As the nation slowly eases into the fall, temperatures outside and home prices in Greenwich, Connecticut, are dropping fast.
The median sales price for single-family homes in the coastal town dipped to $2.8 million, a 15.2% plunge compared to August 2024, according to the Greenwich Association of Realtors. The price of condominiums and co-ops also fell to $1 million — a 10% drop from August 2024.
Data from the real estate agents' group also suggests that house hunters are buying condo units much faster than last year but are taking more time to ink a deal on single-family homes. Days on market for single-family properties grew 44.7% from 38 in August 2024 to 55 last month, while days on market for condos/co-ops decreased by 29% from 72 in August 2024 to 51 last month.
Even though prices have fallen, both homebuyers and sellers can still benefit from what's happening in today's market, Brian Amen, the association's president, said in a statement. Amen said there are "some shifts in the Greenwich real estate market for both single-family homes and condominiums."
"For buyers, longer days on market and adjusted pricing can create favorable conditions, while sellers continue to benefit from steady demand in our community," said Amen, an agent for Houlihan Lawrence.
Closed sales for single-family homes fell slightly year over year in August from 62 to 58, according to the report. Closed sales on condo/co-ops also dipped from 21 to 19.
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 — thus fueling demand, pushing up prices and keeping inventory low.
For single-family properties, new listings fell 29.7% year over year in August from 37 to 26, while existing inventory dipped 36.6% from 172 to 109. For condos/co-ops, new listings dropped 31.2% year over year from 16 to 11 and existing inventory rose 5.7% from 35 to 37.
Despite the inventory dip, there are dozens of homes currently for sale in Greenwich — including a four-bedroom Colonial in the Pemberwick neighborhood for $4.9 million and a four-bedroom townhouse for $1.9 million.
Greenwich's housing inventory reached a record low in August, according to research from New York City brokerage Compass.
"It seems that since COVID[-19], most people want to stay in their houses in Greenwich, and in Fairfield County and in the Northeast," Mark Pruner, a senior sales executive at Compass, said this week in a market report. "Let’s hope that we get lots more inventory in the fall market, but so far it doesn’t look promising."