Houlihan Lawrence Q2-2024 Luxury Market Report

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Q2-2024

Q2-2024 MARKET REPORT

EXECUTIVE SUMMARY

Luxury sales in Westchester ($2M and higher closed sales) and Dutchess/Putnam counties ($1M and higher closed sales) rose considerably in the second quarter. An increase in sales means an increase in supply, even if the speed with which these homes sold feels like fleeting inventory. This begs the questions - Are sellers no longer sensitive to interest rates? Is “waiting” for rates to go down a quaint notion now that the Fed is holding tight on interest rates to tame inflation? The data would suggest yes: in Westchester County, 48% more homes sold in Q2-2024 than same period last year at a higher cost per square foot. In Putnam/Dutchess counties, sales increased in Q2 by nearly 70%, and sold twice as fast as last year with a 25% increase in average price per square foot.

In Connecticut, luxury sales in Greenwich ($3M and higher closed sales) were unchanged compared to last year, as days on market declined and average price per square foot increased.

In Darien, the trend is reversed. Luxury sales ($2M and higher closed sales) posted a steep decline due to limited inventory. After four consecutive years (2020, 2021, 2022 and 2023) of triple-digit sales in Darien, a decline is not startling. Rather the pace of sales is normalizing after four record-breaking years.

Markets are performing differently but this much is true for all luxury communities Houlihan Lawrence serves. Sellers remain firmly in the driver's seat, benefiting from favorable market conditions and the potential for significant returns on their investments. Proper pricing remains critical. Overinflated prices risk rejection from savvy luxury buyers who prioritize value. Sellers are advised to strategically price properties to align with market realities and buyer expectations to achieve success.

Sincerely,

LUXURY MARKET REPORT

WESTCHESTER COUNTY LUXURY HOME SALES | $2 M AND HIGHER

GREENWICH, CT LUXURY HOME SALES | $3 M AND HIGHER

LUXURY MARKET REPORT 2

nd QUARTER 2024

DARIEN LUXURY HOME SALES | $2 M AND HIGHER

ROWAYTON LUXURY HOME SALES | $2 M AND HIGHER

NEW CANAAN LUXURY HOME SALES | $2 M AND HIGHER

LUXURY MARKET REPORT

2nd QUARTER 2024

WESTCHESTER COUNTY LUXURY HOME SALES

AND DUTCHESS COUNTY LUXURY HOME SALES

GREENWICH, CT LUXURY HOME SALES

LUXURY MARKET REPORT

2nd QUARTER 2024

DARIEN LUXURY HOME SALES

ROWAYTON LUXURY HOME SALES

NEW CANAAN LUXURY HOME SALES

$5,000,000 - $9,999,999

Source: Onekey MLS.

LUXURY MARKET REPORT

LUXURY MARKET REPORT

GREENWICH, CT LUXURY HOME SALES | $3M AND HIGHER

SOUTHERN FAIRFIELD COUNTY, CT LUXURY HOME SALES | $2M AND HIGHER

LUXURY MARKET REPORT

2nd QUARTER 2024

SUPPLY/DEMAND SNAPSHOT

SOUTHERN WESTCHESTER COUNTY | $2M AND HIGHER

AS OF JUNE 30, 2024

NORTHERN WESTCHESTER COUNTY | $2M AND HIGHER

PUTNAM COUNTY | $1M AND

DUTCHESS COUNTY | $1M AND HIGHER

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

LUXURY MARKET REPORT

2nd QUARTER 2024

SUPPLY/DEMAND SNAPSHOT

GREENWICH, CT | $3M AND HIGHER

DARIEN | $2M AND HIGHER

ROWAYTON | $2M AND HIGHER

AS OF JUNE 30,

NEW CANAAN | $2M AND HIGHER

$2,000,000 - $2,999,999

LUXURY MARKET REPORT

2nd QUARTER 2024

TEN-YEAR MARKET HISTORY

WESTCHESTER COUNTY LUXURY HOME SALES | $2M AND HIGHER

PUTNAM COUNTY LUXURY HOME SALES | $1M AND HIGHER

Source : Onekey MLS.

LUXURY MARKET REPORT

2nd QUARTER 2024

TEN-YEAR MARKET HISTORY

DUTCHESS COUNTY LUXURY HOME SALES | $1M AND HIGHER

GREENWICH, CT LUXURY HOME SALES | $3M AND HIGHER

Source : Onekey MLS and Greenwich MLS.

