As the market leader North of NYC, Houlihan Lawrence is armed with the best-in-class data providing our elite agents with hyperlocal insights shaping our markets. Read on for our 2021 Q1 market reports, providing proprietary data-driven insights specific to the communities we serve in New York and Connecticut.
The first quarter of 2021 continued at the same fevered pace that closed 2020. Westchester, Putnam, and Dutchess Counties have remained top choices for city dwellers searching for a more bucolic setting as well as for residents looking to trade up or trade down. The opportunities for recreation and cultural experiences are endless and vary significantly by location. But pent-up demand continues as inventory remains at record low levels.
If the opportunity avails, there is no better time to list your home. There is high demand in all three counties and most price points.
Luxury real estate north of NYC continues to be the beneficiary of seismic shifts in consumer behavior. A substantially larger buyer pool coupled with declining inventory has generated a consistent rise in luxury sales since summer 2020.
Most recently, Q1 2021 closed luxury sales registered double- and triple-digit gains compared to Q1 2020. Robust buyer demand during the typically slow holiday period of late fall/ early winter yielded the strongest first quarter of closed sales in a decade.
The new year brought with it continued strong demand for homes in Greenwich, Connecticut. Sales in the first quarter soared as pandemic-fueled purchases from NYC buyers – many of whom were already renting locally – helped drive sales across all price ranges.
Contributing to the sustained demand were corporate reopening plans that do not require daily commutes to NYC for employees. These ongoing “work from home” schedules helped further illuminate the many reasons people choose to live in Greenwich: wonderful community, scenic coastal and inland parks, noted public and private schools, world-class shopping and dining, and all just 30 miles from Manhattan.
Darien, New Canaan, and Rowayton remain attractive destinations for homebuyers seeking a more bucolic setting to spend more time at home. After 12 months of pandemic-fueled demand and record sales, the supply of homes for sale remains at record-setting lows across all local markets.
The number of showings has increased substantially year-over-year and, with so few homes for sale, it is not uncommon to have more than one buyer competing for a property. This competition leads to multiple bid situations, which inevitably lead to price increases, and local sellers who price their homes properly benefit.