120 Oneida Drive, Greenwich, Ct.
Year Marked by Significant Market Dynamics That Underscore Enduring Appeal of Area North of NYC
The luxury home market north of New York City experienced significant growth in 2024 with many areas enjoying double-digit sales increases, according to the Houlihan Lawrence Q4 Luxury Market Report released today.
Westchester County saw a 28% increase in home sales over $2 million, while Putnam and Dutchess Counties saw a 66% jump in sales over $1 million. Greenwich experienced a 14% rise in sales above $3 million. In Darien, although sales over $2 million decreased by 17%, the median sale price rose by 26%. Rowayton saw a 53% surge in sales and New Canaan’s luxury market grew by 13% in homes sold.
Inventory levels across many of the markets surveyed continue to contribute to a competitive landscape for buyers, driving median prices upward. While these conditions have presented challenges for buyers, sellers have undeniably benefited from heightened demand and rising home values. Throughout 2024, the supply-to-demand ratio remained exceptionally high across many price points.
“As we close out 2024, we are inspired by the overwhelming demand from buyers eager to settle into the vibrant markets we serve north of New York City. This year has been marked by significant market dynamics that underscore the enduring appeal and resilience of our region’s real estate,” said Houlihan Lawrence President & CEO Liz Nunan.
“Looking ahead to 2025, the outlook remains positive, with home sales and prices expected to grow at a more sustainable pace. Moderating mortgage rates may help create a more balanced market environment, potentially easing conditions for buyers while still providing opportunities for sellers.” Nunan added.
2024 LUXURY MARKETS AT A GLANCE (2024 vs 2023)
Westchester County Luxury Home Sales /$2M and Higher
Homes Sold: Up 28.1%
Median Sale Price: Down 1.5%
Highest Sale Price: $10,500,000 Bedford
Putnam and Dutchess County Luxury Home Sales /$1M and Higher
Homes Sold: Up 66.3%
Median Sale Price: Up 8.5%
Highest Sale Price Putnam: $3,271,250 Garrison
Highest Sale Price Dutchess: $11,850,000 Stanford
