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Greenwich Home Prices Decline in Buyer Shift From Mansions

  • Median single-family house costs $1.72 million, down 7.5%
  • It would take 32 months to sell the highest-tier homes listed
1476980665_One Indian Chase Drive
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The sprawling country estates of Greenwich, Connecticut, are falling further out of favor as homebuyers seek less costly residences closer to the center of town.

The median price of a Greenwich single-family home dropped 7.5 percent in the third quarter to $1.72 million, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. It was the fourth straight year-over-year decline, even as the number of sales climbed 4.4 percent to 190.