MARKET
EXECUTIVE SUMMARY
After two years of surging luxury sales north of NYC, the market cooled off in the second half, resulting in last year’s overall performance being rather mixed. Luxury sales in Westchester (sales $2M and higher), Putnam and Dutchess counties (sales $1M and higher), were largely unchanged, while Greenwich (sales $3M and higher), Darien and New Canaan (sales $2M and higher) experienced sharp declines.
Westchester County posted a slight uptick in closed sales last year, and was the only area north of NYC to exceed sales achieved in 2021. The market performed solidly in the lower end of the market (below $5M) and sales in the higher end dipped by nearly 20%. Northern Westchester inventory is building and pended sales are down, indicating a rare bright spot for buyers.
Putnam and Dutchess counties are unchanged from last year. Pending sales are down significantly, and first quarter sales will likely land in negative territory. These longer-commute-time markets became the darling of NYC buyers seeking low-density areas during the height of the Covid boom, when work from home seemed here to stay. Now, pressure from employers to return to the office, lay-offs at technology companies, and smaller Wall Street bonuses may temper this once white-hot market.
In Greenwich, New Canaan and Darien, closed sales are down by double digits. At first glance, the logical conclusion is a slowdown in the luxury market. However the data suggest strong buyer demand in a sharply supply-constrained market. Homes are selling faster at closer to list price at a higher average price per square foot than last year. Persistent inventory shortage keeps demand high as the scarcity principal kicks in.
The supply issue will not correct itself anytime soon. In the luxury market, rising interest rates have a greater impact on sellers than buyers. Many homeowners who want to sell are unwilling to give up a low rate mortgage to purchase a new home at higher rate in a tight market. Consequently, they decide to hold on to their house and wait for more favorable conditions, fueling the imbalance in the market.
The market is admittedly complicated. The first half of 2023 will likely see a decline in sales north of NYC, though even a sharp drop does not mean the market is collapsing. For example, the past two years of luxury sales in Westchester County are about equal to the aggregate homes sold in 2016, 2017, 2018, and 2019. Perhaps 2023 will recalibrate our expectations of a healthy real estate market as the shadow of the pandemic recedes.
Sincerely,
Anthony P. Cutugno Sr. Vice President, Private BrokerageLUXURY MARKET REPORT 4th QUARTER 2022
WESTCHESTER COUNTY LUXURY HOME SALES | $2 M AND HIGHER
Q4 2022 Q4 2021 % CHANGE
FULL YEAR 2022 FULL YEAR 2021 % CHANGE
HOMES SOLD 76 121 -37.2% 673 652 3.2%
TOTAL DOLLAR VOLUME $231,351,914 $407,982,185 -43.3% $2,084,952,896 $2,006,019,811 3.9%
MEDIAN SALE PRICE
$2,631,250 $2,825,000 -6.9% $2,700,000 $2,683,500 0.6%
AVERAGE PRICE PER SQUARE FOOT $594 $589 0.8% $606 $554 9.4%
AVERAGE DAYS ON MARKET 64 74 -13.5% 48 74 -35.1%
% SALE PRICE TO LIST PRICE 96.7% 97.3% -0.6% 102.0% 98.0% 4.1%
PUTNAM AND DUTCHESS COUNTY LUXURY HOME SALES | $1 M AND HIGHER
Q4 2022 Q4 2021 % CHANGE FULL YEAR 2022 FULL YEAR 2021 % CHANGE
UNITS SOLD 29 35 -17.1% 150 153 -2.0%
TOTAL DOLLAR VOLUME $48,284,897 $64,095,500 -24.7% $285,908,194 $303,828,806 -5.9%
MEDIAN SALE PRICE $1,458,250 $1,615,000 -9.7% $1,450,000 $1,600,000 -9.4%
AVERAGE PRICE PER SQUARE FOOT $433 $528 -18.0% $439 $474 -7.4% AVERAGE DAYS ON MARKET 154 142 8.5% 157 173 -9.2%
% SALE PRICE TO LIST PRICE 97.6% 100.6% -3.0% 94.7% 96.8% -2.2%
GREENWICH, CT LUXURY HOME SALES | $3 M AND HIGHER
Q4 2022 Q4 2021 % CHANGE FULL YEAR 2022 FULL YEAR 2021 % CHANGE
HOMES SOLD 32 59 -45.8% 256 368 -30.4%
TOTAL DOLLAR VOLUME $154,506,982 $358,676,638 -56.9% $1,296,218,595 $1,949,660,354 -33.5%
MEDIAN SALE PRICE
$4,126,500 $4,600,000 -10.3% $4,505,000 $4,300,000 4.8%
AVERAGE PRICE PER SQUARE FOOT $925 $815 13.5% $807 $769 4.9%
AVERAGE DAYS ON MARKET 57 103 -44.7% 86 137 -37.2%
% SALE PRICE TO LIST PRICE 99.0% 96.9% 2.2% 99.0% 96.8% 2.3%
Source: Onekey MLS, Mid-Hudson MLS and Greenwich MLS.
