RESEARCH
| YEAR END 2023
©2023 Centric Realty LLC. All rights reserved. Corcoran® and the Corcoran Logo are registered service marks owned by Corcoran Group LLC. Centric Realty LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated.
RESEARCH
| GREENWICH 2023 | 2
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©2023 Centric Realty LLC. All rights reserved. Corcoran® and the Corcoran Logo are registered service marks owned by Corcoran Group LLC. Centric Realty LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated.
RESEARCH | GREENWICH 2023 | 3
SINGLE FAMILY/COOP/CONDO
-17.1% YE AR OVER YE AR
+6.8% YE AR OVER YE AR
+1.9 % YE AR OVER YE AR
-4.8% YE AR OVER YE AR
-21.5% YE AR OVER YE AR
-0.1% YE AR OVER YE AR
How low can we go? For the third year in a row, inventory continued to fall as the number of Greenwich homes for sale sunk to an all time low, closing out the year with just 137 homes for sale. Low supply and high demand continued to play a factor in urgency throughout the year driving days on market down 5.4% from 37 DOM in 2022 to 35 in 2023, (another all time low). Prices have steadily increased over the last 4 years now; the median price of a single-family home reached another all time high in 2023 up 2% YoY from $2.45M to $2.5M. The condo/coop market also reached its highest median price creeping up from last years high to $875K, up 6.1% from $825K in 2022. There were 706 sales in Greenwich, down 17.1% from 852 in 2022, a result of anemic inventory. For the third consecutive year, inventory declined annually by a whopping 21.5% YoY.
The Greenwich market witnessed the lowest number of homes for sale on record throughout 2023 which continued to drive competition and multiple bid situations. Migration from our #1 feeder market, NYC, to the suburbs, especially the well-established ones, continued to hold strong. Experts are forecasting an increase in inventory in 2024 in conjunction with impending slightly lower interest rates. However, this could be a potentially slow process as buyers and sellers decide to get off the fence. Strategic pricing is key in this market given that buyers are well in tune with the market and trends. This is still a great time to sell.
RESEARCH | GREENWICH 2023 | 4
Inventory levels continued to reach historic lows throughout the year and reached the lowest in Q4. High mortgage rates and little supply forced many sellers to sit on the sidelines in an attempt to wait for more inventory or a place to go. Inventory levels were down 21.5% YoY for the third consecutive year. Riverside experienced the sharpest decline at 36.9%.
CLOSED SALES
2023
2022
%CHG (YR)
ACTIVE INVENTORY
2023
2022
%CHG (YR)
ALL OF GREENWICH
706
852
-17.1%
ALL OF GREENWICH
838
1,068
-21.5%
SINGLE-FAMILY
527
637
-17.3%
SINGLE-FAMILY
645
799
-19.3%
CONDO/COOP
179
215
-16.7%
CONDO/COOP
193
269
-28.3%
GREENWICH
442
528
-16.3%
GREENWICH
589
710
-17%
COS COB
96
108
-11.1%
COS COB
98
146
-32.9%
RIVERSIDE
77
108
-28.7%
RIVERSIDE
65
103
-36.9%
OLD GREENWICH
91
108
-15.7%
OLD GREENWICH
86
109
-21.1%
SINGLE- FAMILY
SINGLE- FAMILY
CONDO / COOP
CONDO / COOP
300 250
ACTIVE INVENTORY
NUMBER OF CLOSED SALES
Home sales declined 17.1% YoY in large part due to lack of inventory. Although sales were down, the market remained strong due to high demand and increased competition. When priced competitively, homes received multiple bids, and this continued to be the norm throughout the year. Riverside saw the sharpest decrease in sales, down 28.7% YoY.
200 150 100 50 0 2015
2016
2017
2018
2019
2020
2019
2020
RESEARCH | GREENWICH 2023 | 5
Single family sales were down again in 2023 by 17.3% following a 37% drop in
Although sales were down 16.7%, demand remained strong, sale prices were up
2022. Q2 was the strongest quarter with 167 sales, yet down 12.1% YoY.
6.1% with a median price of $875K vs $825K in 2022. Q1 was the strongest
Meanwhile, the median sale price was up 2% YoY from $2.45M to $2.5M.
quarter for condo/coop sales with 54 closings. Inventory was down 28.3% YoY
Inventory levels dipped to the lowest on record down 19.3% throughout the year
resulting in another competitive year for the condominium/coop market.
hitting the lowest point at the end of December.
