G
reenwich’s luxury real‑estate sector is surging, with 25 properties priced above $10 million closing by the end of August— the most for a full calendar year since 1999. According to data gathered by Compass broker Mark Pruner, the town could see more than twice the 17 high‑end sales recorded in 2024, potentially generating $579 million in transactions by year‑end, eclipsing the $314 million record set in 2023. The pace outstrips the 2007 bubble and the pandemic‑era boom, Pruner told Bloomberg.

    The uptick is tied to Greenwich residents whose wealth tracks Wall Street gains. Many commute daily to Manhattan’s Financial District and are eager to liquidate stock profits into real‑estate now rather than wait for uncertain returns. Political jitters—some New Yorkers fear a shift in the city’s political landscape could unsettle markets—also fuel the rush.

    A recent highlight is the sale of a $43 million custom mansion on 214 Clapboard Ridge Road. The eight‑acre, three‑story estate, originally listed at $55 million, closed in 42 days, a rare feat for ultra‑luxury listings. Houlihan Lawrence agent Michele Tesei, who brokered the deal, noted that buyers were often young couples under 40, and that generational inheritances between baby boomers and their heirs are bolstering demand. Tesei advises clients that while luxury sales can be swift, they should anticipate waiting 200 days to a year for the right price.

    While the high‑end market thrives, the broader housing sector remains sluggish. Rising borrowing costs keep average buyers—who rely on financing—stuck, whereas cash‑paying elites move forward. Nationwide, home sales plateaued over the summer as inventory piled up, a shift that may benefit ordinary buyers, yet a recent survey shows most Americans still earn below the threshold needed for a median‑priced home in almost every state.

    The Hamptons mirrored this trend, with median prices topping $2 million in Q1, a first for the area, and holding near‑record levels thereafter. Manhattan’s luxury market also defied expectations, posting its best first quarter in six years at the start of 2025, with records set through spring and summer.

    In sum, Greenwich’s affluent enclave is experiencing a historic boom, driven by Wall Street wealth, political uncertainty, and generational wealth transfers, while the rest of the market grapples with higher costs and supply constraints.