Manhattan Real Estate Market Analysis – Q4 2024

Manhattan Real Estate Market Analysis – Q4 2024

 According to the Douglas Elliman report for Q4 2024, the Manhattan real estate market demonstrated resilience despite elevated mortgage rates. This summary provides an overview of key findings, highlighting trends in sales, pricing, inventory, and market dynamics.

Sales and Pricing Overview

• Number of Sales: A total of 2,496 sales were recorded in Q4 2024.
• Average Sales Price: The average sales price was $2,087,958, equating to $1,697 per square foot.
• Median Sales Price: The median price was $1,100,000.
• Median Price for New Development: $2,427,500, marking a significant increase of 19.9% compared to Q4 2023.
• Median Price for Resale: $965,285, showing a decrease of 8.1% from the previous year.

Overall, there was a 3.7% increase in the average sales price compared to Q4 2023.

Inventory and Market Dynamics

• Listing Inventory: Inventory decreased by 3.9% to 6,161 units.
• Time to Sell: The time required to sell all listing inventory was 7.4 months, 7.5% faster than the same period in the previous year.
• Listing Discount: The average listing discount increased to 9.2%, up from 7.2% in Q4 2023, indicating greater negotiability among sellers.
• Price Adjustments: About 30% of sellers reduced their asking prices at least once, while 4% increased their prices.

Market Segments

General Market Trends

• Market Median Sales Price:  The median sales price decreased by 4.9% compared to the same period last year, marking the fourth consecutive quarterly decline.
  • Co-op Median Sales Price: Fell by 7.6% to $795,000.
  • Condo Median Sales Price: Increased slightly by 0.5% to $1,665,000.
• Maintenance and Charges:
  • Co-op Average Monthly Maintenance: Decreased by 2.5% to $2,764.
  • Condo Average Monthly Charges: Reached a record high of $4,768, an 11.7% year-over-year increase.

Luxury Market

• Luxury Market Share: The top 10% of sales, starting at $4,050,000.
• Luxury Median Price: Increased by 6.5% to $6,525,000.
• Average Sales Size: Increased to 3,167 square feet in the luxury segment.
• Luxury Inventory: Fell by 8.1% to 1,285 units.

New Development

• Market Share: New developments accounted for 14.3% of sales (358 units).
• Price Growth: The median sales price for new developments surged by 19.9% to $2,427,500, largely driven by a shift to larger units averaging 1,546 square feet.

 

Conclusion

The Q4 2024 Manhattan real estate market portrayed a complex landscape. While mortgage rates remained high, sales volumes increased, particularly in the high-end and new development sectors. Inventory constraints and price adjustments signaled a more negotiable environment for buyers. The luxury segment and new developments exhibited notable price growth, underscoring the shifting dynamics within Manhattan’s housing market.

For further information and a deeper dive into the specifics of the report, consulting the full document is recommended. The Elliman Report: Q4-2024 Manhattan

 While this report offers a general overview of the Manhattan real estate market, it’s important to note that each neighborhood and property has its unique characteristics. Urban Appraisals New York, with over 20 years of expertise, are neighborhood experts providing appraisal services for diverse property types, including brownstones, condos, co-ops, 2-4 family homes, and vacant land. Whether you need an appraisal or market insights, we are ready to assist. Explore our services or request a quote today.