Luxury Market Over $4M
The New York City luxury market experienced growth in November 2024, with 138 contracts signed, slightly up from 135 the previous year. Sales velocity improved as the median days on market (DOM) dropped to 101 days from 113, reflecting faster transactions. The median sale price rose significantly to $6.5M from $5.85M, with increased price per square foot signaling strong demand. Within the $4M-$10M segment, the median sale price climbed modestly to $5.695M from $5.4375M, even as contracts dipped slightly to 112 from 114. The ultra-luxury sector saw notable activity with 26 signed contracts compared to 21 last year. However, the median DOM lengthened to 105.5 days from 51.5, highlighting a more deliberate buying process. Prices in this segment soared to $18.5M from $13.85M, reflecting intensified demand for high-value properties.
Manhattan Market Overview
November 2024 marked a strong month for Manhattan’s residential market, with contracts rising to 808 from 645 in November 2023, driven by faster sales cycles as DOM improved to 78 days from 151. Median sale prices ticked up to $1.109M from $1.065M, with a slight decline in price per square foot (PPSF) to $1,297. Condos showed robust demand with 353 contracts, up from 247, and faster sales cycles as DOM decreased to 81 days from 153. However, the median sale price for condos fell to $1.6M from $1.77M, indicating a shift in buyer preferences. The co-op market was equally active, with contracts increasing to 446 from 378, and median DOM dropping to 77 days from 149. Co-op prices remained stable at around $799,500, with PPSF slightly rising, demonstrating steady demand. Single-family homes, however, saw reduced activity, with contracts dropping to 8 from 19 and median prices declining to $6.4M from $7.688M, indicating softer demand in this segment.
Brooklyn Market Overview
Brooklyn’s real estate market held steady in November 2024 with 296 contracts signed, matching the previous year, while DOM improved to 61 days from 85, reflecting quicker transactions. Median sale prices rose modestly to $763K from $749K, and price per square foot increased, underscoring the borough's growing appeal. Condos led the way with contracts climbing to 173 from 130, though the median price fell to $969.5K from $1.1M, suggesting buyers are gravitating toward smaller or better-located units. Co-ops also showed improvement, with contracts increasing to 76 from 73 and median prices rising to $428K from $380K, as PPSF climbed, indicating heightened demand. Single-family home contracts decreased significantly to 47 from 85, but DOM dropped to 68 days from 93, and median prices increased to $875K from $832K, signaling growing confidence in Brooklyn’s single-family market despite reduced volume.
