The luxury real estate market across Westchester, Putnam, Dutchess, and Fairfield Counties remained strong in the third quarter, with rising transaction volume, competitive pricing, and robust demand, according to the Q3 Luxury Market Report from brokerage firm Houlihan Lawrence.
Westchester County recorded 292 sales in the luxury market, which begins at $2 million, a 13% increase from the same quarter last year. Homes sold at an average of 104.4% of asking price, spending just 32 days on market. The median sale price was $2,600,000, a 2.2% decrease from $2,658,500 in the third quarter of 2024.
Putnam and Dutchess Counties showed 69 sales in the luxury sector that begins at $1 million. That was a 60.5% increase from the 43 luxury sales reported in the third quarter of 2024. The median sale price declined 10.3% to from $1,450,000 in the third quarter last year to $1,300,000.
Greenwich, where the luxury market begins at $3 million, there was a 3.4% dip in the number of luxury sales from 87 in the third quarter of 2024 to 84 sales in this year’s third quarter. There was an 11.3% increase in the median sale price from $4,300,000 in the third quarter last year to $4,787,500 in this year’s third quarter. The average number of days luxury homes were on the market in Greenwich shrank to 48 this year from 61 in the third quarter last year.
Darien, New Canaan, and Rowayton, which have the luxury market beginning at $2 million, collectively experienced strong activity in Q3. Darien led with a 35% increase in luxury single-family home sales while New Canaan followed with a 34% rise in sales while Rowayton remained steady. The median sale price was up 1.4% in Darien to $3,470,000, up 13.3% in Rowayton to $3,150,000, and down 1.9% to $2,797,000 in New Canaan.
Liz Nunan, president and CEO of Houlihan Lawrence, said that the market activity indicated continued buyer demand in coastal and suburban luxury markets.
“Overall, the Q3 luxury market remains highly active, with fast absorption rates, limited supply, and notable gains in high-end price bands,” Nunan said. “While median prices fluctuated slightly in some areas, strong demand and low inventory suggest continued momentum into Q4.”