MEDIAN SALE PRICE
$2,800,000 $2,500,000 $2,200,000 $1,900,000 $1,600,000 $1,300,000 $1,000,000 $700,000 $400,000
$1,000,000
PRICE
$900,000 $800,000 $700,000 $600,000 $500,000
YEAR
YEAR SINGLE FAMILY
2023
2022
%CHG (YR)
CONDO/COOP
2023
2022
%CHG (YR)
CLOSED SALES
527
637
-17.3%
CLOSED SALES
179
215
-16.7%
Q1
166
142
16.9%
Q1
54
49
10.2%
Q2
167
190
-12.1%
Q2
47
64
-26.5%
Q3
84
204
-5.9%
Q3
44
45
-2.2%
Q4
110
101
8.9%
Q4
34
57
-40.4%
INVENTORY
645
799
-19.3%
INVENTORY
193
269
-28.3%
MEDIAN PRICE
$2,500,000
$2,450,000
2%
MEDIAN PRICE
$875,000
$825,000
6.1%
MEDIAN PPSF
$703
$669
5.1%
MEDIAN PPSF
$606
$564
7.5%
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
$400,000
2007
PRICE
MEDIAN SALE PRICE
RESEARCH | GREENWICH 2023 | 6
Greenwich’s luxury market is defined as the top 10% of all single-family transactions in terms of price. In 2023, that included all sales above $5.52M. There were 13 sales above $10m in 2023 vs 9 in 2022. In the $5m-$10m range there were 96 homes sold in 2023 compared to 90 in 2022. Prices remained predominately stable year-over-year. The highest priced sale in Greenwich (and to date in Connecticut) was “Copper Beach Farm,” located a 499 Indian Field Road which traded for a whopping $138,830,000 in early August. The second highest priced sale was 18 Close Road, closing at $30,000,000 also in August. Coming in at #3 was 1 Indian Chase Road which closed at $22,890,000 in late September. Due in large part to the record-breaking sale, the average price increased 43.3% to $10,435,141 from $7,281,980, while the median price increased 13.3% to $7,562,952.
LUXURY
2023
2022
%CHG (YR)
MEDIAN PRICE
$7,562,952
$6,675,000
13.3%
AVERAGE PRICE
$10,435,141
$7,281,980
43.3%
HIGH PRICE
$138.830,000
$17,616,666
87.3%
AVERAGE SIZE
8,772
8,681
1%
AVERAGE PPSF
$1,189
$839
41.7%
499 Indian Field Road, Greenwich Closing Price: $138,830,000 | Date Closed: 8/2/2023 Copper Beech Farm is the largest waterfront parcel in Greenwich. Situated on a private peninsula, the estate spans over 50 acres with an unprecedented expanse of shorefront. From a vantage point of 40 ft above mean high water, the meticulously restored and tastefully expanded 8-bedroom main house enjoys scintillating views of Long Island Sound. The property includes spectacular walled gardens, a swimming pool with spa, a pool house, a grass tennis court and 2 private beaches. Acres of rolling lawn surround the auxiliary buildings including a 1-bedroom carriage house, 3-bedroom gatehouse and 2 greenhouses. The crown jewel of the Greenwich coastline, Copper Beech Farm is minutes from downtown Greenwich and 35 miles from New York City. *LISTING INFO COURTESY LESLIE MCELWREATH, JOSEPH BARBIERI & GREENWICH MLS
RESEARCH
| GREENWICH 2023 | 6
Below are the top ten priciest properties that sold in 2023. Some have sold at a small discount to their original ask and others were heavily discounted after being stagnant on the market. The swiftest sale was 10 Rapids Lane selling for ask and within just 4 days being on the market.
