120 Oneida Drive, Greenwich, Connecticut
Years characterized by key market dynamics highlighting the enduring appeal of the region in upstate New York
The upstate New York City luxury housing market experienced significant growth in 2024, with double-digit sales rising in many regions.
Westchester County saw a 28% increase in home sales of over $2 million, while Putnam and Dutchess counties increased sales of over $1 million, by 66%. Greenwich saw sales rise 14%, exceeding $3 million. In Darien, sales fell 17%, above $2 million, but median sales prices rose 26%. Rowayton saw a 53% increase in sales and the New Canaan luxury market increased by 13% in households sold.
Inventory levels in many markets surveyed continue to contribute to a competitive situation for buyers, increasing median prices. These terms present challenges to buyers, but sellers are undoubtedly benefiting from increased demand and increased value in the home. Throughout 2024, the supply-to-demand ratio remained very high in many price ranges.
“As we close 2024, we are inspired by overwhelming demand from buyers eager to settle into a vibrant market serving the north of New York City. This year we’ll be looking at the real estate in our area. It is characterized by key market dynamics that emphasize enduring attractiveness and resilience,” said Liz Nunan, president and CEO of Houlihan Lawrence.
“As we look forward to 2025, the outlook remains positive as home sales and prices are expected to grow at a more sustainable pace. Mortgage fee easing is a more balanced market It could help create an environment and provides opportunities for sellers while potentially mitigating mitigation conditions to buyers,” Nunan added.
Luxury Market in 2024 (2024 vs 2023)
Westchester County Luxury Home Sales / Over $2 million
Houses sold: 28.1% increase
Median selling price: 1.5% decrease
Best Sale Price: Bedford at $10,500,000
Putnam and Dutchess County luxury home sales / Over $1 million
Houses sold: 66.3% increase
Median selling price: 8.5% increase
Best Sale Price Putnam: $3,271,250 Garrison
Best Sale Price Duchess: $11,850,000 Stanford
