The Greenwich real estate market in 2023 was punctuated by limited inventory and continued high buyer demand. High mortgage rates and few homes to choose from kept many homeowners – who’d like to upsize or downsize – on the sidelines, waiting for more options. While home sales declined due to lack of inventory, consistent buyer interest for homes in Greenwich helped to prop up prices for a fourth consecutive year, according to the Houlihan Lawrence 2023 Greenwich Market Report.
Among the 2023 real estate highlights, the high-end market was a standout, with sales in the $8M+ category. It was the only segment posting year-over-year gains. Homes in Old Greenwich sold on average for 3.5% over the asking price, the largest premium in town. In Riverside, homes sold the quickest with average days on market of just 47 days.
The report noted that strategic pricing remains a key factor in helping sellers unlock a successful high-priced sale today, as overpriced homes tend to be ignored by market-savvy buyers.
“With a new year upon us, there are signs of optimism that could bode well for the first quarter. Mortgage rates are trending lower, which may help unlock more inventory to meet buyer demand. However, a Presidential election year can often create uncertainty as we approach the November 5, 2024 voting day, which may favor buyers looking to negotiate a deal,” said Liz Nunan. President and CEO of Houlihan Lawrence.
MARKETS AT A GLANCE (2023 VS 2022)
Greater Greenwich
Homes Sold: Down 17.6%
Median Sale Price: Up 2%
Greenwich
(North of Merritt Parkway)
Homes Sold: Down 25.3%
Median Sale Price: Up 44.8%
Greenwich
(South of Merritt Parkway)
Homes Sold: Down 10.9%
Median Sale Price: Up 6.7%
Greenwich
(South of Post Road)
Homes Sold: Down 7.9%
Median Sale Price: Down 28.6%
Cos Cob
Homes Sold: Down 15.6%
Median Sale Price: Up 3%
Riverside
Homes Sold: Down 30.8%
Median Sale Price: Up 18.6%
Old Greenwich
Homes Sold: Down 18.4%
Median Sale Price: Down 8.5%
