Buyer demand for homes in the Greenwich market remained strong in the third quarter but a limited inventory of homes for sale continued to constrain market performance, according to the Houlihan Lawrence Q3 Greenwich Market report.
Although home sales declined 36% in the third quarter versus Q3 2021, sales improved compared to Q2 2022. In addition, the time it took to sell a home tightened to just 58 days on the market while median prices rose to more than $2.4M. Overall, it remains an opportune time to sell a home in Greenwich.
The $5M – $6M price range was a highlight at the end of the quarter, with the distinction of being the only price category showing an increase in sales contracts versus 2021. The $10M+ market was the only price range showing an uptick in inventory, with 34 homes for sale compared to 20 a year ago.
According to the report, 535 single-family homes have sold in Greenwich so far this year. Although less than in 2020 and 2021, this is a marked improvement from the seven years leading up to the pandemic.
“Four of our submarket geographies averaged selling prices at or above the asking price in the third quarter of 2021, including Mid-Country and South of the Post Road in Greenwich, Riverside, and Old Greenwich. Old Greenwich was the standout, with homes selling at more than 4% over the asking price in the quarter. Strategic pricing can often result in interest from multiple buyers, which can help push prices higher,” said Liz Nunan, President and CEO of Houlihan Lawrence.
