44 Porchuck Road
With low inventory, rising prices and a robust luxury market as recurring themes for Greenwich real estate in 2025, it was tempting to just republish last year’s real estate article and change the date! For anyone holding their breath waiting for the COVID-induced dam to break, listings to flood the market and prices to adjust down, please exhale. By all accounts, this new normal of trickling listings, priced to the sellers’ delight, will continue through 2026 and beyond. A desire to live—and live well—in Greenwich is not waning.
Shelly Tretter Lynch at Compass comments, “COVID changed everything in Greenwich real estate. Always an international marketplace, Greenwich is now one of the most resilient and high-performing luxury real estate markets in the U.S. We have become the primary residential market for Manhattan, without being in Manhattan. We are not a local market but a safe and financial hub for the finance world. That drives prices even when U.S. markets wobble. That creates generational demand.”
555 Lake Avenue
THE NUMBERS
Talking Greenwich real estate numbers is super fun, with all those dizzying zeroes. Well, maybe fun for everyone except the eager buyers hoping to find their perfect home in a market with historically low inventory. “We started the year off with less inventory than we have in contract. It’s unprecedented,” says Jennifer Leahy at Compass, “and price per square foot continues to go up.”
Pam Pagnani at Sotheby’s comments, “There are 83 homes on the market today. In the old days [pre-COVID], it was 400 to 700 this time of year.” To illustrate where the inventory went, she explains that “528 single-family homes closed in 2019, compared to 853 in 2020 and 1,006 in 2021.”
Houlihan Lawrence’s Market Report states: “A total of 522 homes sold in 2025, a 3.8 percent increase over 2024. Momentum carried through the fourth quarter, with sales rising 9.4 percent year over year. The average sale price for the full year increased 20.6 percent to $4,310,085. Homes sold at an average of 98.3 percent of list price, while days on market averaged 62, slightly faster than the prior year.”
Charles Paternina of Charles Paternina & Associates says, “I like to focus on median numbers as opposed to average numbers as they give a more realistic picture. Say three properties sell for $98 million, $1 million and $3 million. The average, $34 million, is not representative of reality. The median takes out the outliers and is the number in the middle: $3 million. The median sale price in Greenwich has skyrocketed from $1.95 million in 2020 to $3.25 million as of November 2025.”
What is notable in the past year is the “outliers” inching closer to commonplace. A whopping 38 properties sold for $10 million and over in Greenwich in 2025. “In 2024, only 17 homes sold above $10 million, so we have an increase of over 117 percent in one year,” says Peternina. A $43.5 million new mansion at
214 Clapboard Ridge Road nabbed the top spot for the highest single-parcel sale in the state. The 27,000-square-foot home features eight bedrooms and twice as many bathrooms. It wasn’t in a realm of its own, with 579 Indian Field Road closing at $40 million.
This isn’t unprecedented in our area. Tommy Hilfiger’s palatial estate sold for $45 million in 2021. In 2023, Copper Beach Farm, a historic 50-acre waterfront estate, sold for $138,830,000, smashing records across the country. (Rumor has it, the buyer paid cash.) But what is new is the uptick in demand for these eight-figure properties. “If we had more inventory over $10 million, it would sell,” says Leahy.
Jen Danzi, an independent broker, agrees. “Sales over $10 million are up meaningfully year over year, and high-end buyers are very much active,” she says. Danzi sees trends similar to 2024’s: “Inventory is still tight. There simply aren’t enough homes available, especially under $3 million, and that’s keeping upward pressure on pricing. So, while buyers are selective, well-priced homes are still moving quickly.”
Pagnani adds, “We are still that hidden jewel outside the city.” But that is morphing more into a not-so-hidden jewel. “The private schools have their meetings where they invite people who are interested to come, and typically there are maybe 30 families,” says Pagnani. “This year, I believe at Country Day, Greenwich Academy and Brunswick, they had to open up extra rooms because they had hundreds of people.” Some of them may be anticipating tax hikes in Mamdani’s New York and making a run for it.
