Greenwich CT Real Estate Market Report Fall 2024
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*All market data can be found at the bottom of this page
Today, we are going to review the Greenwich real estate market for the third quarter of 2024. But, more importantly I am going to discuss what you should expect in the coming months and I'll provide my insights for navigating the market in the months ahead, whether you're looking to buy or sell. So sit back, grab a coffee, and join me as we analyze the Greenwich market. Let’s go!
If you are new to my website, my name is Charlie Vinci and I am a Greenwich Realtor. The graphs in the "Greenwich CT Real Estate Market" section are updated on the first of every month. While you are here, you can create a custom market report below to get updated on the exact segment of the market that is most important to you.
You'd rather watch than read? Below is the latest market report video for Greenwich.
Greenwich Median Percentage of List Price
In Q3, the median seller in Greenwich received 101.2% of their list price. In other words, half of the sellers earned 101.2% or more of their asking price. Last year in Q3, the median percentage of list price was 100%, and in 2022 it was 98.9%. Take a look at the five year trend.
What jumped out to me is that this is the highest quarter we have seen in Greenwich, not just for the last 5 years, but in all of the historic data we have available. While price is important, it's not the only factor. A strong strategy is also required to get the best deal, and to sell for the highest possible price. That is something I can help you with.
Greenwich Months of Supply
In theory, if we didn’t get any new homes to sell, we’d have enough inventory in Greenwich to last us another 3.5 months. In Q3 of 2023 we had 3.4 months of inventory, and in Q3 of 2022 we had 4.3 months of supply. Take a look at the five year trend.
Looking at the five year graph, notice the low point that proceeds this quarter, and you will see that we hit a low of just over 2 months. If you look back to 2022, you will see the low was approximately the same. This is also the peak of the covid market. In other words, the supply and demand ratio was the same this last Spring, as it was in the height of the covid market. BUT, fear not, opportunity for buyers is coming, more on this in a moment.
Greenwich Homes for Sale
At the end of Q3, there were 97 homes for sale in Greenwich. At the end of Q3 last year, we had 102 homes for sale, and in 2022, we had 171 homes for sale at the end of Q3. Check out the five year trend.
One thing worth noting, take a look at the low point in the early part of 2024. Notice how the number of homes to choose from is increasing. This is typical this time of year, and buyers have more to pick from.
If you are curious about whats on the market, you can use the home search feature on my site to look up active listings.
Quick Tip: Zoom in on your home for nearby sales.
Greenwich Closed Sales
In Q3, there were 89 closed sales in Greenwich. Last year, there were 98 sales at this time, and in 2022 Greenwich had 110 closed sales in Q3. Take a look at the five year trend.
You can analyze what has sold near you by using our Sold Property Search and Interactive map.
Greenwich Median Sales Price
In Greenwich, the median sales price in Q3 of 2024 was $1.65MM. Last year’s median sales price in Q3 was roughly $1.88MM, and the median sales price in Q3 of 2022 was about $1.86MM. Check out the five year trend.
Now this is interesting. There has been a significant drop this quarter in median sales price. We’ll have to keep an eye on this, but this could be an indicator of the high end market being slower than in the past. Too early to tell for sure.
By the way, if you are wondering what your Greenwich home is worth, you can get an instant value by using the home valuation tool right here.
Greenwich Pending Sales
At the end of Q3 of 2024 there were 77 sales pending in Greenwich. At the end of Q3 last year there were 81 sales pending, and there were 94 sales pending at the end of Q3 of 2022. Take a look at the five year trend.
Advice for Buyers & Sellers
So let's talk about whether it's a good idea to buy or sell over the next few months.
If you were a seller, you have some interesting challenges ahead. First off, we are entering the time of year where a seller usually garners the least amount of interest. Activity tends to slow sometime during the month of October, and doesn't pick back up again until after the new year.
Add to this, that it's a major election year. Presidential election years have historically had a slower November, because some buyers hold off until they know the results of the election. It seems the uncertainty causes pause, we can feel it on the street, and can SEE IT in the historical data.
Does this mean you shouldn't sell? Not necessarily. You may have other goals to consider. Perhaps you are selling now so you can buy in the spring, or there are other life events that are prompting the sale. So, some sellers will list during this period.
Another reason you might want to sell is that inventory is relatively low, and interest rates just dropped. Buyers will have more buying power, and I have no doubt that it will cause some to buy now.
So it's a bit of a mixed bag for sellers, but in a perfect world preparing for a spring sale would garner you more interest and likely a higher sale price.
If you are a buyer on the other hand, I would encourage you to buy soon if at all possible. Historically, the best time of the year to get a deal is between now and new years. And, it's an election year which will cause some buyers to hesitate.
Your challenge will be the limited inventory, but I have found that motivated buyers who don't focus on the limited number of homes available, and who stay diligent WILL get the best deals. It won’t be easy, but you are likely to see the best buying opportunity of the year between now and new years.
If you would like to talk about buying or selling, call me.
Best,
203.952.7752
Greenwich CT Real Estate Market
*All Data comes directly from the Realtor's database, the SmartMLS, and is updated on the first of each month.
Quick Tip: Maps are interactive. Touch or Hover to use.