Year-to-date, the Manhattan luxury market registered 1,295 contracts signed at $4
million and above, an 8.5% increase over 2023. The total volume was $11,163,926,914 compared to 2023’s $9,984,115,836.
The increase in volume was fueled almost entirely by new development sales. At $4 million and above, the number of new development contracts was up 16% in 2024 over 2023. This was primarily due to a flurry of sales in various condo buildings under
construction that were listed for sale in 2024: 255 East 77th Street, 200 East 75th Street, 201 East 74th Street, 211 West 84th Street, and 20 East 76th Street.
The 1,295 contracts signed in 2024 is close to the 2022 results of 1,304 contracts. The record was 2021, the pandemic rebound year that saw 1,877 contracts signed totaling almost $16 billion in sales. In the last decade, 2024 ranks No.4 in terms of number of contracts signed.
YTD, the average asking price in the luxury sector ($4 million and above) was 4% higher than 2023.
Once again, condos outsold co-ops more than 3-to-1, reflecting an ongoing trend: The average luxury buyer wants the freedom of condo ownership, new construction, and a robust menu of amenities.
Townhouse sales were flat.
Unsurprisingly, the rich got richer: The trophy market saw 278 deals at $10 million and above, 38 more than last year. In trophy sales, 2024 ranked as the 2nd best year since this report was launched in 2006. The top year was 2021---the pandemic rebound year-
--when 400 trophy properties were sold.
Without question, the luxury market has been powered by huge gains in the stock market and the anticipation of a bumper bonus season. YTD (December 26, 2024), the S&P 500 was up 27.3%, and in 2023 the year finished up 26.29%.
One leading indicator of the luxury market can be found in Federal Reserve data: In 2020, the total net worth of the top 1% in the US was $30.3 trillion. By the 2nd quarter of 2024, that number grew to $46.7 trillion.
Federal Reserve Graph:
https://fred.stlouisfed.org/series/WFRBLT01026
In conclusion: Although the year was marked by stubbornly high mortgage rates, multiple foreign wars, a volitive election year, and global instability, the Manhattan luxury market remained resilient thanks to the eye-popping accumulation of wealth by the top
1%.
On that upbeat note, we want to wish you all Happy Holidays and a healthy, safe and prosperous 2025!
CLICK HERE To View the Olshan Luxury Report for the week of December 16-22, 2024.
NYC Luxury Report: Year End 2014-2024
|
Contracts Signed $4 M and above
|
2024
|
2023
|
2022
|
2021
|
2020
|
2019
|
2018
|
2017
|
2016
|
2015
|
2014
|
| |
|
|
|
|
|
|
|
|
|
|
# of Co-op Contracts
$4 million and above
|
265
|
269
|
276
|
343
|
133
|
222
|
251
|
252
|
222
|
296
|
282
|
| |
|
|
|
|
|
