NEW! Our Q4 Manhattan Market Report

Here's some welcome news. Manhattan's real estate market wrapped up Q4 2024 on a positive note. Apartment sales climbed by 10.6% from 2023, despite the challenges of high mortgage rates and limited inventory. The median price reached $2.07M, marking a 2.7% increase and underscoring Manhattan's enduring allure.

Condo sales soared by 21.5% year-over-year, with average prices approaching $3M. Buyers were drawn to move-in ready homes with modern amenities. Co-op sales also saw a 2.8% increase, although average prices dipped slightly.

Their was growth at two extremes. The ultra-luxury market saw a 58.3% rise in sales for properties over $20 million. Affordable units also did well, with sales of apartments under $500,000 growing 21.2%.

Looking ahead, historical trends suggest we can expect continued sales growth in 2025. It's evident that buyer confidence is rebounding post-election, as people recognize that life must move forward. The data supports this, showing a 6% increase in signed contracts in Q4 2024 compared to the previous year. These sales will become part of the Q1 2025 figures, setting us up for a promising start to the new year.

For more detail, including a neighborhood breakdown, email bill@compass.com for the complete report.