Greenwich, Connecticut continues to be a focal point in the real estate market, attracting both buyers and sellers with its dynamic property landscape. As of December 2024, the market exhibits notable trends that are essential for prospective buyers and sellers to understand.
In October 2024, the median sale price for homes in Greenwich rose to $2.3 million, marking a 35% increase compared to the same period last year. Homes are selling faster, with an average of 47 days on the market, slightly down from 48 days in October 2023.
The single-family home segment has experienced significant activity. In the third quarter of 2024, there were 158 closings, a slight decrease from 166 in the same quarter of 2023. However, the median sale price increased to $3,045,051 from $2,502,500 in the previous year. The average days on market decreased to 59 days from 88 days, indicating a quicker turnover.
The condo and co-op market has also shown positive trends. In October 2024, there were 13 closings, an 8% increase from October 2023. The median sale price rose by 35% to $1.3 million. Properties in this category spent an average of 49 days on the market, a 49% decrease from the previous year, suggesting heightened buyer interest.
Inventory levels have seen fluctuations. As of November 2024, there were 109 homes for sale, a 14.2% decrease from October 2024. This reduction in available properties can create a more competitive environment for buyers.
The luxury segment remains robust. Notably, a Georgian-style waterfront mansion, once owned by former President Donald Trump, sold for $31.5 million in October 2024. This sale underscores the enduring appeal of Greenwich's high-end properties.
Given the rising prices and reduced inventory, buyers should be prepared to act swiftly. Engaging with a knowledgeable local real estate agent can provide access to the latest listings and strategic advice to navigate the competitive market.
Sellers are in a favorable position due to the appreciating home values and quicker sales. Properly pricing your property and ensuring it is market-ready can attract serious buyers and potentially lead to multiple offers.
In summary, Greenwich's real estate market in December 2024 presents opportunities for both buyers and sellers. Staying informed about current trends and working with experienced professionals can help you make the most of this dynamic market.