499 Indian Field Road, Greenwich
$ 150,000,000 $138,830,000
93%
8/2/2023
174
13,519
1896
$10,269
50
8
8
2
18 Close Road, Greenwich
$ 40,000,000 $ 30,000,000
75%
8/17/2023
668
14,887
2020
$ 2,015
27.19
6
8
2
1 Indian Chase Drive, Greenwich
$ 27,950,000 $ 22,890,000
82%
9/26/2023
286
11,465
1913
$ 1,997
1.81
7
8
2
280 & 278 Otter Rock Drive, Greenwich $ 20,000,000 $ 15,125,000
76%
8/16/2023
281
7,170
1945
$ 2,109
2.36
5
5
3
591 Riversville Road, Greenwich
$ 40,000,000 $ 15,000,000
38%
6/21/2023
814
13,343
1775
$ 1,124
17.2
7
9
4
18 Pilot Rock Lane, Riverside
$ 15,995,000 $ 14,650,000
92%
9/19/2023
41
7,400
1958
$ 1,980
1.2
5
6
1
16 Deer Park Drive, Greenwich
$ 14,950,000 $ 13,500,000
90%
3/6/2023
232
10,743
1947
$ 1,257
3.02
6
7
2
160 John Street, Greenwich
$ 14,900,000 $ 11,500,000
77%
6/23/2023
1281
14,956
1990
$
769
18.39
9
10
6
3 Hekma Road, Greenwich
$ 12,500,000 $ 10,495,000
84%
10/16/2023
127
9,174
2011
$ 1,144
4.01
7
7
3
10 Rapids Lane, Greenwich
$ 10,495,000 $ 10,495,000
100%
5/15/2023
4
12,500
2001
$
4.03
6
7
3
840
RESEARCH | GREENWICH 2023 | 7
Greenwich proper is the largest market within the town of Greenwich. There were 319 sales, down 13.6% YoY. Another competitive year with only 41 days on market on average down 10.9% YoY. The median sale price increased 8.8% to $3,200,000 while the average sale price also rose 20.7% to $4,267,615.
SINGLE-FAMILY
2023
2022
%CHG (YR)
CLOSED SALES
319
369
-13.6%
AVG DOM
41
46
-10.9%
INVENTORY
448
521
-14%
MEDIAN PRICE
$3,200,000
$2,940,000
8.8%
AVERAGE PRICE
$4,267,615
$3,535,673
20.7%
AVERAGE PPSF
$760
$673
12.9%
AVERAGE SIZE
5,222
5,174
0.9%
There were 123 closed sales down 22.6% YoY with and average of 35 days on market, down 5.4% from 37 YoY. Price levels remained stable and strong with the median price up 3.3% YoY to $930,000.
CONDO/COOP
2023
2022
%CHG (YR)
CLOSED SALES
123
159
-22.6%
AVG DOM
35
37
-5.4%
INVENTORY
141
189
-25.4%
MEDIAN PRICE
$930,000
$900,000
3.3%
AVERAGE PRICE
$1,243,037
$1,229,233
1.1%
AVERAGE PPSF
$676
$638
6.1%
AVERAGE SIZE
1,892
2,027
-6%
1 Indian Chase Drive Closing Price: $22,890,000 | Date Closed: 9/26/2023 Capturing magnificent light and striking water vistas, this resort-like aerie sits high above Indian Harbor on 292' of private water frontage with a waterside entertaining deck, boathouse and floating dock. A down to the studs gut renovation of the original historic home while adding a stylish contemporary aesthetic. The sublime interiors embrace the coastal setting from nearly every room. Floor to ceiling walls of glass and enchanting outdoor spaces designed for entertaining take in the expansive views of the Long Island Sound. Idyllic owner's suite with luxurious bathroom and waterfront balcony. Lower level with dine-in wine cellar, future theater space and wellness center. Tennis court, two bedroom cottage and pool complete this sybaritic paradise. *LISTING INFO COURTESY LESLIE MCELWREATH AND GREENWICH MLS
RESEARCH | GREENWICH 2023 | 8
Little inventory and pent-up demand controlled Cos Cob as well. Sales were down 15.6% YoY in Cos Cob while inventory was also down 19.6% YoY with just 74 properties for sale vs 92 in 2022. The median price remained relatively stable with a 3% increase YoY unlike 2022 when it rose 20% vs 2021. The average price also remained stable with just a small 1.2% decline YoY. SINGLE-FAMILY
2023
2022
%CHG (YR)
CLOSED SALES
65
77
-15.6%
AVG DOM
31
33
-4.6%
INVENTORY
74
92
-19.6%
MEDIAN PRICE
$1,700,000
$1,650,000
3%
AVERAGE PRICE
$1,793,257
$1,815,667
-1.2%
AVERAGE PPSF
$602
$583
3.2%
AVERAGE SIZE
3,153
3,247
-2.9%
Cos Cob’s condominium market was unchanged YoY with 31 closed sales throughout the year while inventory saw a sharp drop down 55.6% from 54 listings in 2022 to 24 in 2023. The median sale price trended up a massive 79.1% to $1,200,000 from $670,000 in 2022. The average price also rose 42.5% from $785,338 to $1,119,483 YoY.
