"Greenwich Luxury Home Sales Break 26-Year Record in Just 9 Months"
"Greenwich's trophy market is setting a new record for luxury home sales, already doubling last year's total with three months left in the year."
According to data compiled by Compass agent Mark Pruner and reported by Bloomberg, the tony Connecticut town has seen a staggering 25 home sales for more than $10 million as of the end of August. This surpasses the 17 sales recorded for the entire year of 2024, making it the most successful year for the market since 1999.
Pruner attributes the surge in sales to the stock market and the uncertainty surrounding New York City, with many wealthy buyers looking for a more peaceful and spacious lifestyle. "We're seeing a lot of people moving from New York, both from the city and from Westchester," Pruner said in an interview with The Real Deal.
While the record-breaking sales may seem impressive, they also highlight the stark wealth disparity in the area. "It's a tale of two Greenichs," Pruner explained, "the ultra-rich and the merely rich." And with the pandemic causing job loss and financial struggles for many, the idea of purchasing a multimillion-dollar home may seem out of reach for the average person.
However, for the real estate industry, this record-breaking year is a cause for celebration. Luxury developers and firms such as Compass are reaping the benefits of the influx of wealthy buyers to Greenwich.
This news also raises concerns about the future of the town, as excessive development and rising prices may drive out long-time residents and change the character of the community. As Pruner puts it, "It's great for the industry, but it's not so great for the town."