2020 was the highest sales year in Greater Greenwich since 1999 with 855 single-family home sales, up 62.2% compared to 2019. The average price for a single-family home went up 12.6% to $2.7 million and the median price up over 12% bolstered by an increase in luxury-home sales. The number of homes sold priced over $2 million rose 91% in 2020 vs 2019. Demand grew in all segments with double the number of sales in the $3 to $5 million range as well as over $10 million year-over-year driven by the surge in buyers and renters from New York City as well as current Greenwich residents upsizing in town. Many sellers from 2020 moved north to the 2 and 4-acre zones, adding to the 67.7% increase in sales North of Merritt Parkway, and those that initially moved to Greenwich to rent have started buying houses. In 2021, inventory will determine the market’s trajectory. At the end of December, there were only 322 active listings compared to 432 houses listed at the end of 2019, a 25.5% decline. Of the 322 listings, only 29 came on in December while 115 have been on the market for more than 6 months. Only 9% of the Greenwich market is new, making it a good time to list your house and not wait until the seasonal ‘Spring Market’. With even the slightest increase in new listings, combined with interest rates staying historically low, we foresee an 8-12% increase in home sales throughout 2021 in line with the recent National Association of Realtors’ forecast. 

Work With Mia

Contact Mia Watabe to help make your real estate dreams a reality.