45 Binney Lane
STYLE GUIDE – WHAT’S SELLING
“Location, location, location and always a well-priced home”—that’s the name of the game, according to Paternina. “The vast majority of buyers would much prefer to bring their toothbrush and not do any work on a house,” he says. “Many are time compressed commuters who want amenities that make day-to-day life easier: a great kitchen, everyday living flow, a real home office (preferably two), great connectivity and outdoor living (an outdoor kitchen, for example) that feels like an extension of the house. As outages happen, backup power is essential, like a whole-house generator. Finally, a beautiful and generous primary suite.” Where? “The Golden Triangle is always a winner, private and close to town,” he says.
Eric Bjork at Berkshire Hathaway agrees that buyers want move-in ready. “The more updated homes are selling the quickest,” says Bjork. “Midcountry, downtown Greenwich, Old Greenwich south of the village and Riverside south of the Post Road continue to be very hot markets. Many buyers want accessibility to the train and downtown shopping areas. Single-level homes/condos are also in very strong demand for the older, downsizing demographic. If they aren’t single-level, then they should have an elevator to all floors.”
Jen Danzi says many clients are looking for “updated kitchens and baths, clean layouts and flexible spaces. Home offices remain important, but now buyers want them to feel intentional, not like a repurposed guest room. Pools, patios and usable yard space are must-haves for many, especially families relocating from the city. We’re also seeing strong interest in Backcountry estates for buyers who want privacy and land. I sold a home there early in 2025 for over $16 million to an empty-nester couple from Riverside.” Long gone are the days when those homes sat on the market for 1,000 days.
Danzi continues, “Style-wise, buyers are gravitating toward classic homes with modern updates—timeless exteriors paired with clean, contemporary interiors. Sprawling homes still sell, but only when they’re priced correctly and feel manageable. Oversized homes with dated interiors are sitting longer.” The ultra-luxury trend is on her radar. “Properties that are truly special—waterfront, architectural significance, or total privacy—are finding buyers quickly and confidently,” she says.
3 Cove Road
Bigger is still better for plenty of buyers. Leahy comments, “As we come away from the pandemic, we continue to see these bigger houses being built. Before the pandemic, we kept talking about people not wanting those big houses; well, they kind of do, because now they want privacy, a safe haven.” She adds, “All locations are desirable. That’s also probably why we’re seeing owners doing renovations and expansions. Because these newer homes are obviously much more expensive than they were, so people’s cost basis is lower in the houses they own. That’s also affecting inventory. I am continuing to see my clients who are doing work on their houses putting their stamp on it. They’re having fun—with a lot of use of color and wallpaper. Real estate has become fun. It was really neutral before the pandemic—white, white, white. Now, I love seeing a lilac living room. We saw it last year, but it continues. We’re seeing blues, dark greens, lacquers. There’s a feeling of having your house be your own and be a retreat.”
At the same time, Leahy warns that house hunters do want a clean palette to envision the stamp they’ll make. “I’m thinking of 116 Birch Lane, a ’50s house that had been expanded and renovated so well. It was a completely white house,” she explains. “We had multiple bids, and it went for almost 8 percent over ask. So, my advice: Sellers need to go back to neutral.”
Leahy also notes a flip from pre-pandemic from about 25 percent of homes having pools to now 25 percent not having pools, and infrared saunas are all the rage. “So many houses have these spa-like amenities now,” she says.
David Wilk at William Raveis comments, “The water communities of Old Greenwich and Riverside continue to have very low inventory and are always highly sought after.”
As of January, Pagnani noted there were only three properties on the market in Old Greenwich, six in Riverside and five in Cos Cob. As this article was going to press, Ellen Mosher and Amanda Miller at Houlihan Lawrence sold the Old Greenwich property at 45 Binney Lane for $27.8 million. Mosher also closed on a home at 3 Cove Road for a more palatable price of
$6.26 million.
Wilk concludes, “Property across all price points is selling. People want the most recent updates, but if a property is in good condition and priced well, it will sell.”
