Luxury home sales soared in 2021

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.