LUXURY MARKET REPORT
4th QUARTER 2022
DARIEN LUXURY HOME SALES | $2 M AND HIGHER
Q4 2022 Q4 2021 % CHANGE
FULL YEAR 2022 FULL YEAR 2021 % CHANGE
HOMES SOLD 29 24 20.8% 109 145 -24.8%
TOTAL DOLLAR VOLUME
MEDIAN SALE PRICE
$93,456,936 $82,029,500 13.9% $350,815,933 $460,449,532 -23.8%
$2,750,000 $3,112,500 -11.6% $2,867,000 $2,895,000 -1.0%
AVERAGE PRICE PER SQUARE FOOT $627 $640 -2.0% $614 $574 7.0%
AVERAGE DAYS ON MARKET 58 100 -42.0% 45 92 -51.1%
% SALE PRICE TO LIST PRICE 101.1% 99.1% 2.0% 101.9% 98.6% 3.3%
ROWAYTON LUXURY HOME SALES | $2 M AND HIGHER
Q4 2022 Q4 2021 % CHANGE
FULL YEAR 2022 FULL YEAR 2021 % CHANGE
HOMES SOLD 4 7 -42.9% 21 32 -34.4%
TOTAL DOLLAR VOLUME
$13,380,500 $22,091,875 -39.4% $63,182,500 $88,957,235 -29.0%
MEDIAN SALE PRICE $3,471,500 $3,100,000 12.0% $2,825,000 $2,433,750 16.1%
AVERAGE PRICE PER SQUARE FOOT $888 $819 8.4% $785 $731 7.4% AVERAGE DAYS ON MARKET 29 110 -73.6% 33 70 -52.9%
% SALE PRICE TO LIST PRICE 100.0% 96.1% 4.1% 103.2% 98.2% 5.1%
NEW CANAAN LUXURY HOME SALES | $2 M AND HIGHER
Q4 2022 Q4 2021 % CHANGE
FULL YEAR 2022 FULL YEAR 2021 % CHANGE
HOMES SOLD 21 21 0.0% 122 171 -28.7%
TOTAL DOLLAR VOLUME
MEDIAN SALE PRICE
$61,719,000 $67,070,000 -8.0% $374,071,947 $504,890,597 -25.9%
$2,750,000 $3,110,000 -11.6% $2,725,000 $2,695,000 1.1%
AVERAGE PRICE PER SQUARE FOOT $465 $447 4.0% $495 $419 18.1%
AVERAGE DAYS ON MARKET 56 80 -30.0% 58 94 -38.3%
% SALE PRICE TO LIST PRICE 96.9% 97.8% -0.9% 101.2% 99.0% 2.2%
LUXURY MARKET REPORT
4th QUARTER 2022
WESTCHESTER COUNTY LUXURY HOME SALES
Q4 2022 Q4 2021 % CHANGE
FULL YEAR 2022 FULL YEAR 2021 % CHANGE
$2,000,000 - $2,999,999 54 69 -21% 432 426 1%
$3,000,000 - $4,999,999 15 39 -61% 201 178 12% $5,000,000 - $9,999,999 6 11 -45% 37 44 -15% $10,000,000 and up
1 2 -50 3 4 -25%
PUTNAM AND DUTCHESS COUNTY LUXURY HOME SALES
Q4 2022 Q4 2021 % CHANGE
FULL YEAR 2022 FULL YEAR 2021 % CHANGE
$1,000,000 - $1,999,999 24 26 -7% 116 105 10% $2,000,000 and up 5 9 -44% 34 48 -29%
GREENWICH, CT LUXURY HOME SALES
Q4 2022 Q4 2021 % CHANGE
FULL YEAR 2022 FULL YEAR 2021 % CHANGE