|
|
|
|
|
# of Condo Contracts
$4 million and above
|
879
|
770
|
878
|
1316
|
418
|
595
|
728
|
810
|
751
|
904
|
891
|
| |
|
|
|
|
|
|
|
|
|
|
# of Condop Contracts
$4 million and above
|
18
|
27
|
5
|
6
|
2
|
4
|
10
|
10
|
17
|
14
|
14
|
| |
|
|
|
|
|
|
|
|
|
|
Total # of Contracts
Signed on Apartments
|
1162
|
1066
|
1159
|
1665
|
553
|
821
|
989
|
1072
|
990
|
1214
|
1187
|
| |
|
|
|
|
|
|
|
|
|
|
# of Townhouse Contracts
$4 million and above
|
133
|
132
|
145
|
212
|
92
|
114
|
119
|
100
|
112
|
130
|
153
|
| |
|
|
|
|
|
|
|
|
|
|
Total # of Contracts Signed
Apartments + Houses
|
1295
|
1198
|
1304
|
1877
|
645
|
935
|
1108
|
1172
|
1102
|
1344
|
1340
|
| |
|
|
|
|
|
|
|
|
|
|
# of Contracts Purchased
from Sponsors/New Development
|
484
|
417
|
459
|
735
|
206
|
278
|
426
|
440
|
435
|
456
|
481
|
| |
|
|
|
|
|
|
|
|
|
|
# of Contracts Signed
Asking $10 million and above
|
278
|
240
|
235
|
400
|
106
|
184
|
207
|
200
|
215
|
227
|
270
|
| |
|
|
|
|
|
|
|
|
|
|
| Total Volume
|
$11,163,926,914
|
$9,984,115,836
|
$10,320,149,800
|
$15,912,375,308
|
$5,082,652,981
|
$7,651,428,687
|
$9,077,371,226
|
$9,104,329,032
|
$8,937,866,862
|
$10,738,479,892
|
$11,256,284,299
|
| |
|
|
|
|
|
|
|
|
|
|
| Average Asking Price
|
$8,712,376
|
$8,372,734
|
$7,980,111
|
$8,461,763
|
$7,934,564
|
$8,174,955
|
$8,180,303
|
$7,761,413
|
$8,090,463
|
$7,940,624
|
$8,140,776
|
| |
|
|
|
|
|
|
|
|
|
|
| Median Asking Price
|
$6,655,081
|
$6,329,734
|
$6,126,317
|
$6,541,346
|
$6,663,763
|
$6,199,375
|
$6,289,038
|
$6,149,606
|
$6,367,820
|
$6,289,375
|
$6,440,048
|
| |
|
|
|
|
|
|
|
|
|
|
Average Price Decline
Before a Signed Contract
|
10%
|
9%
|
5%
|
9%
|
12%
|
10%
|
9%
|
8%
|
6%
|
5%
|
4%
|
| |
|
|
|
|
|
|
|
|
|
|
| Days on Market
|
660
|
615
|
545
|
566
|
586
|
496
|
447
|
433
|
318
|
243
|
181
|
| |
|
|
|
|
|
|
|
|
|
|
| Condo Average Asking Price
|
$8,939,179
|
$8,493,625
|
$8,162,310
|
$8,427,318
|
$8,164,897
|
$8,092,820
|
$8,211,488
|
$7,868,236
|
$8,099,463
|
$7,739,656
|
$7,832,105
|
| |
|
|
|
|
|
|
|
|
|
|
Condo Average
Asking $/sq.ft.
|
$3,083
|
$2,979
|
$2,918
|
$2,902
|
$2,733
|
$2,802
|
$2,932
|
$2,874
|
$2,929
|
$2,825
|
$2,783
|
| |
|
|
|
|
|
|
|
|
|
|
|
Condo Average Size
|
2,855
|
2,841
|
2,784
|
2,905
|
2,953
|
2,874
|
2,797
|
2,725
|
2,755
|
2,731
|
2,801
|
| |
|
|
|
|
|
|
|
|
|
|
| Co-op Average Asking Price
|
$7,343,743
|
$7,510,813
|
$6,643,977
|
$7,209,449
|
$6,485,039
|
$6,674,134
|
$7,356,186
|
$6,665,210
|
$7,063,249
|
$7,280,086
|
$7,727,973
|
| |
|
|
|
|
|
|
|
|
|
|
|
Townhouse Average Asking Price
|
$10,948,233
|
$9,789,958
|
$9,336,024
|
$10,041,459
|
$9,543,909
|
$11,003,869
|
$10,012,419
|
$9,559,078
|
$10,400,788
|
$10,993,444
|
$10,256,784
|
| |
|
|
|
|
|
|
|
|
|
|
Townhouse Average
Asking $/sq.ft.
