Despite macroeconomic uncertainty and lingering volatility in interest rates, luxury homebuyers remained highly active in the first quarter of 2025, reinforcing the strength of the luxury residential market across key markets in New York and Connecticut, according to the Houlihan Lawrence Q1 2025 Luxury Market report released today.
“From the $2 million entry point in Westchester to the $10 million-plus estates of Greenwich, the luxury segment continued to outperform broader market trends in both pricing and pace” said Liz Nunan, President & CEO of Houlihan Lawrence.
Westchester County saw a 32 percent year-over-year increase in luxury home sales at $2 million and above, with 98 transactions recorded in Q1. However, the median sale price ticked down 4.8 percent to $2.64 million, reflecting a slight broadening of the luxury base. Notably, activity in the $2M to $3M bracket surged by 55 percent. Days on the market increased to 101, but homes continued to trade near list price, with an average sale-to-list ratio of 99.7 percent. High-demand areas included Scarsdale, Rye, and Bedford.
Putnam and Dutchess Counties, defined here by the $1 million threshold, held steady in transaction volume with 31 luxury sales, identical to Q1 2024. However, the dollar volume fell nearly 16 percent, and the median sale price dropped 6.7 percent. This softness may reflect seasonal variations, fewer ultra-high-end trades, or a more cautious start to the year in rural and second-home markets. Still, properties in Garrison, Millbrook, and Red Hook anchored the high end of activity.
Greenwich delivered one of the strongest quarters on record for homes priced at $3 million and above. Sales increased 12 percent to 46 closings, while dollar volume surged nearly 50 percent, driven by multiple transactions exceeding $10 million. The median sale price reached $5.56 million, up over 20 percent year-over-year. Notably, the days on the market fell below 110, and sale-to-list price ratios remained competitive at 96.1 percent. High-end waterfront and estate properties continued to draw interest from both local and out-of-state buyers.
Darien, Rowayton, and New Canaan, also performed well. Darien saw luxury sales rise 88 percent year-over-year, with a median price of $3.55 million and homes selling on average in just 34 days. New Canaan remained consistent, with a modest 5 percent sales increase and strong pricing momentum. In Rowayton, luxury homes moved faster than any other market in the report, averaging just 14 days on market.
The report noted that across all markets, demand remained concentrated in the $2M–$5M range, though ultra-luxury activity, particularly in Greenwich and parts of Northern Westchester, gained traction. In Greenwich alone, $10M+ sales quadrupled compared to Q1 last year. Meanwhile, Westchester recorded no sales above $10M this quarter, despite notable activity in the $5M–$9.9M bracket.
“As spring unfolds, the supply-demand dynamic in the luxury segment remains tight. Inventory levels are not keeping pace with demand in most submarkets, especially in Darien and lower Fairfield County, where multiple price bands are experiencing a 1:1 ratio of listings to pendings. The implication is clear: well-priced homes in coveted areas continue to move swiftly,” Nunan said.
Nunan said that luxury buyers in 2025 are not chasing discounts. “Instead, they are prioritizing location, design, and lifestyle alignment. With fewer homes meeting elevated expectations, competition remains high. For sellers, the message is equally clear, presentation and precision pricing are paramount,” she said. “The Q1 2025 luxury market confirms that despite economic complexity, demand at the top remains confident, capable, and committed,” she added.
Q1 2025 LUXURY MARKETS AT A GLANCE (Q1 2025 vs Q1 2024)
Westchester County Luxury Home Sales /$2M and Higher
Homes Sold: Up 32.4%
Median Sale Price: Down 4.8%
Q1 Highest Sale Price: $8,300,000 Bedford
Putnam and Dutchess County Luxury Home Sales /$1M and Higher
Homes Sold: 0%
Median Sale Price: Down 6.7%
Q1 Highest Sale Price Putnam: $3,875,000 Garrison
Q1 Highest Sale Price Dutchess: $3,600.000 Millbrook
Greenwich Luxury Home Sales /$3M and Higher
Homes Sold: Up 14.6%
Median Sale Price: Up 20.7%
Q1 Highest Sale Price: $21,000,000 Greenwich
Darien Luxury Home Sales /$2M and Higher
Homes Sold: Up 87.5%
Median Sale Price: Down 4.2%
Q1 Highest Sale Price: $7,050,000
New Canaan Luxury Home Sales /$2M and Higher
Homes Sold: Up 5%
Median Sale Price: Up 7.4%
Q1 Highest Sale Price: $7,400,000
Rowayton Luxury Home Sales /$2M and Higher
Homes Sold: Up 50%
Median Sale Price: Up 3.5%