464 Cognewaugh Road Closing Price: $2,680,000 | Date Closed: 7/6/2023
CONDO/COOP
2023
2022
%CHG (YR)
CLOSED SALES
31
31
0%
AVG DOM
37
42
-11.9%
INVENTORY
24
54
-55.6%
MEDIAN PRICE
$1,200,000
$670,000
79.1%
Located close to Stanwich Rd and the new GCD High School campus is this 5,776sf mid-country contemporary with saltwater pool and 1,112sf guest house. Across from the Mianus River Park, the hilltop home enjoys treehouse views of the natural surroundings from every room. One of the many highlights of this property is an 1,112sf detached guest house (not included in the sf of the house) with 1 bedroom, 1.5 bath, vaulted ceilings, floor-to-ceiling windows and a private balcony facing the adjacent woods and stream. These private and lush 2 acres include a heated saltwater pool, hot tub, greenhouse and beautifully landscaped gardens.
AVERAGE PRICE
$1,119,483
$785,338
42.5%
*LISTING INFO COURTESY JEFFREY JACKSON, CHRISTINE MCKELVEY AND GREENWICH MLS
AVERAGE PPSF
$832
$545
52.6%
AVERAGE SIZE
1,616
1,744
-7.3%
RESEARCH | GREENWICH 2023 | 9
There were 72 single family sales in 2023, down 30.8% from 104 in 2022. Inventory was also down again for the third year in a row, this time by 39.2% with just 59 properties for sale. Record low inventory continued to drive competition resulting in bidding wars throughout the year causing the median and average price to rise 18% in 2023 while days on market trended down 17.9% from 28 in 2022 to 23 in 2023.
SINGLE-FAMILY
2023
2022
%CHG (YR)
CLOSED SALES
72
104
-30.8%
AVG DOM
23
28
-17.9%
INVENTORY
59
97
-39.2%
MEDIAN PRICE
$2,430,482
$2,050,000
18.6%
AVERAGE PRICE
$2,968,875
$2,507,628
18.4%
AVERAGE PPSF
$807
$757
6.6%
AVERAGE SIZE
3,627
3,382
7.2%
Riverside has a very limited condominium market with just 5 closed sales in 2023 up 25% vs 4 in 2022. Average days on market were unchanged YoY while the median price increased 1.7% to $801,000 in 2023 from $787,500 in 2022.
CONDO/COOP
2023
2022
%CHG (YR)
CLOSED SALES
5
4
25%
AVG DOM
47
47
0%
INVENTORY
6
6
0%
MEDIAN PRICE
$801,000
$787,500
1.7%
AVERAGE PRICE
$798,360
$791,125
0.9%
AVERAGE PPSF
$524
$413
26.9%
AVERAGE SIZE
1,574
1,921
-18%
52 Dawn Harbor Lane Closing Price: $10,300,000 | Date Closed: 12/6/2023 Enchanting 1926 fieldstone manor with deeded water access was deftly transformed by the current owners to encompass 8,903 sq ft with 7 bedrooms and 7 baths. Approached by a gated stone courtyard flanked by flowering trees, the handsome interiors exude Old World charm. A formal living room adjoins a paneled billiards room with fireplace. The bay-windowed sunroom with fireplace takes in LI Sound water views, as does the luxurious owner's suite. The kitchen with breakfast room connects to the formal dining room via a butler's pantry. Separate 1bedroom guest suite with kitchenette. The fenced backyard with outdoor fireplace, barbeque and dining areas overlooks pool with spa. Pool house features stone fireplace, wet bar and full bath. Gym above 3car garage. *LISTING INFO COURTESY JOSEPH BARBIERI AND GREENWICH MLS
RESEARCH | GREENWICH 2023 | 10
The single-family market closed out the year with 71 sales in Old Greenwich, down 18.4% vs 2022 while days on market went up 14.3% to 20 days. The median price was down 8.5% to $2,195,000 while the average price of $2,502,622 was also down 8.3% from $2,731,362 YoY. SINGLE-FAMILY
2023
2022
%CHG (YR)
CLOSED SALES
71
87
-18.4%
AVG DOM
20
18
14.3%
INVENTORY
64
89
-28.1%
MEDIAN PRICE
$2,195,000
$2,400,000
-8.5%
AVERAGE PRICE
$2,502,622
$2,731,362
-8.3%
AVERAGE PPSF
$845
$819
3.2%
AVERAGE SIZE
3,002
3,303
-9.1%
The median price of condominium sales rose 26.4% in 2023 to $765,000 with an average size of 1,170sf and an average price per square foot of $623, up 6.3% YoY. Condos in Old Greenwich are typically always in high demand due to the convenient location, low tax and low maintenance.