THE BIDDING GAME
Being poised to pounce is vital in this market. “Buyers must understand that they are likely competing against multiple buyers,” says Wilk. “A buyer should be prepared to put their best foot forward as they may not get a chance to negotiate. They must also understand that there are many cash buyers here. We always had a larger amount of cash buyers, but since the ‘COVID’ market we really learned how much cash is in our area.”
Danzi comments, “Cash offers still win more often in ultra-luxury and competitive segments. Fiercely priced homes in the $1 to $3 million range often receive multiple offers within the first week. Waterfront and move-in ready listings frequently see offers well above ask. Bottom line: Preparation, decisive offers and strategic flexibility win in Greenwich right now.”
44 Porchuck Rd
214 Clapboard Ridge Road
38 Birch Lane
Pagnani says, “Today an agent in my office put on a home, and she had 17 listing appointments by noon. The pressure to move quickly and compete is very stressful for our buyers. A home is an emotional asset.” On the plus side, she mentions that lenders are offering “a lot of new products that make it easier to qualify, and the pre-approval period is faster because there isn’t as much on their desks.”
Tretter Lynch offers her How to Get a Deal Done 101: “Obviously, the price is the key component, but the price is only one of many factors involved in ‘winning the deal.’ Although a cash offer is ideal, if you have a fully underwritten pre-approval, this will move the process forward for the buyer by a week or two. The inspection process should not be looked at as a negotiation tool or a repair list but rather a full understanding of the house and property. Major structural items should all be addressed, but do not use the inspection as leverage. Working with an experienced agent is the key to a successful transaction. Work with someone who cares.”
Bjork agrees. “In 2025, it has not been uncommon for well-positioned properties to trade anywhere from $200,000 to $300,000 above the asking price, some even going for $1 million over,” he explains. “Successfully navigating this environment requires precise market intelligence and a disciplined bidding strategy grounded in accurate, hyper-local comparable sales. Time is of the essence in multiple-offer situations. Inspections are often either waived entirely or conducted during the initial showing. While all-cash offers often set the benchmark, buyers who can remove a mortgage contingency are frequently able to compete at a similar level. Flexibility around the seller’s preferred timing, particularly with respect to closing, can help. Ultimately, the offers that prevail are typically the cleanest, most strategically structured and best aligned with the seller’s priorities—not simply the highest price.”
Paternina chimes in with a couple of warnings. “I would never advise a client not to do an inspection unless he is a builder and really knows what he’s doing,” he says. All of his colleagues agree with the next one: “When a client does not want to listen to his broker, or thinks he knows more than his broker, deals fall through.”
HOME RUN
Getting around to home base isn’t easy for buyers today in Greenwich, especially as there isn’t much to rent in the meantime. “We’ve never had amazing rental inventory anyway, but now it’s really hard,” says Leahy. “We had a great run during the pandemic, because many people were okay with renting then. But once prices increased, a lot of those people became sellers, so we lost that rental inventory.”
Realtors advise tenacity. “Compared to the rest of the country, Greenwich is still a bargain,” says Leahy. “If you want to live in a place with the same kind of lifestyle, you’re looking at $2,000 a square foot and up. You can get a gorgeous new home here for less than that. This is a strong market. If you want to buy, buy now. And don’t live with regrets of not buying. Is it a seller’s market? Absolutely. But buyers shouldn’t think, ‘Oh, I’ll wait for the market to shift.
TRENDING NOW
JEN DANZI BREAKS IT DOWN
WHAT’S HOT
Luxury estates & waterfront homes continue to attract deep-pocketed buyers, especially those relocating from New York City and other high-cost areas.
Backcountry estates
(privacy, acreage, equestrian lifestyle) are trending up with competitive pricing and low days on market.
Downtown & Riverside
single-family homes still see strong demand, especially those priced realistically, for their school districts and commute access.
BUYER PRIORITIES
Across price bands
Move-in ready and modernized kitchens/baths
Home offices/flexible spaces
Outdoor amenities
(pools, patios, sports courts)
Proximity to schools and town center
Low maintenance
(for condos/co-ops)
TRENDS
Ultra-luxury is outperforming even its record past: multiple high-end sales have closed, and listings over $10 million are achieving historic pace.
Bidding wars and quick offers are commonplace.