Compass' Greenwich Q2 Market Report: Significant YOY Increase in Luxury Home Sales Over $6M

The second quarter of 2021 proved to be one of extraordinary strength for Greater Greenwich. The overall number of homes sold increased by 39 percent over the first quarter of 2021 further showing the desire to live in the area. Not only has the number of sales risen dramatically, but the average price for all property types has swelled to $2,586,000, the highest amount seen since 2014.

All price categories showed an upward momentum over 2020. The luxury sector, homes over $6M, grew nearly three times this quarter. This is especially evident looking South of the Post Road where the average price of a single-family home jumped to over 4 million dollars.

Greenwich, and the entire state of Connecticut, continues to be plagued by lower than normal inventory which is being outpaced by buyer demand. Although demand is high, correct pricing is still paramount to facilitate a quick transaction.

All and all, Greater Greenwich continues to be highly sought after as people are seeking a better balance of work and life. Greenwich provides a world-renowned location and a fabulous quality of life, and these attributes have propelled the residential market as people clamor to call a piece of it their own.

For further details, please click here for the Greenwich Q2 Market Data.