As we close out 2024, we are inspired by the overwhelming demand from buyers eager to settle into the vibrant markets we serve north of New York City. This year has been marked by significant market dynamics that underscore the appeal and resilience of our region's real estate.
Inventory levels across many of our markets continue to contribute to a competitive landscape for buyers, driving median prices upward by an average increase of 15%. While these conditions have posed challenges for buyers, sellers have undeniably benefited from heightened demand and rising home values. Throughout 2024, the supply-to-demand ratio remained exceptionally high across many price points.
The luxury segment has been a standout performer this year. In Greenwich, sales of homes priced over $3 million saw a 14% increase. This growth in the luxury market reflects continued interest from buyers seeking premium properties in our region.
The outlook for 2025 remains positive, with home sales and prices expected to grow at a more sustainable pace. Moderating mortgage rates may help create a more normalized market environment, potentially easing conditions for buyers while maintaining opportunities for sellers.
As we reflect on the year, we extend our deepest gratitude to our clients and friends for your unwavering support and trust throughout 2024. It has been our privilege to serve your real estate needs, and we look forward to continuing to assist you in the year ahead. Wishing you and your families a happy, healthy, and prosperous 2025.
With Warm Regards,
Liz Nunan President and CEO
Source: 1/1/24 – 12/31/24, total sales both on and off
SouthofthePostRoad
