January 6, 2025 (Greenwich, CT) - The Greenwich Association of REALTORS® announces the 2024 Fourth Quarter statistics for home sales in The Town of Greenwich, CT.
There were 115 single-family residential closings reported during this period according to figures provided by The Greenwich Multiple Listing Service, Inc., the multiple listing service used by REALTORS® in the Greenwich area.
The number of single-family residential closings increased compared to Q4 2023 when there were 110 closings.
The median sale price for a single-family home increased to $2,800,000 from the median sales price in Q4 2023, which was $2,200,000.
The average days on the market (DOM) for residential homes was 72 days; which was a decrease from 87 days in Q4 2023.
There were 40 condo/co-op residential closings reported during this time period; which was an increase from Q4 2023 when there were 34 closings.
The median sale price for a condo/co-op increased to $1,157,500 from the median sales price in Q4 2023, which was $1,030,084.
The average days on the market (DOM) for condo/co-op residential homes was 43; which remained the same at 43 days in Q4 2023.
(Single Family Sales, All Areas)
(Condo/Co-Op Sales, All Areas)
(Single Family Median Sales, All Areas - Green line = Assessed Values, Blue line = Median Sale Price)
(Condo/Co-Op Median Sales, All Areas - Green line = Assessed Values, Blue line = Median Sale Price)
2024 Year-End Real Estate Market Overview
The 2024 real estate market saw a slight decline in single-family home sales compared to the previous year. In 2024, there were 501 single-family sales, down from 527 in 2023, reflecting a 4.93% year-over-year decrease. However, despite the drop in sales, the median sale price for single-family homes saw a significant increase of 18.20%, rising to $2,866,300 from $2,425,000 in 2023. Additionally, homes sold faster in 2024, with the average days on market decreasing by 25.76%, from 96 days in 2023 to 71 days this past year. New listings also saw a modest increase, rising by 3.99% to a total of 677 new single-family home listings, compared to 651 in 2023.
The condo and co-op market, in contrast, experienced positive growth in 2024. Sales in this category rose by 8.38%, with 194 transactions recorded compared to 179 in 2023. The median sale price for condos and co-ops also saw a notable increase of 17.77%, climbing to $1,012,250 from $859,500 the year prior. Similarly, condos and co-ops sold more quickly in 2024, with the average days on market dropping by 25.76%, from 66 days in 2023 to 57 days. However, the number of new condo and co-op listings decreased slightly by 5.77%, with 196 new listings in 2024 compared to 208 in 2023.
The Greenwich Association of REALTORS® (“GAR”) is the professional board of choice for the real estate industry in Greenwich. Established in 1924, the association provides professional development and services for REALTORS® and represents the concerns and interests of private property and home ownership rights. The association has over 850 members and is headquartered in Greenwich, CT.
Wholly owned and operated by GAR, the Greenwich MLS facilitates the most convenient and efficient marketplace for both REALTORS® and consumers by providing instant exposure to the largest possible pool of potential buyers for sellers, and the greatest number of housing options for buyers, which means sellers will receive top dollar for their home, while buyers benefit from transparency in market value.
Looking to purchase, sell or lease a home in the Greenwich, CT area? Find a REALTOR® who can help.
Media Inquiries: Stacey Loh, EVP/CEO
Greenwich Association of REALTORS®/Greenwich Multiple Listing Service, Inc.
40 East Elm Street, Greenwich, CT 06830