REAL ESTATE

Greenwich, CT, Home Sales Will Likely Top 2020’s Record Volume

Compass real estate agent Mark Pruner and senior managing director Elizabeth Ann Stribling-Kivlan (Compass, iStock)

The Greenwich housing market appears to know no bounds.

After home sales in 2020 topped the highest volume on record, demand this year has pressed on full steam ahead.

First-quarter contracts hit a 16-year high countywide, bidding wars peaked in mid-summer and figures from Compass’ third-quarter market report now show sales are on track to break 2020’s record.

Year to date, 1,041 houses, condos and co-ops have sold in Greenwich. Sales volume is 44 percent above this time last year and just 20 homes shy of the 1,081 sold in all of 2020.

Area brokers said remote work is at the root of demand.

“While New York City is not getting any closer,” said Mark Pruner, a Greenwich agent for Compass, “commuting time is shrinking, often down 60 to 100 percent for Greenwich buyers, as people don’t have to go into offices so often or at all.”

Greenwich was formerly a second-home enclave, brokers said, but lasting work-from-home policies have led buyers to scout the area for primary digs.

“Backcountry is now more en vogue,” said Elizabeth Ann Stribling-Kivlan, who oversees market data at Compass.

Heightened demand has pushed prices to fresh records, too.

In 2020, the average sales price for all home types in Greenwich hit $2.3 million; as of the third quarter of 2021, prices have already peaked around $2.5 million, their highest in 10 years.

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