Manhattan Luxury Real Estate Market Update for March 2024
Though luxury sales in Manhattan, as well as inventory, decreased compared to March 2023, both the number of days on market and price per square foot increased year-over-year, according to a Corcoran report for Manhattan $5M+ Luxury Sales for March 2024.
The report shows March 2024 had 71 deals above $5 million, which was a 19% year-over-year decrease. The annual decline was driven by a 70% drop in contracts asking between $10M to $20M, as outlined in the report. However, luxury sales increased 8% month-over-month from February 2024 to March 2024.
In conjunction with less luxury home sales, available inventory also declined across all property types and price ranges in Manhattan according to Corcoran. Active listings decreased a total of 9% year-over year, but increased 3% month-over-month.
The average number of days on the market also decreased by 37% to 150, compared to March 2023. The high year-over-year due to what was described as a “very high figure” in March 2023, according to The Corcoran Report. Days on the market also decreased month-over-month, from February 2024 to March 2024, with a decrease of 95.
March luxury sales averaged $2,829 per square foot, up 6% year-over-year, but down 12% month-over-month. “This month’s new development figure was skewed by two sales asking over $6,000 per square foot; without these contracts, the new development average price per square foot would be down 5% annually.” Says Corcoran.
Read the full Corcoran report here.
View more real estate Market Updates on LuxuryRealty.com.
Sources:
Manhattan $5M+ Luxury Sales: March 2024 – Corcoran.com