Greenwich Homes Sales Continue to Soar in Q1 Fueled by NYC Buyers

Work-From-Home Trend and Excellent Quality of Life Among the Reasons Why Buyers Choose Greenwich

The new year brought with it continued strong demand for homes in Greenwich, Connecticut. Sales in the first quarter soared as pandemic-fueled purchases from NYC buyers – many of whom were already renting locally – helped drive sales across all price ranges, according to the Houlihan Lawrence Q1 Greenwich Market Report released today.
Contributing to the sustained demand were corporate reopening plans that do not require daily commutes to NYC for employees. These ongoing “work from home” schedules helped further illuminate the many reasons people choose to live in Greenwich: wonderful community, scenic coastal and inland parks, noted public and private schools, world-class shopping and dining, and all just 30 miles from Manhattan.
“Buyers did not have many homes to choose from in the quarter with limited inventory in Greenwich, a key theme that helped prop up pricing. As Springtime temperatures warm and flowers bloom, we are optimistic that inventory will arrive to meet the buyer demand. But smart initial pricing remains a pivotal strategy for sellers to achieve a successful selling price,” said Liz Nunan, President and CEO of Houlihan Lawrence.
Greenwich’s Mid-Country experienced the biggest uptick in sales in the quarter while homes that sold in Old Greenwich did so in the fewest days on market and at the smallest discount to the asking price.
Markets at a Glance

Greater Greenwich
Homes Sold: Up 94.2.%
Median Sale Price: Up 30.5%

(North of Merritt Parkway)
Homes Sold: Up 127.3%
Median Sale Price: Up 88.5%

(South of Merritt Parkway)
Homes Sold: Up 94.4%
Median Sale Price: Up 24.4%

(South of Post Road)
Homes Sold: Up 161.5%
Median Sale Price: Up 2.0%

Cos Cob
Homes Sold: Up 58.3%
Median Sale Price: Up 32.6%

Homes Sold: Up 106.7%
Median Sale Price: Up 5.2%

Old Greenwich
Homes Sold: Up 25%
Median Sale Price: Up 28.5%