Home sales in the Greenwich market were down in the first quarter of 2022 compared to the first three months of 2021, according to the Houlihan Lawrence Q1Greenwich Market report. All seven submarkets posted double-digit sales declines.
“In our local real estate market, the temperature remains hot as buyer demand exceeds a limited supply of available homes. At the close of the first quarter, there were just 145 homes for sale, a 49% decline from the same period a year ago. The
market is tilted in favor of sellers, with median prices rising 13% in the quarter. In short, it remains an opportune time to sell a home in Greenwich,” said Liz Nunan, President and CEO of Houlihan Lawrence.
The report noted, however, that buyers have their pricing limits. Despite the headline-grabbing stories of properties that garner multiple bids and sell at or over the asking price, 61% of the homes sold in Q1 sold at a discount to the asking price. Proper initial pricing remains the single best way to yield the highest selling price.
Here are highlights from the report:
- The $4M – $5M price range in Mid-Country Greenwich was the only price band that showed an uptick in homes in contract, up 167%.
- Cos Cob experienced the biggest decline in days on market, falling 37%, on average, to just 89 days.
- Homes that sold in Riverside and Old Greenwich in the quarter did so, on average, at just over the asking price.
Q1 2022 Markets at a Glance
Greater Greenwich
Homes Sold: Down 29%
Median Sale Price: Up 12.8%
Greenwich
(North of Merritt Parkway)
Homes Sold: Down 12%
Median Sale Price: Up 19.9%
Greenwich
(South of Merritt Parkway)
Homes Sold: Down 21.1%
Median Sale Price: Up 5.3%
Greenwich
(South of Post Road)
Homes Sold: Down 48.5%
Median Sale Price: Up 86.7%
Cos Cob
Homes Sold: Down 10.5%
Median Sale Price: Up 12.2%
Riverside
Homes Sold: Down 51.6%
Median Sale Price: Down 8.6%
Old Greenwich
Homes Sold: Down 25%
Median Sale Price: Down 8.8%
