RYE BROOK, N.Y. – The luxury residential market in Westchester and Fairfield counties remained highly active in the first quarter of 2025, according to the Houlihan Lawrence Q1 2025 Luxury Market report.
“From the $2 million entry point in Westchester to the $10 million-plus estates of Greenwich, the luxury segment continued to outperform broader market trends in both pricing and pace” said Liz Nunan, president and CEO of Houlihan Lawrence.
There was a 32% year-over-year increase in luxury home sales at $2 million and above in Westchester, with 98 transactions recorded in the first quarter. Notably, activity in the $2 million to $3 million bracket surged by 55%. Days on the market increased to 101, but homes continued to trade near list price, with an average sale-to-list ratio of 99.7%. High-demand areas included Scarsdale, Rye, and Bedford.
However, the median sale price ticked down 4.8% to $2.64 million, reflecting a slight broadening of the luxury base.
Greenwich delivered one of the strongest quarters on record for homes priced at $3 million and above as sales increased 12% to 46 closings, while dollar volume surged nearly 50%, driven by multiple transactions exceeding $10 million. The median sale price reached $5.56 million, up over 20% year-over-year. The days on the market fell below 110, and sale-to-list price ratios remained competitive at 96.1%.
“As spring unfolds, the supply-demand dynamic in the luxury segment remains tight. Inventory levels are not keeping pace with demand in most submarkets, especially in Darien and lower Fairfield County, where multiple price bands are experiencing a 1:1 ratio of listings to pendings. The implication is clear: well-priced homes in coveted areas continue to move swiftly,” Nunan said.
Darien, Rowayton, and New Canaan also performed well.
Darien saw luxury sales rise 88% year-over-year, with a median price of $3.55 million and homes selling on average in just 34 days. New Canaan remained consistent, with a modest 5% sales increase and strong pricing momentum. In Rowayton, luxury homes moved faster than any other market in the report, averaging just 14 days on market.
Putnam and Dutchess counties held steady at the $1 million threshold in transaction volume with 31 luxury sales, identical to the first quarter 2024. However, the dollar volume fell nearly 16%, and the median sale price dropped 6.7%. This softness may reflect seasonal variations, fewer ultra-high-end trades, or a more cautious start to the year in rural and second-home markets.
The report noted that across all markets, demand remained concentrated in the $2 million–$5 million range, though ultra-luxury activity, particularly in Greenwich and parts of Northern Westchester, gained traction. In Greenwich alone, $10 million+ sales quadrupled compared to first quarter last year. Meanwhile, Westchester recorded no sales above $10 million this quarter, despite notable activity in the $5 million–$9.9 million bracket.
Nunan said that luxury buyers in 2025 are not chasing discounts.
“Instead, they are prioritizing location, design, and lifestyle alignment,” she said. “With fewer homes meeting elevated expectations, competition remains high. For sellers, the message is equally clear, presentation and precision pricing are paramount. The Q1 2025 luxury market confirms that despite economic complexity, demand at the top remains confident, capable, and committed.”
Luxury markets at a glance (Q1 2025 vs. Q1 2024)
Westchester County $2M and Higher
Homes Sold: Up 32.4%
Median Sale Price: Down 4.8%
Q1 Highest Sale Price: $8,300,000 Bedford
Greenwich $3M and Higher
Homes Sold: Up 14.6%
Median Sale Price: Up 20.7%
Q1 Highest Sale Price: $21million Greenwich
Darien $2M and Higher
Homes Sold: Up 87.5%
Median Sale Price: Down 4.2%
Q1 Highest Sale Price: $7.05 million
New Canaan $2M and Higher
Homes Sold: Up 5%
Median Sale Price: Up 7.4%
Q1 Highest Sale Price: $7.4 million
Rowayton $2M and Higher
Homes Sold: Up 50%
Median Sale Price: Up 3.5%
Putnam and Dutchess counties $1M and Higher
Homes Sold: 0%
Median Sale Price: Down 6.7%
Q1 Highest Sale Price Putnam: $3.875 million Garrison
Q1 Highest Sale Price Dutchess: $3.60 Millbrook
