October 2024 brought a surge of activity in Manhattan’s luxury real estate market, specifically in the $5M+ segment. With 80 sales over $5M, the market posted a 54% year-over-year increase, making it the second-strongest October in over a decade. This level of activity underscores the enduring appeal of Manhattan’s high-end properties.
Key Highlights
New Development Takes the Spotlight
Sales in new developments more than tripled compared to last year, driving significant market momentum. Prime locations, particularly on the Upper East Side, contributed to a rise in the average price per square foot, which held steady year-over-year at $3,162.
Tightening Inventory
Listed inventory in the $5M+ category reached a 10-year low for October, following a 13% decline in active listings year-over-year. This drop reflects robust contract activity and heightened demand, leaving fewer luxury options on the market.
Quicker Transactions
Properties are moving faster, with days on market down 1% year-over-year. This marks the fourth consecutive month of annual declines, signaling increased buyer urgency and confidence in Manhattan’s luxury segment.
The Upper East Side Leads the Way
The Upper East Side emerged as a standout performer, with higher average price per square foot driven by sales in new developments located in highly sought-after neighborhoods. This confirms the area’s continued appeal to buyers seeking both modern amenities and iconic Manhattan charm.
What It Means for Buyers and Sellers
For buyers, opportunities in new developments offer a unique blend of luxury and location, but with inventory tightening, decisive action is key. Sellers, meanwhile, benefit from the heightened demand and faster sales timelines, making now an optimal time to list.
Manhattan’s luxury market shows no signs of slowing as we close out the year. With limited inventory and strong buyer interest, the $5M+ segment remains a beacon of stability and opportunity in the city’s real estate landscape.
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