$3,000,000 - $3,999,999 13 22 -40% 90 160 -43% $4,000,000 - $4,999,999 7 13 -46% 67 73 -8% $5,000,000 - $9,999,999 11 20 -45% 90 120 -25% $10,000,000 and up 1 4 -75% 9 15 -40% Source: Onekey MLS, Mid-Hudson MLS and Greenwich MLS
DARIEN LUXURY HOME SALES
LUXURY MARKET REPORT
4th QUARTER 2022
Q4 2022 Q4 2021 % CHANGE FULL YEAR 2022 FULL YEAR 2021 % CHANGE
$2,000,000 - $2,999,999 16 9 77% 57 80 -28%
$3,000,000 - $4,999,999 10 13 -23% 44 58 -24% $5,000,000 - $9,999,999 3 2 50% 8 7 14%
$10,000,000 and up 0 0 Not Valid 0 0 Not Valid
ROWAYTON LUXURY HOME SALES
Q4 2022 Q4 2021 % CHANGE FULL YEAR 2022 FULL YEAR 2021 % CHANGE
$2,000,000 - $2,999,999 1 3 -66% 15 21 -28% $3,000,000 - $4,999,999 3 3 0% 5 10 -50% $5,000,000 - $9,999,999 0 1 -100% 1 1 0% $10,000,000 and up 0 0 Not Valid 0 0 Not Valid
NEW CANAAN LUXURY HOME SALES
Q4 2022 Q4 2021 % CHANGE FULL YEAR 2022 FULL YEAR 2021 % CHANGE
$2,000,000 - $2,999,999 14 10 40% 80 109 -26%
$3,000,000 - $4,999,999 7 10 -30% 36 58 -37% $5,000,000 - $9,999,999 0 1 -100% 5 4 25%
$10,000,000 and up 0 0 Not Valid 1 0 Not Valid
LUXURY MARKET REPORT
4th QUARTER 2022
TOP NEW YORK LUXURY MARKETS
WESTCHESTER COUNTY LUXURY HOME SALES | $2M AND HIGHER
SCHOOL DISTRICT
# OF SALES MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE
SCARSDALE 18 $2,622,500 $5,400,000 RYE CITY 9 $2,550,000 $6,450,000 HARRISON 8 $2,368,000 $3,275,000 MAMARONECK 7 $2,695,000 $4,900,000 BEDFORD 6 $2,575,000 $4,325,000 BYRAM HILLS 6 $2,750,000 $5,600,000 CHAPPAQUA 6 $2,482,500 $3,100,000 KATONAH LEWISBORO 5 $3,000,000 $7,500,000 BRONXVILLE 3 $2,637,500 $4,350,000 RYE NECK 2 $6,150,000 $10,250,000 NEW ROCHELLE 2 $2,297,500 $2,400,000 IRVINGTON 1 $2,865,000 $2,865,000
PUTNAM COUNTY LUXURY HOME SALES | $1M AND HIGHER
SCHOOL DISTRICT
# OF SALES MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE
GARRISON 1
$1,300,000 $1,300,000 BREWSTER 1 $1,103,000 $1,103,000 CARMEL 1 $1,775,000 $1,775,000
DUTCHESS COUNTY LUXURY HOME SALES | $1M AND HIGHER
TOWN/CITY
# OF SALES MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE
RHINEBECK 7 $1,458,250 $2,200,000 WASHINGTON 3 $2,550,000 $4,000,000
PAWLING 2 $1,526,000 $1,952,000 CLINTON 2 $1,358,750 $1,450,000 RED HOOK 1 $1,750,000 $1,750,000
Source: Onekey MLS and Mid-Hudson MLS.
