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Greenwich Housing Market at Record Highs Starts ‘Returning to Earth’

Home prices in the posh Connecticut suburb hit a median of $2.5 million with signs that the frenzied sales pace is beginning to slow.

A multi-house property on Sherwood Avenue sold for $6.5 million in April. 

A multi-house property on Sherwood Avenue sold for $6.5 million in April. 

Source: Douglas Elliman Realty
Updated on

The Greenwich housing market may have experienced the last gasps of its pandemic frenzy in the second quarter as record-setting sales prices gave way to signs of a slowdown.

Single-family home purchases closed at a median of $2.5 million, topping the previous record, set just a quarter before, by 2%, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. About 45% of sales in the posh Connecticut suburb came after a bidding war, the largest share since the firms began tracking the metric five years ago. Successful buyers paid 7.4% more than the listing price on average.