Greenwich Real Estate: What the Market Is Doing Right Now

Greenwich real estate: what the market is doing right now

Market update articles tend to either state the obvious or bury the useful information in jargon. We'll try to do neither. Here's what's actually happening in the Greenwich residential market, and what it means if you're thinking about buying or selling.

Inventory remains tight

The number of homes available for sale in the Greenwich area continues to sit below historical averages. This is not unique to this market, as it's a national pattern driven largely by homeowners who locked in low mortgage rates and are reluctant to move. For buyers, this means less choice and more competition on well-priced homes. For sellers, it means the conditions to list are still favorable.

Well-priced homes are moving quickly

Homes priced accurately, meaning within 3 to 5% of genuine market value, are going under contract within two to three weeks on average. Overpriced homes are sitting. The spread between well-priced and overpriced homes is wider than it's been in several years, which makes the listing price decision more consequential than ever.

Buyers are more selective

Rising mortgage rates over the past two years have recalibrated what buyers can afford and what they're willing to stretch for. Buyers today are doing more due diligence, asking more questions, and walking away from homes that have deferred maintenance or feel overpriced relative to condition. Sellers who present well and price honestly are still finding strong demand.

What this means for you

If you're a seller: the window is still open, but it rewards preparation and honest pricing. If you're a buyer: competition exists, but it's not the frenzy of 2021. Patience, pre-approval, and a clear sense of your priorities will serve you well.

We publish market updates regularly. If you'd like a more specific read on a particular neighborhood or price range, reach out, because we're happy to talk through it.