Greenwich home sales set to blow past 2020 record

Year-to-date sales just 20 shy of last year’s high

Tri-State /
Oct.October 13, 2021 06:00 PM
Greenwich home sales set to blow past 2020 record

Compass real estate agent Mark Pruner and senior managing director Elizabeth Ann Stribling-Kivlan (Compass, iStock)

The Greenwich housing market appears to know no bounds.

After home sales in 2020 topped the highest volume on record, demand this year has pressed on full steam ahead.

First-quarter contracts hit a 16-year high countywide, bidding wars peaked in mid-summer and figures from Compass’ third-quarter market report now show sales are on track to break 2020’s record.

Year to date, 1,041 houses, condos and co-ops have sold in Greenwich. Sales volume is 44 percent above this time last year and just 20 homes shy of the 1,081 sold in all of 2020.

Area brokers said remote work is at the root of demand.

“While New York City is not getting any closer,” said Mark Pruner, a Greenwich agent for Compass, “commuting time is shrinking, often down 60 to 100 percent for Greenwich buyers, as people don’t have to go into offices so often or at all.”

Greenwich was formerly a second-home enclave, brokers said, but lasting work-from-home policies have led buyers to scout the area for primary digs.

“Backcountry is now more en vogue,” said Elizabeth Ann Stribling-Kivlan, who oversees market data at Compass.

Heightened demand has pushed prices to fresh records, too.

In 2020, the average sales price for all home types in Greenwich hit $2.3 million; as of the third quarter of 2021, prices have already peaked around $2.5 million, their highest in 10 years.





    Related Articles

    arrow_forward_ios
    From left: Francisco Llado, Gil Dezer, Amir Korangy, Paulo Bacchi, Edgardo Defortuna, Jay Parker, Daniel de la Vega (Artefacto, Getty)
    Is Miami’s residential architecture overplayed? No way!: TRD panel at Artefacto
    Is Miami’s residential architecture overplayed? No way!: TRD panel at Artefacto
    Single-family rentals are increasingly seen as a more realistic alternative to ownership, given the hot housing market and income inequality. (iStock)
    Single-family rentals soaring in hot housing market
    Single-family rentals soaring in hot housing market
    (Getty)
    Manhattan buyers shun fixer-uppers
    Manhattan buyers shun fixer-uppers
    Sheldon Solow and the Hamptons estate (Getty, Douglas Elliman)
    Sheldon Solow’s Hamptons home gets $10M price cut
    Sheldon Solow’s Hamptons home gets $10M price cut
    Investors home purchases rose to 15 percent in the second quarter, a year-over-year increase of 3.9 percentage points. (iStock)
    Investors take bigger bite of US housing, and pay less
    Investors take bigger bite of US housing, and pay less
    Chicago Bulls’ DeRozan buys mansion from Michael Jordan’s ex-wife at discounted $4.5M
    Chicago Bulls’ DeRozan buys mansion from Michael Jordan’s ex-wife at discounted $4.5M
    Chicago Bulls’ DeRozan buys mansion from Michael Jordan’s ex-wife at discounted $4.5M
    Existing home sales were on the upswing in September following a slight dip in August. (iStock)
    Existing home sales rebound in September, rising by 7%
    Existing home sales rebound in September, rising by 7%
    Prices for the few homes in Fairfield are still going up (iStock)
    Few listings, sustained demand keeps Fairfield home prices near record highs
    Few listings, sustained demand keeps Fairfield home prices near record highs
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...