Luxury Real Estate Market Soars In Greenwich

The sale of luxury homes in Greenwich soared during the sdonc quarter of this year.

Houlihan Lawrence released its latest Luxury Market report.

Houlihan Lawrence released its latest Luxury Market report.

Photo Credit: Contributed

Greenwich posted an 18 percent gain in luxury sales of homes valued at $3 million and higher through June 30, according to a report released on Wednesday, July 11 by Houlihan Lawrence,

The median sale price rose 3.3 percent compared to the first six months of 2017, bringing Greenwich's median price to $4.25 million.

Real estate news was not as good for wealthier sections of New Canaan -- where sales of luxury homes priced at $2 million or higher dropped by 33 percent in the second quarter of 2018 compared to a year ago.

Luxury sales in Darien remained virtually unchanged from 2017, while days on the market continued to creep higher

Sales of Rowayton waterfront homes increased from 2017 as downsizers and empty-nesters continue to drive buyer activity, the report said.

Greenwich also is experiencing a steady rise in the sales of ultra luxury homes. The number of homes sold for more than $10 million in 2017 doubled over the prior year: eight homes sold in 2017 compared to four in 2016. 

Through June 30 of this year, seven Greenwich homes sold for more than $10 million; third quarter activity will determine if 2018 exceeds or falls short of last year’s extraordinary performance.

Houlihan Lawrence has 30 offices and more than 1,300 real estate agents serving Westchester, Putnam, Dutchess, Orange, Ulster and Columbia counties in New York and Fairfield County in Connecticut. 

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