LUXURY MARKET REPORT
4th QUARTER 2022
TOP CONNECTICUT LUXURY MARKETS
GREENWICH, CT LUXURY HOME SALES | $3M AND HIGHER
TOWN/CITY
# OF SALES MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE
GREENWICH 21 $4,550,000 $11,193,132 RIVERSIDE 5 $4,600,000 $6,107,000 OLD GREENWICH 3 $3,650,000 $5,200,000 COS COB 3 $3,710,000 $4,045,000
SOUTHERN FAIRFIELD COUNTY, CT LUXURY HOME SALES | $2M AND HIGHER
TOWN/CITY
# OF SALES MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE
WESTPORT 30 $3,125,000 $6,700,000 DARIEN 29 $2,750,000 $7,100,000 NEW CANAAN 21 $2,750,000 $4,945,000 FAIRFIELD 10 $2,767,500 $6,200,000 STAMFORD 4 $3,912,500 $4,600,000 NORWALK 4 $3,471,500 $3,675,000 RIDGEFIELD 3 $2,632,500 $3,400,000 WILTON 2 $2,477,500 $2,825,000 REDDING 1 $2,100,000 $2,100,000 WESTON 1 $2,520,000 $2,520,000
LUXURY MARKET REPORT
4th QUARTER 2022
SUPPLY/DEMAND SNAPSHOT
SOUTHERN WESTCHESTER COUNTY | $2M AND HIGHER
AS OF DECEMBER 31, 2022
AS OF DECEMBER 31, 2021 2022 vs. 2021
PRICE RANGE
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
% CHANGE IN LISTINGS
% CHANGE IN PENDINGS
$2,000,000 - $2,999,999 26 37 1 30 51 1 -13.3% -27.5% $3,000,000 - $4,999,999 39 24 2 28 24 1 39.3% 0.0% $5,000,000 - $9,999,999 23 7 3 26 6 4 -11.5% 16.7% $10,000,000 and up 2 1 2 3 0 Not Valid -33.3% 0.0%
NORTHERN WESTCHESTER COUNTY | $2M AND HIGHER
AS OF DECEMBER 31, 2022 AS OF DECEMBER 31, 2021 2022 vs. 2021
PRICE RANGE
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
% CHANGE IN LISTINGS
% CHANGE IN PENDINGS
$2,000,000 - $2,999,999 21 11 2 20 17 1 5.0% -35.3% $3,000,000 - $4,999,999 16 4 4 16 9 2 0.0% -55.6% $5,000,000 - $9,999,999 16 0 Not Valid 12 3 4 33.3% -100.0% $10,000,000 and up 5 2 3 6 0 Not Valid -16.7% 0.0%
PUTNAM COUNTY | $1M AND HIGHER
AS OF DECEMBER 31, 2022
AS OF DECEMBER 31, 2021 2022 vs. 2021
PRICE RANGE
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
% CHANGE IN LISTINGS
% CHANGE IN PENDINGS
$1,000,000 - $1,999,999 19 2 10 20 8 3 -5.0% -75.0% $2,000,000 and up 9 1 9 14 2 7 -35.7% -50.0%
DUTCHESS COUNTY | $1M AND HIGHER
AS OF DECEMBER 31, 2022 AS OF DECEMBER 31, 2021 2022 vs. 2021
PRICE RANGE
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
% CHANGE IN LISTINGS
% CHANGE IN PENDINGS
$1,000,000 - $1,999,999 50 12 4 38 18 2 31.6% -33.3% $2,000,000 and up 22 5 4 20 10 2 10.0% -50.0%
*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand
Source: Onekey MLS and Mid-Hudson MLS.
LUXURY MARKET REPORT
4th QUARTER 2022
SUPPLY/DEMAND SNAPSHOT
GREENWICH, CT | $3M AND HIGHER
AS OF DECEMBER 31, 2022
AS OF DECEMBER 31, 2021 2022 vs. 2021
PRICE RANGE
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
% CHANGE IN LISTINGS
% CHANGE IN PENDINGS
$3,000,000 - $3,999,999 24 10 2 25 17 1 -4.0% -41.2% $4,000,000 - $4,999,999 23 6 4 17 9 2 35.3% -33.3% $5,000,000 - $9,999,999 33 14 2 46 15 3 -28.3% -6.7% $10,000,000 and up 23 1 23 15 3 5 53.3% -66.7%
DARIEN | $2M AND HIGHER
AS OF DECEMBER 31, 2022 AS OF DECEMBER 31, 2021 2022 vs. 2021
PRICE RANGE
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
% CHANGE IN LISTINGS
% CHANGE IN PENDINGS
$2,000,000 - $2,999,999 4 7 1 2 5 1 100.0% 40.0% $3,000,000 - $4,999,999 8 2 4 2 7 1 300.0% -71.4% $5,000,000 - $9,999,999 2 0 Not Valid 4 1 4 -50.0% -100.0% $10,000,000 and up 0 1 0 0 0 Not Valid 0.0% 0.0%
ROWAYTON | $2M AND HIGHER
AS OF DECEMBER 31, 2022
AS OF DECEMBER 31, 2021 2022 vs. 2021
PRICE RANGE
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
SUPPLY: ACTIVE LISTINGS
DEMAND: PENDING SALES
SUPPLY/ DEMAND RATIO*
% CHANGE IN LISTINGS
% CHANGE IN PENDINGS
$2,000,000 - $2,999,999 0 2 0 1 1 1 -100.0% 100.0% $3,000,000 - $4,999,999 2 0 Not Valid 1 0 Not Valid 100.0% 0.0% $5,000,000 - $9,999,999 0 1 0 0 0 Not Valid 0.0% 0.0% $10,000,000 and up 0 0 Not Valid 0 0 Not Valid 0.0% 0.0%
NEW CANAAN | $2M AND HIGHER
AS OF DECEMBER 31, 2022
AS OF DECEMBER 31, 2021 2022 vs. 2021 PRICE
LUXURY MARKET REPORT
TEN-YEAR MARKET HISTORY
WESTCHESTER COUNTY LUXURY HOME SALES | $2M AND HIGHER
PUTNAM COUNTY LUXURY HOME SALES | $1M AND HIGHER
Source : Onekey MLS.
