Manhattan’s Luxury Real Estate Market: December 2024 to January 2025
Kelly Robinson
Kelly Robinson
Manhattan’s Luxury Real Estate Market: December 2024 to January 2025
Manhattan’s luxury real estate market is back in the spotlight, and the numbers are turning heads. We’re talking big deals, bigger price tags, and a market that’s starting 2025 strong. Here’s the breakdown:
Sales Volume and Contracts
• December 2024 closed with 1,295 contracts for properties priced at $4 million and above, up from 1,200 in December 2023. That’s an 8% increase.
• The first few weeks of January 2025 kept the momentum alive with 25 contracts signed in just one week, a notable jump from the prior week.
Pricing Trends
• The average sale price for luxury properties climbed from $7.6 million in December 2023 to $7.9 million in December 2024.
• January 2025 is already off to a hot start with an average price hitting $8 million, signaling continued demand in the high-end market.
Top Deals to Watch
• The No. 1 deal for early January 2025? A $20 million penthouse at 277 Fifth Avenue, slashed from its original price of $23 million.
• With expansive views and luxury finishes, it’s no wonder buyers are jumping on these exclusive properties.
What’s Next?
Inventory remains tight, making the market competitive for buyers who want a slice of Manhattan luxury. If these trends hold, we’re looking at a strong 2025 for high-end real estate.
Check out the chart above for a snapshot of sales volume and average sale price from December 2023 to the early weeks of January 2025. The blue bars show contract counts, while the green line highlights the upward trend in average sale prices.
Folks, Manhattan is back, and it’s as bold as ever. Stay tuned because this market is moving faster than the F train at rush hour.
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