LUXURY MARKET REPORT

2nd QUARTER 2024

TEN-YEAR MARKET HISTORY

DARIEN, CT LUXURY HOME SALES | $2M AND HIGHER

ROWAYTON, CT LUXURY HOME SALES | $2M AND HIGHER

Source : Smart MLS.

LUXURY MARKET REPORT

2nd QUARTER 2024

TEN-YEAR MARKET HISTORY

NEW CANAAN, CT LUXURY HOME SALES | $2M AND HIGHER

Source : Smart MLS.

MILLBROOK, NY · $18,000,000

Incomparable equestrian estate in heart of Millbrook hunt country with outstanding stable. Oliver Brown M 917.680.8933

HUDSON, NY · $7,330,000

Exquisite historic estate (and hospitality venue) on 100 idyllic acres, across from Olana. Paul Barrett M 518.755.3296 Christine Jones M 646.256.4797

ARMONK, NY · $3,800,000

Incomparable Manor on 5.21 acres is the quintessential sanctuary in coveted estate area. Harriet Libov M 914.659.6200

GREENWICH, CT · $13,995,000

Exclusive, gated Indian Harbor Association custom built 2015 home with unique 30-car garage.

Joanne Mancuso M 203.667.3887

GREENWICH, CT · $7,250,000

Seven bedroom brick Georgian, guest cottage, pool and pool house on two luxurious acres.

Amanda Bates Goodro M 203.536.1195

BK Bates M 203.536.4997

GREENWICH, CT · $3,475,000

Exquisitely renovated four-bedroom home offers stylish interior in Milbrook Association. Spencer Sodokoff M 203.257.4870

In-town compound on 4 acres with pool, tennis court & carriage house. 50 minutes to NYC.

GREENWICH, CT · $6,950,000

Six bedroom country house meticulously updated on 1.37 acres, walking distance to all. Ellen Mosher M 203.705.9680

MAHOPAC, NY · $2,750,000

Adirondack lifestyle, one hour from New York City with private shoreline on Lake Mahopac. Linda K. Hoffmann M 914.548.1843

CHAPPAQUA, NY · $10,495,000

Magnificent new construction classic on 7.29 acres in Chappaqua's coveted school district.

Pamela Franklin M 203.216.4776

HASTINGS-ON-HUDSON, NY · $4,750,000

Handsome 1905 Colonial with breathtaking Hudson River views. 20 miles from NYC.

Aurora (Rory) Tishelman M 914.671.1757

Carolyn Joy M 646.246.8949

CORNWALL, NY · $1,395,000

Enchanting 1920s Colonial with cottage just steps to Cornwall's idyllic Cream Hill Lake. Andrew Gates M 917.755.2640

BEDFORD CORNERS, NY · $4,525,000

Quintessential Bedford Colonial exquisitely renovated by architect Teo Siguenza in 2018. Caroline Shepherd M 914.393.2795

RED HOOK, NY · $1,275,000

The cottages have the Old World charm of an Adirondack camp, with modern updates. Andrew Gates M 917.755.2640

BEDFORD CORNERS, NY · $4,230,000

Stunning views, open plan and soaring ceilings define this superb Contemporary Colonial.

Jody Rosen M 914.907.3300

Mary H. Palmerton M 914.843.4158

DANBURY, CT · $1,150,000

Architect-designed Farmhouse with light-filled open plan and country club amenities. Cory Neumann M 203.947.5803

HOULIHAN LAWRENCE PRIVATE BROKERAGE

Designed expressly for our region's most exceptional properties, Houlihan Lawrence Private Brokerage offers discreet advisory and brokerage services to our valued luxury clients. Since its inception in 1990, our exclusive luxury program directed by Senior Vice President, Anthony P. Cutugno has earned a reputation for personalized boutique-style service and nuanced marketing that best serves the interests of our clientele. Known for our prudence and reliability, Houlihan Lawrence has worked with many of the area's most prominent families, charitable trusts, banks and estate trustees in facilitating the sale of the region's most prestigious properties.

Based on the private banking model, Tony is personally involved in every transaction offering invaluable insight and advice honed by decades of experience in international trade and luxury real estate.

What sets Private Brokerage apart is our ability to leverage Houlihan Lawrence's vast resources and impressive global partners to successfully position a property within the international marketplace. With a reach that extends to 6 continents, Houlihan Lawrence Private Brokerage understands the world of luxury and has cultivated relationships with international partners and high net-worth clients across the globe. These world-class connections supported by the personal oversight of Tony and his Private Brokerage team create a powerful combination that drives results year-after-year.

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