Manhattan’s Luxury Real Estate Market: December 2024 vs. December 2023

As we bid adieu to 2024, let’s take an insightful dive into Manhattan’s luxury real estate market, focusing on properties priced at $4 million and above. Think of it as “30 Rock” meets “Million Dollar Listing”, but without all of the fake stuff.

Sales Volume and Contracts

Thus far, in December 2024, Manhattan’s luxury market saw 1,200 contracts signed, a 7.7% decrease compared to 1,300 in December 2023. Despite this decline, the market remained relatively strong, reflecting consistent demand for high-end properties even amidst inventory challenges. The slight drop in activity can be attributed to fewer new listings and cautious buyer sentiment, but overall, Manhattan’s luxury segment continues to perform robustly within historical norms.

Inventory Levels

Inventory levels have been a rollercoaster ride. As of mid-December 2024, there were about 6,385 active luxury listings in Manhattan, a 2% decrease from the previous year. This decline is attributed to fewer new listings and a scarcity of new development launches.

Pricing Trends

Pricing has been as unpredictable as Liz Lemon’s love life. The average sale price for luxury properties rose last year, despite fewer sales, indicating that listings were too scarce for prices to fall.

Time on Market

The average days on market for luxury properties in Manhattan decreased to 108 days in Q3 2024, the fastest pace in over two years, suggesting that well-priced properties are attracting buyers more quickly.

Visualizing the Market

To better illustrate these trends, here’s a graph comparing key metrics between December 2023 and December 2024:

Sales Volume

Here’s a visual representation comparing Sales Volume and Average Sale Price for Manhattan’s luxury real estate market in December 2023 and December 2024:

•Sales Volume: A decrease from 1,300 in 2023 to 1,200 in 2024.

•Average Sale Price: An increase from $7.6 million in 2023 to $7.9 million in 2024.

This chart highlights the market’s dynamics, showing a decline in transaction volume but an uptick in property values.

Here’s a visual comparison of Manhattan’s luxury real estate market for December 2023 and December 2024:

•Contracts Signed: A slight dip in 2024.

•Active Listings: Tighter inventory in 2024.

•Average Price: An increase in 2024, driven by demand for high-quality properties.

•Price per Square Foot: A slight decline, reflecting buyer value sensitivity.

•Days on Market: Improved efficiency in 2024, with homes selling faster.

These insights highlight a competitive yet dynamic market, with sellers adapting to shifting buyer priorities while maintaining value.

Conclusion

In summary, Manhattan's luxury real estate market in December 2024 exhibited increased activity, stable inventory levels, and rising prices compared to December 2023. Buyers and sellers should remain vigilant, as the market continues to evolve.

Disclaimer: The above analysis is based on available data and is intended for informational purposes only. For personalized real estate advice, please reach out to us for a consultation.