Sales of luxury homes in Westchester, Putnam, Dutchess and parts of Connecticut showed dramatic gains in 2021, according to a new report from real estate brokerage Houlihan Lawrence. That was on top of substantial gains previously recorded for 2020.
In Westchester, where the luxury end of the market begins at $2 million, sales were up by 41.5% during 2021. The median sale price in 2021 was $2,670,000, up 6.4% from $2,525,000 in 2010. There were 645 luxury home sales in Westchester during 2021 compared with 457 in 2020.
In Putnam and Dutchess, where residences above $1 million fall into the luxury category, sales were up by 25.6%. The median sale price was $1,600,000 in 2021, up 4.9% from 2020”™s $1,525,000. Putnam and Dutchess saw a combined total of 152 luxury homes change hands in 2021 compared with 121 in 2020.
In Greenwich, where the luxury segment of the market begins at $3 million, 39.2% more luxury houses were sold in 2021 than in 2020, with 366 changing hands last year compared with 263 the year before. The median sale price was $4,300,000 in 2021, an 8.9% increase from $3,950,000 in 2020.
In Darien, there were 145 luxury homes sold in the $2 million-and-up luxury segment compared with 109 in 2020, a 33% increase. The median sale price was $2,895,000 in 2021, up 9.2% from 2020”™s $2,650,000.
Rowayton”™s $2 million-and-up luxury market segment saw a 100% increase in sales from 16 houses in 2020 to 32 in 2021. The median sale price was up 5.8%, from $2,300,000 in 2020 to $2,433,750 last year.
New Canaan saw an 80% jump in its $2 million-and-up luxury home sales with 171 homes sold in 2021 compared with 95 in 2020. The median sale price ticked down slightly and stood at $2,695,000 for last year compared with $2,700,000 for 2020.
“Luxury buyers want flexible spaces to accommodate working and schooling from home, plus amenities including a pool, tennis court, and home gym,” said Anthony P. Cutugno Sr., vice president and director of private brokerage for Houlihan Lawrence. “The Omicron surge is a reminder that one”™s home is also a refuge during uncertain times.”
Cutugno said that the supply of luxury homes declined to historic lows toward the end of the year and every luxury market registered double-digit declines in the fourth quarter of 2021. He said that most luxury homes sold within 5% of their listing price.
“Robust gains of 2021 will likely taper off in 2022,” Cutugno said. “The market is hungry for new inventory, and sellers hold the key to the strength of the luxury real estate market in 2022.”
Houlihan”™s report pointed out that the luxury market north of New York City outperformed the broader market by a sizable margin. The highest price paid was $11,500,000 for an estate in Byram Hills. In Dutchess, a $3,100,000 property in Rhinebeck changed hands. In Putnam, the top price paid was $3,400,000 for a property in the Haldane School District.
The top price paid in Greenwich was $50,000,000, compared with $8,275,000 in Darien and $5,235,000 in New Canaan.
In the fourth quarter of the year, luxury sales in Putnam and Dutchess dropped 41.4% compared with the fourth quarter of 2020. In Westchester, there was a 24.7% decline from 158 homes sold in the fourth quarter of 2020 to 119 sold in the fourth quarter of 2021.
Greenwich saw a 39.4% decline with 57 luxury homes sold in the fourth quarter of 2021 compared with 94 during the same period in 2020. In Darien the drop was 27.3% and in Rowayton it was 30%. New Canaan saw a decline in of 25% in luxury home sales when the fourth quarter of 2021 was compared with the same period in 2020.
