Manhattan at a Glance:
- 2,694 closed sales
- 1,964 contracts signed
- 188 average days on the market
- 6,453 homes in inventory
- $1.25M median price
- $1,790 average price per square foot
Q3 | Manhattan Market Report
The Manhattan market during the The Quarter of 2024 demonstrated indications of recovery and stabilization. Positive trends were seen in this past quarter's sales, despite a dip from the prior year's great performance. There were 2694 property closings during the period, resulting in $5.197 billion in sales volume, showing that the market is stabilizing positively.
The annual sales decline is beginning to slow down. A number of causes, including changes in buyer preferences or interest rates, inventory fluctuations, market adjustments brought on by the state of the economy, skyrocketing rents, and slight reductions in property prices, are all contributing to this trend. Signed contracts, a reliable measure of market demand, fell 1.8% from the previous year. However, this is the least amount of annual decline, with 1,964 contracts signed.
Manhattan real estate prices are progressively adjusting to the sluggish market, continuous supply, and the highest mortgage rates in more than 20 years. The average and median prices have increased by 3.8% and 1.6%, respectively, year over year, which indicates an upward pricing trend. Furthermore, sales in Manhattan neighborhoods were the primary cause of the 0.7% decline in the average price per square foot for new developments. Manhattan's housing market was difficult overall in the third quarter of 2024, with a drop in sales and inventory. However, there were some encouraging indicators in particular segments of the market.
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