Houlihan Lawrence Q4-2024 Luxury Market Report

FULL YEAR 2024 MARKET REPORT

EXECUTIVE SUMMARY

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 enduring 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. While these conditions have presented 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.

In the luxury home market, several areas experienced significant growth. Westchester County saw a 28% increase in sales over $2 million, while Putnam and Dutchess Counties saw a 66% jump in sales over $1 million. Greenwich experienced a 14% rise in sales above $3 million. In Darien, although sales over $2 million decreased by 17%, the median sale price rose by 26%. Rowayton saw a 53% surge in sales and New Canaan’s luxury market grew by 13% in homes sold.

Looking ahead to 2025, the outlook remains positive, with home sales and prices expected to grow at a more sustainable pace. Moderating mortgage rates may help create a more balanced market environment, potentially easing conditions for buyers while still providing 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