Buying residential real estate in Connecticut's coastal community of Greenwich grew even more expensive last month as single-family home prices jumped 12.6%, according to the area real estate agent group.
The median price for a single-family home grew to $3.5 million in July, up from $3.1 million in July 2024, said the Greenwich Association of Realtors. Homebuyers purchased 72 single-family homes in July, up from 60 a year ago, the group noted. Days on market for single-family homes fell from 69 in July 2024 to 50 last month.
Inventory for co-op and condominiums saw increases, but single-family homes made three noteworthy gains in July, the group said.
"July 2025 reflected continued strength in the Greenwich real estate market, with single-family home closings seeing a notable year-over-year increase, accompanied by a significant rise in the median sale price, and a decrease in average days on market," the group's president, Brian Amen, said in a statement.
Greenwich — where homebuying competition has been fierce all summer, particularly for homes near the Long Island Sound — became a popular locale decades ago as wealthy New Yorkers began flocking there for family summer vacations. Along with Manhattan, New York, Greenwich is home to the nation's highest concentration of hedge fund operations. Colonial Revivals, Cape Cods and cottages with yards featuring white picket fences are mainstays in the housing stock. The town is made up of a collection of small neighborhoods near major transit — like Riverside — or near the coast, including Old Greenwich and Cos Cob.
Connecticut, particularly the western part of the state, is home to many commuters who work in New York City but want a suburban lifestyle. The state population has risen steadily in recent years, but developers have not built enough homes to keep up, fueling demand and pushing up prices.
Inventory in Greenwich fell nearly 38% from 190 in July 2024 to 118 last month, the agents group said. Despite the dip, dozens of homes are currently for sale in Greenwich. The listings include a four-bedroom Colonial in the Pemberwick neighborhood for $4.9 million, a four-bedroom townhouse for $1.9 million, and a five-bedroom, 17th-century Elizabethan manor for $5.8 million.
Among condos and co-ops, the median sales price fell 1.5% from $1.11 million in July 2024 to $1.10 million last month, the group said. Buyers purchased 15 condos or co-ops last month, a slight decrease from 19 a year ago.
Buyers are grabbing condos and co-ops much faster these days, the group's data suggests, with days on market dropping nearly 12% from 42 in July 2024 to 37 last month. The inventory for condos and co-ops grew 20% from 34 units in July 2024 to 41 last month.
"While new listings and overall inventory in the single-family sector experienced a decline, the condominium and co-op segment recorded growth in both of those categories," Amen, an agent for Houlihan Lawrence, said in a statement. "Overall, the market continues to show dynamic movement and evolving trends across different property types."
