Greenwich Luxury Home Market Rebounds: Houlihan Lawrence

From Houlihan Lawrence: Sales of luxury homes in Greenwich selling for $3 million and higher rebounded in 2017, with a total of 160 high-end homes sold, up more than 23 percent from 2016, according to the Houlihan Lawrence Luxury Market Report released today.

The median sale price for the luxury market in Greenwich was $4.3 million, an increase of 7.5 percent from 2016. Total sales volume for the year was $860 million, a gain of more than 40 percent from 2016. Sales of homes selling for more than $5 million in Greenwich rose 80 percent from the year before, while sales of home selling for $10 million and higher increased 60 percent.

There were four sales of $20 million plus in Greenwich in 2017 versus none in that category in 2016. The highest sale price in Greenwich was $25 million. The Greenwich market includes Greenwich, Old Greenwich, Riverside and Cos Cob.

Results were also positive in several other high-end markets in Southern Fairfield County. Sales of luxury homes in the $2 million plus range were up 16.2 percent in Darien and 19.7 percent higher in New Canaan. Total sales volume in the Darien market rose 11.2 percent to $231.5 million while the New Canaan market experienced a 22.7 percent jump in sales volume to $215.6 million.

Top performing markets in Southern Fairfield were, in order of total sales, Westport (91), Darien (80), New Canaan (73) Fairfield (18), Norwalk (18) and Rowayton (10).

Ellen Mosher, the number one Greenwich agent in 2016, shared, “Top Greenwich sales in 2017 were a combination of waterfront in exclusive associations and inland properties with significant acreage. Many high-end buyers last year were recognizing the value of large acre estates and the shore line. I expect that trend to continue in 2018.”

For the third consecutive year, Houlihan Lawrence has retained its position in the highly competitive Greenwich real estate market as the leader in total sales volume, total number of homes sold and the real estate firm representing the most home buyers.

David Haffenreffer, Greenwich Brokerage Manager added, “I am incredibly proud to lead the top real estate team in Greenwich for the third year in a row. 2017 saw high-end buyers come off the sidelines to purchase smartly-priced properties, fueling the rebound that we expect to see continue this year as buyers find relative value in Lower Fairfield’s property tax percentages.”

Image Via Houlihan Lawrence