Luxury Sales Boom in This Connecticut Town—With Huge Demand for Homes Over $10 Million

A posh enclave outside of New York City is no stranger to wealth, but in 2025 the demand for ultra-luxury homes is paving the path for record-setting sales.

Greenwich, CT, is about an hour's drive from the heart of midtown Manhattan. The tony suburb has an August 2025 median list price of $4.29 million and, even at that price tag, good luck finding a home because not many people leave.

"In order for someone to move here, someone else has to move out or pass away. So there's really no more room," Mark Pruner, sales executive on the Greenwich Streets Team at Compass, tells Realtor.com®.

Pruner says properties worth $10 million and above have piqued the interest of people looking to "diversify their wealth."

"The stock market has done incredibly well this year," says Pruner. "A certain percentage of the people, particularly ones who have gone through a couple of recessions, are looking to reallocate a significant portion of their wealth into more stable assets."

Luxury real estate has proven to be a lucrative investment in Greenwich with home sale prices increasing as the year has gone on.

"The median sales price in Greenwich, CT, was $2.9 million in the first half of 2025, nearly $1 million higher than the prior year's level, and the highest H1 median sales price on record (back to 2001)," explains Hannah Jones, senior economic research analyst at Realtor.com.

High demand

In this picturesque suburb, high-end properties do not stay on the market for long, and potential buyers are constantly on the lookout for future homes ready to be listed for a chance to jump on them.

"More and more buyers are not willing to do any work to a house, yet they completely redo it after they buy it," Danielle Claroni, senior global real estate adviser at Sotheby's International Realty, tells Realtor.com. "It is more and more important for sellers to have their homes staged and immaculate before putting them on the market in the upper price ranges."

Realtor.com data shows in 2024, seven homes sold for a minimum of $10 million in the first half of the year, tracking toward a full-year total of 14 homes sold for more than $10 million. Compare that to pre-pandemic, when the first half of 2019 saw one home sell for $10 million plus. The full year came in at six total sales for homes worth $10 million or more.

"The more things change, the more things stay the same. The Greenwich real estate market over the past 10 years remains incredibly strong," Steve Archino, real estate agent with Sotheby's International Realty, tells Realtor.com.

Timeless equity

In real estate it's said location is key and Greenwich holds the key to the perfect suburb—which attracts a wealthy clientele.

"Greenwich is closest to NY and has the lowest property taxes in the area," explains Claroni. "In addition, there are many of their peers here. So Greenwich has a triple advantage. The town itself has a lot to offer in the way of recreation, schools, diversity, and lifestyle."

Archino notes "the buyer profile is the same in that they come out of New York, Westchester, trading up or down within Greenwich itself, and lately it seems to be more people who have been in rentals waiting for the right house."

So far in 2025, 25 homes over $10 million have been sold, according to Greenwich MLS. It projects the suburb to be on record pace for 38 houses over $10 million to be sold there. The previous record was 19 sales ($10 million+) back in 2007.

"The demand for properties north of $10 million has always been there and recently we’ve seen more trades in that price range," says Archino.

He highlights a trophy property that recently sold in just over a month. No word on whether the buyers plan to make it a full-time residence, but the investment is total luxury.

"That is especially true when there’s something wonderful to offer and a perfect example of that is 214 Clapboard Ridge Road that closed for $43,500,000. I do not recall anything new construction like that and from start to finish—that one closed in 42 days," says Archino.

Says Pruner, "whether it's Greenwich or Palm Beach, or out in California, or even just here in New York City, people are buying at this tier. They're not really, necessarily living there. It's about their [real estate] portfolio."

The Greenwich MLS projects that if sales of homes $10 million and above continue at the present rate over $597 million in sales will be achieved.

But, the challenge still remains in finding homes. Greenwich MLS data reveals inventory peaked at the end of May with 151 single-family home listings (of all price points), but has since fallen—closing out the end of August with 96 house listings.

But the common thread among all the real estate agents is that Greenwich is not just for the uber-wealthy. The community offers many layers to meet the economic needs of many families.

"We don't like the word exclusive because we're not," says Pruner. "We have a very diverse population. There's a specialness about it."

Claroni says, "we have areas where there are homes that are closer together and have more a sense of 'community.' We have sought after, gated 'communities.' There are different price points and sized waterfront communities. There are sprawling farms and homes on all different sized lots—some offer privacy and others are more dense.

"Greenwich has almost every kind of home and property one can think of, so it attracts people that are looking for all different kinds of lifestyles."