Q3-2024
EXECUTIVE SUMMARY Q3-2024 MARKET REPORT
Luxury homes sale North of NYC have increased in Westchester (closed sales $2M+) and Putnam/Dutchess (closed sales $1M+) by double digits. The growing number of closed sales is concentrated in the lower end of the luxury market. For example, sales over $5M have declined in Westchester and pended sales, a forward-looking indicator, $5M+ are down from the same period last year.
In Greenwich, demand is strong up to the $10M+ price bracket. The number of active $10M+ listings has increased by 50% from last year and demand (pended sales) has dramatically dropped off. There are a finite number of uber-luxury buyers in every market and perhaps we are seeing the long tail effect in the upper end of some markets – that is so many buyers already made a $10M+ purchase the past few years that fewer remaining buyers equate to a statistical sales drop.
Other markets in Connecticut, such as Darien and New Canann, luxury inventory is being absorbed quickly. Once rates take a meaningful decline, many sellers with a low interest rate mortgage may reconsider putting their homes on the market and help to bolster the number of luxury homes for sale.
In conclusion, the recent interest rate decline and the resiliency of the equities markets is positive economic news. The presidential election, just one month away, is weighing heavily on the minds of most voters. It feels irrelevant to look back at historical behavior and market activity. However, it has been noted that many would-be luxury buyers stayed on the sidelines during past presidential election years until a president was elected. Our fourth quarter report will hopefully illuminate the impact of the election with data-based insights.
Sincerely,
Ant hony P. Cutugno
Sr. Vice President, Private Brokerage
LUXURY MARKET REPORT
WESTCHESTER COUNTY LUXURY HOME SALES | $2 M AND HIGHER
GREENWICH, CT LUXURY HOME SALES | $3 M AND HIGHER
LUXURY MARKET REPORT
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
3rd QUARTER 2024
WESTCHESTER COUNTY LUXURY HOME SALES
AND
COUNTY LUXURY HOME SALES
GREENWICH, CT LUXURY HOME SALES
LUXURY MARKET REPORT
3rd QUARTER 2024
DARIEN LUXURY HOME SALES
ROWAYTON LUXURY HOME SALES
$5,000,000 - $9,999,999
NEW CANAAN LUXURY HOME SALES
$5,000,000 - $9,999,999
LUXURY MARKET REPORT
WESTCHESTER COUNTY LUXURY HOME
| $2M AND HIGHER
CONNECTICUT
LUXURY MARKET REPORT
MARKETS GREENWICH, CT LUXURY HOME SALES | $3M AND HIGHER
LUXURY MARKET REPORT
3rd QUARTER 2024
SUPPLY/DEMAND SNAPSHOT
SOUTHERN WESTCHESTER COUNTY | $2M AND HIGHER
AS OF SEPTEMBER 30, 2024
NORTHERN WESTCHESTER COUNTY | $2M AND HIGHER
OF SEPTEMBER 30, 2023
PUTNAM COUNTY | $1M
DUTCHESS COUNTY | $1M AND HIGHER
*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand
Source: Onekey MLS.
LUXURY MARKET REPORT
3rd QUARTER 2024
SUPPLY/DEMAND SNAPSHOT
GREENWICH, CT | $3M AND HIGHER
DARIEN | $2M AND HIGHER
ROWAYTON | $2M AND HIGHER
NEW CANAAN | $2M AND HIGHER
LUXURY MARKET REPORT
3rd 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
3rd 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
3rd 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
3rd QUARTER 2024
TEN-YEAR MARKET HISTORY
NEW CANAAN, CT LUXURY HOME SALES | $2M AND HIGHER
Source : Smart MLS.
GREENWICH, CT · $13,995,000
Resort-style living defines this brand new, modern Colonial on 2.17 Mid-Country acres. Joanne Mancuso | M 203.667.3887
GREENWICH, CT · $4,295,000
Ultra-chic five-bedroom home showcases an stunning 2024 renovation with a large backyard. Maria K. Crowley | M 203.536.5534
PELHAM, NY · $2,955,000
Stunning new construction transitional Colonial in Pelham Manor 28 minutes from Manhattan. Sandra Ritossa | M 914.525.7878
GREENWICH, CT · $10,900,000
Extraordinary custom stone/clapboard home on 2.46 private acres with pool and cabana. Ellen Mosher | M 203.705.9680
GARRISON, NY · $4,295,000
Madderlake-designed Contemporary, rented for many fashion shoots, with epic Hudson River view. Melissa Carlton | M 914.474.0111
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
GREENWICH, CT · $9,495,000
Classic Georgian situated on a prime lot in the highly desirable Deer Park Association. Kristy de la Sierra | M 203.526.6007
ARMONK, NY · $3,800,000
Incomparable manor house on 5.21 acres is the quintessential sanctuary in coveted estate area. Harriet Libov | M 914.659.6200
WACCABUC, NY · $2,750,000
Dazzling, architecturally-significant country home recently re-imagined by Teo Siguenza. Susan Stillman | M 914.589.4477
GREENWICH, CT · $8,850,000
Classic 10,000+ square foot home on 4.7 gorgeous acres with pool, barn and 2 bedroom guest house.
Ellen Mosher | M 203.705.9680
BEDFORD CORNERS, NY · $3,750,000
Custom-designed and crafted home in prime area. 2000 square feet of covered terraces. Angela Kessel | M 914.841.1919
HUDSON, NY · $2,600,000
Meticulously renovated former brick church steps from Hudson’s bustling Warren Street. Chris Getman | M 203.554.5032
Paul Barrett | M 518.755.3296
GREENWICH, CT · $6,895,000
Luxurious 6-bedroom
and
with pool/spa.
GARRISON, NY · $3,385,000
Gilded Age architectural gem built by Ralph Adams Cram, meticulously restored and updated. Andrew Gates | M 917.755.2640
WACCABUC, NY · $2,450,000
Live the resort life in this gated, five-bedroom home on four lush acres with pool and cabana. Susan Stillman | M 914.589.4477
RED HOOK, NY · $3,250,000
Sun-drenched Contemporary on 80 acres with curated period details and pool. Near Rhinebeck. Vicki Hickman | M 845.389.9952 Harry H. Hill III M 914.489.7143
ELIZAVILLE, NY · $1,850,000
Exceptional Modern Farmhouse on 12+acres with stunning Catskills vistas, car barn and pool. Andrew Gates | M 917.755.2640
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.