Greenwich Real Estate: 2024 Market Recap and What to Expect in 2025
Greenwich continues to hold its place as one of the most desirable real estate markets in the country, offering a unique blend of luxury, community, and convenience. While 2024 brought its challenges, the Greenwich market has demonstrated incredible resilience, fueled by strong demand and limited inventory. Let’s dive into the numbers and explore why Greenwich remains so sought after.
2024 in Review: A Market Defined by Tight Inventory and Rising Prices
The story of Greenwich real estate in 2024 was one of supply and demand. The number of available homes for sale reached record lows, with January 2025 opening with just 86 single-family homes on the market—an 81% drop compared to 454 listings in January 2019.
The market for homes under $1 million is particularly tight. As of January 2025, there were no homes listed under $1 million, with the lowest-priced property at $1,099,000. Homes in this price range are selling, on average, at 102% of their list price, often within just 16 days of being listed.
This trend isn’t limited to entry-level properties. Greenwich continues to attract high-net-worth buyers, keeping demand strong for luxury homes. While overall sales volume has decreased due to the lack of inventory, median prices have risen across the board. Sellers are benefiting from these elevated property values, though the inventory shortage poses challenges for those looking to buy another property within the area.
Why Greenwich is Always in Demand
What makes Greenwich so desirable? Its appeal lies in its unique combination of attributes:
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Prime Location
Just a short train ride from Manhattan, Greenwich offers an easy commute while maintaining a tranquil, suburban atmosphere. -
World-Class Amenities
Residents enjoy access to top-rated schools, beautiful beaches, sprawling parks, and a vibrant downtown filled with upscale shops and fine dining. -
Exceptional Lifestyle
Greenwich offers a sense of community with all the perks of luxury living. Its historic homes, waterfront properties, and exclusive neighborhoods attract buyers looking for a prestigious address. -
Economic Stability
With its thriving local economy and high concentration of financial industry professionals, Greenwich remains a solid investment for buyers seeking stability and growth potential. -
Tax Advantages
Connecticut offers competitive property tax rates compared to neighboring states, making Greenwich an appealing choice for affluent buyers.
What to Expect in 2025
Looking ahead, the Greenwich market is expected to remain competitive, with inventory levels likely to stay low. Buyers will need to be strategic and ready to act quickly. On the flip side, sellers are in a prime position to command premium prices, particularly if they properly prepare their homes for sale.
Tips for Buyers
- Work with an experienced agent who understands the market.
- Have pre-approvals in place and be ready to act quickly.
- Be flexible with offers to improve your chances of success.
Tips for Sellers
- Take advantage of elevated property values.
- Invest in proper pricing and marketing strategies to attract the right buyers and achieve the best results.
Your Greenwich Real Estate Partner
The Greenwich real estate market is dynamic, but it doesn’t have to be daunting. Whether you’re looking to buy, sell, or simply understand the market better, I’m here to guide you every step of the way.
With my deep knowledge of the local market and years of experience in real estate, I’ll help you navigate these conditions with confidence.
Let’s talk about your goals and how we can achieve them in 2025.