3 Shore Acre Drive Closing Price: $4,750,000 | Date Closed: 8/14/2023 Gorgeous south-of-the-village home that offers an open floor plan filled with natural light. This custom home was built for the current owners to the highest standards. Large and spacious rooms are perfect for everyday living and entertaining. Recently updated to reflect today's lifestyle with amazing Master Suite connecting to sleeping porch. Eat-in kitchen/sunroom/paneled library and many extra spaces in this welldesigned home. This coveted and special neighborhood is part of the Shore Acre Homeowners Association with beach and dock access to be enjoyed for all. Lovely and private back yard with outdoor fireplace, terracing, vegetable garden and level lawn. *Additional 1,500 SqFt Lower Level not included in square footage.
CONDO/COOP
2023
2022
%CHG (YR)
CLOSED SALES
20
21
-4.8%
AVG DOM
32
40
-21.3%
INVENTORY
22
20
10%
MEDIAN PRICE
$765,000
$605,000
26.4%
AVERAGE PRICE
$735,400
$684,386
7.5%
AVERAGE PPSF
$623
$586
6.3%
*LISTING INFO COURTESY SHELLY TRETTER LYNCH AND GREENWICH MLS
AVERAGE SIZE
1,170
1,167
0.25%
BUYER REP: ALEX ROBINSON & JEFF JACKSON OF CORCORAN CENTRIC REALTY
RESEARCH | GREENWICH 2023 | 11
SINGLE FAMILY/COOP/CONDO
SALES
MEDIAN PRICE
INVENTORY
-32%
10%
-25%
SALES
-12%
MEDIAN PRICE
0.5%
SALES
MEDIAN PRICE
INVENTORY
-22%
- 7%
-27%
SALES
MEDIAN PRICE
INVENTORY
-11%
5%
-16%
SALES
MEDIAN PRICE
INVENTORY
- 9%
11%
-26%
SALES
MEDIAN PRICE
INVENTORY
-25%
18%
-36%
SALES
MEDIAN PRICE
INVENTORY
-18%
- 3%
-22%
INVENTORY
-18%
SALES
MEDIAN PRICE
INVENTORY
-30%
6%
-22%
SALES
MEDIAN PRICE
INVENTORY
64%
19%
64%
RESEARCH | GREENWICH 2023 | 12
METRICS
SOURCE
CLOSED SALES the number of properties sold in a given period.
Figures in this report are based on publicly reported closed sales
information via the Town of Greenwich Assessor, Domus Analytics, PENDING AND CONTRACTS SIGNED figures for the number of properties sold and newly under contract based on purchase
contract date.
Greenwich Multiple Listing Service, an independent proprietary information and valuation tools. DISCL AIMER
DAYS ON MARKET ( D O M )
is the median number of days
between when a property is listed and the contract date.
Real estate agents affiliated with Corcoran Centric Realty are independent contractors and are not employees of Corcoran Centric Realty. Corcoran Centric Realty is a licensed real estate
AVERAGE PRICE PER SQUARE FOOT is the average price divided by the average square footage.
broker located at 103 Mason Street, Greenwich, CT 06830. All material presented herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to
MEDIAN PRICE AND PRICE PER SQUARE FOOT ( P P S F )
errors, omissions, changes or withdrawal notice.
are the middle or midpoint price where half of sales fall below and half fall above this number. INVENTORY is a count of all currently listed properties for sale at the end of the month, based on the contract date.
THE FOLLOWING MEMBERS MADE SIGNIFICANT CONTRIBUTIONS TO THIS REPORT: Sydney Hubbell
I
Jeffrey Jackson
I
Clare Bolduc