*2022 homes sold are annualized based on actual sales year-to-date.
LUXURY MARKET REPORT
TEN-YEAR MARKET HISTORY
DUTCHESS COUNTY LUXURY HOME SALES | $1M AND HIGHER GREENWICH, CT LUXURY HOME SALES | $3M AND HIGHER Source : Mid-Hudson and Greenwich Multiple Listing Service. *2022 homes sold are annualized based on actual sales year-to-date.
LUXURY MARKET REPORT
TEN-YEAR MARKET HISTORY
DARIEN, CT LUXURY HOME SALES | $2M AND HIGHER
ROWAYTON, CT LUXURY HOME SALES | $2M AND HIGHER
Source : Smart MLS.
*2022 homes sold are annualized based on actual sales year-to-date.
LUXURY MARKET REPORT 4th QUARTER 2022
TEN-YEAR MARKET HISTORY
NEW CANAAN, CT LUXURY HOME SALES | $2M AND HIGHER Source : Smart MLS.
*2022 homes sold are annualized based on actual sales year-to-date.
LUXURY MARKET REPORT
A SELECTION OF 2022 LUXURY SALES
1001 FOREST AVENUE
RYE, NY
Offered at $14,875,000
Rye Brokerage 914.967.7680
25 LINDSAY DRIVE
GREENWICH, CT
Offered at $12,250,000
Greenwich Brokerage 203.869.0700
21 GROVE LANE
GREENWICH, CT
Offered at $9,800,000
Greenwich Brokerage 203.869.0700
289 OENOKE RIDGE
NEW CANAAN, CT
Offered at $7,450,000
New Canaan Brokerage 203.966.3507
98 DOUBLING ROAD
GREENWICH, CT
Offered at $6,875,000
Greenwich Brokerage 203.869.0700
39 MEADOW WOOD DRIVE
GREENWICH, CT
Offered at $6,795,000
Greenwich Brokerage 203.869.0700
982 OENOKE RIDGE
NEW CANAAN, CT
Offered at $4,995,000
New Canaan Brokerage 203.966.3507
34 LINDEN LANE
BEDFORD, NY
Offered at $4,200,000
Bedford/Pound Ridge Brokerage 914.234.9099
633 ROUND HILL ROAD
GREENWICH, CT
Offered at $4,495,000
Greenwich Brokerage 203.869.0700
LUXURY MARKET REPORT
A SELECTION OF 2022 LUXURY SALES
7 DWIGHT LANE
GREENWICH, CT
Offered at $9,495,000
Greenwich Brokerage 203.869.0700
21 STRATFORD ROAD
HARRISON, NY
Offered at $8,900,000
Rye Brokerage 914.967.7680
6-8 UPPER DOGWOOD LANE RYE, NY
Offered at $7,650,000
Rye Brokerage 914.967.7680
20 WINDY RIDGE
PHILIPSTOWN, NY
Offered at $6,250,000
Cold Spring Brokerage 845.265.5500
44 MASTERTON ROAD
BRONXVILLE, NY
Offered at $5,250,000
Bronxville Brokerage 914.337.0400
2 EL RETIRO LANE IRVINGTON , NY
Offered at $4,990,000
Irvington Brokerage 914.591.2700
270 CANTITOE STREET
BEDFORD, NY
Offered at $4,500,000
Bedford/Pound Ridge Brokerage 914.234.9099
103 SHUNPIKE
WASHINGTON, NY
Offered at $4,299,000
Millbrook Brokerage 845.677.6161
1196 SMITH RIDGE ROAD
NEW CANAAN, CT
Offered at $3,700,000
New Canaan Brokerage 203.966.3507
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.