step of the journey.
With Warm Regards, Liz Nunan President and CEO
LUXURY MARKET REPORT
1st QUARTER 2025
WESTCHESTER COUNTY LUXURY HOME SALES | $2 M AND HIGHER
GREENWICH, CT LUXURY HOME SALES | $3 M AND HIGHER
LUXURY MARKET REPORT
1st QUARTER 2025
DARIEN LUXURY HOME SALES | $2 M AND HIGHER
ROWAYTON LUXURY HOME SALES | $2 M AND HIGHER
NEW CANAAN LUXURY HOME SALES | $2 M AND HIGHER
LUXURY MARKET REPORT
1st QUARTER 2025
WESTCHESTER COUNTY LUXURY HOME SALES
AND DUTCHESS COUNTY LUXURY HOME SALES
GREENWICH, CT LUXURY HOME SALES
Source: Onekey MLS and Greenwich MLS
LUXURY MARKET REPORT
1st QUARTER 2025
DARIEN LUXURY HOME SALES
$5,000,000 - $9,999,999
$5,000,000 - $9,999,999
PUTNAM COUNTY LUXURY
LUXURY MARKET REPORT
| $2M AND HIGHER
LUXURY MARKET REPORT
GREENWICH, CT LUXURY HOME SALES | $3M AND HIGHER
SOUTHERN FAIRFIELD COUNTY, CT LUXURY HOME SALES | $2M AND HIGHER
LUXURY MARKET REPORT
1st QUARTER 2025
SUPPLY/DEMAND SNAPSHOT
SOUTHERN WESTCHESTER COUNTY | $2M AND HIGHER
NORTHERN WESTCHESTER COUNTY | $2M AND HIGHER
PUTNAM COUNTY | $1M AND
DUTCHESS COUNTY | $1M AND HIGHER
PRICE RANGE
PENDING SALES
*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand
LUXURY MARKET REPORT
1st QUARTER 2025
SUPPLY/DEMAND SNAPSHOT
GREENWICH, CT | $3M AND HIGHER
DARIEN | $2M AND HIGHER
ROWAYTON | $2M AND HIGHER
AS OF MARCH 31, 2025 AS OF MARCH
NEW CANAAN | $2M AND HIGHER
$2,000,000 - $2,999,999
LUXURY MARKET REPORT
1st QUARTER 2025
TEN-YEAR MARKET HISTORY
WESTCHESTER COUNTY LUXURY HOME SALES | $2M AND HIGHER
PUTNAM COUNTY LUXURY HOME SALES | $1M AND HIGHER
Source : Onekey MLS.
LUXURY MARKET REPORT
TEN-YEAR MARKET HISTORY
DUTCHESS COUNTY LUXURY HOME SALES | $1M AND HIGHER
GREENWICH, CT LUXURY HOME SALES | $3M AND HIGHER
Source : Onekey MLS and Greenwich MLS.
LUXURY MARKET REPORT
1st QUARTER 2025
TEN-YEAR MARKET HISTORY
DARIEN, CT LUXURY HOME SALES | $2M AND HIGHER
ROWAYTON, CT LUXURY HOME SALES | $2M AND HIGHER
Source : Smart MLS.
LUXURY MARKET REPORT
TEN-YEAR MARKET HISTORY
NEW CANAAN, CT LUXURY HOME SALES | $2M AND HIGHER
Source : Smart MLS.
RIVERSIDE, CT · $14,750,000 Spectacular 2008 Estate showcases panoramic water views, cottage and pool on 1.77 acre. Joanne Mancuso & Amanda Miller | M 203.667.3887
GREENWICH, CT · $7,995,000
2025 Construction - 9400 square foot Colonial set on 2.16 level acres with pool in quiet neighborhood. Amanda Bates Goodro | M 203.536.1195
ARMONK, NY · $3,600,000
Grand, yet welcoming stone and shingle Manor in coveted estate area with over five acres. Harriet Libov | M 914.659.6200
HUDSON, NY · $7,330,000
Exquisite historic Victorian estate on 100 park-like acres, across from Olana. Paul Barrett & Christine Jones | M 518.755.3296 RIVERSIDE, CT · $6,995,000
Spectacular whole-house architect-guided renovation & addition of this 85' beach Victorian. Gideon Fountain | M 203.249.9978
RED HOOK, NY · $2,950,000
Sun-drenched Contemporary on 82+ acres with curated period details & pool. Near Rhinebeck. Vicki Hickman & Harry Hill | M 845.389.9952
MAHOPAC, NY · $2,750,000
Awesome Adirondack-style lakefront with 190 feet of private shoreline and panoramic views. Linda K. Hoffmann | M 914.548.1843
MILLBROOK, NY · $12,950,000
Exceptional equestrian property, once a Carnegie family estate, on 185 unrestricted acres.
Oliver Brown & George Langa | M 917.680.8933
BRONXVILLE, NY · $6,495,000
A majestic home with flexibility in layout, adaptable spaces and every modern convenience. Mariellen Sullivan Carpenter | M 914.319.8751
HUDSON, NY · $2,350,000
Meticulously renovated former brick church steps from Hudson’s bustling Warren Street. Chris Getman & Paul Barrett | M 203.554.5032
RYE, NY · $11,750,000
A true embodiment of 1920s elegance, nestled in the secluded Hilltop Place enclave in Rye.
Donna & Scott McElwee | M 914.282.3274
STAMFORD, CT · $5,250,000
Waterfront living: 300’ beach, pool, 5,500+ square foot Colonial with NYC views on 1.16 level acres.
Amanda Bates Goodro | M 203.536.1195
GARRISON, NY · $2,095,000
Country Carriage-style home offers charm and natural light. Stone walls, gardens and pool. Abbie Carey | M 845.661.5438
PAWLING, NY · $9,750,000
A magical 558+ acre parcel of land, 90 minutes from NYC, offering endless possibilities.
Shaylene Neumann & William Flood | M 203.948.4655
PINE PLAINS, NY · $4,500,000
Intoxicating 343-acre farm with charming barns, tasting room & Dutch Schultz's distillery. Andrew Gates | M 917.755.2640
GARRISON, NY · $1,750,000
Storybook French Normandy Manor house with iconic stone entrance. Minutes to Cold Spring. Linda K. Hoffmann | M 914.548.1843