|
$1,860
|
$1,867
|
$1,896
|
$1,823
|
$1,619
|
$1,801
|
$1,797
|
$1,897
|
$1,944
|
$2,077
|
$1,829
|
| |
|
|
|
|
|
|
|
|
|
|
| Townhouse Average Size
|
5,794 |
5,409 |
5,033 |
5,503 |
5,991 |
6,251 |
5,638 |
5,208 |
5,531 |
5,288 |
5,621 |
| |
|
|
|
|
|
|
|
|
|
|
END OF THE YEAR 2024 REPORT
2024: 1,295 Total Contracts Signed on All Properties
2023: 1,198 Total Contracts Signed on All Properties
2022: 1,304 Total Contracts Signed on All Properties
2021: 1,877 Total Contracts Signed on All Properties
2020: 645 Total Contracts Signed on All Properties
2019: 935 Total Contracts Signed on All Properties
2018: 1108 Total Contracts Signed on All Properties
2017: 1172 Total Contracts Signed on All Properties
2016: 1102 Total Contracts Signed on All Properties
2015: 1344 Total Contracts Signed on All Properties
2014: 1340 Total Contracts Signed on All Properties
NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
| |
East |
West |
Midtown |
Downtown |
Totals |
Avg. Co-op
Asking |
Avg. Condo
Asking |
Avg. Condo
Ask $/ft |
Avg. Condo
Size |
2024
Apartments |
291 |
237 |
138 |
496 |
1,162 |
$7,343,743 |
$8,939,179 |
$3,083/sq.ft. |
2,855 sq.ft. |
2023
Apartments |
253 |
219 |
113 |
481 |
1,066 |
$7,510,813 |
$8,493,625 |
$2,979/sq.ft. |
2,841 sq.ft. |
2022
Apartments |
274 |
227 |
89 |
569 |
1,159 |
$6,643,977 |
$8,162,310 |
$2,918/sq.ft. |
2,784 sq.ft. |
2021
Apartments |
451 |
286 |
94 |
834 |
1,665 |
$7,209,449 |
$8,427,318 |
$2,902/sq.ft. |
2,905 sq.ft. |
2020
Apartments |
135 |
107 |
45 |
266 |
553 |
$6,485,039 |
$8,164,897 |
$2,733/sq.ft. |
2,953 sq.ft. |
2019
Apartments |
205 |
165 |
70 |
381 |
821 |
$6,674,134 |
$8,092,820 |
$2,802/sq.ft. |
2,874 sq.ft. |
2018
Apartments |
216 |
219 |
115 |
439 |
989 |
$7,356,186 |
$8,211,488 |
$2,932/sq.ft. |
2,797/sq.ft. |
2017
Apartments |
252 |
178 |
132 |
510 |
1,072 |
$6,665,210 |
$7,868,236 |
$2,874/sq.ft. |
2,725/sq.ft. |
2016
Apartments |
195 |
161 |
138 |
496 |
990 |
$7,063,249 |
$8,099,463 |
$2,929/sq.ft |
2,755/sq.ft |
| |
East |
West |
Midtown |
Downtown |
Totals |
Avg. Townhouse
Asking Price |
Avg, $/sq.ft. |
Avg. Size |
2024
Townhouses |
40 |
23 |
8 |
62 |
133 |
$10,948,233 |
$1,860/sq.ft. |
5,794 sq.ft. |
2023
Townhouses |
34 |
30 |
7 |
61 |
132 |
$9,789,958 |
$1,867/sq.ft. |
5,409 sq.ft. |
2022
Townhouses |
33 |
33 |
12 |
67 |
145 |
$9,336,024 |
$1,896/sq.ft. |
5,033 sq.ft. |
2021
Townhouses |
66 |
48 |
13 |
85 |
212 |
$10,041,459 |
$1,823/sq.ft. |
5,503sq.ft. |
2020
Townhouses |
29 |
18 |
5 |
40 |
92 |
$9,543,909 |
$1,619/sq.ft. |
5,991sq.ft. |
2019
Townhouses |
44 |
20 |
7 |
43 |
114 |
$11,003,869 |
$1,801/sq.ft. |
6,251sq.ft. |
2018
Townhouses |
35 |
25 |
9 |
50 |
119 |
$10,012,419 |
$1,797/sq.ft. |
5,638 sq.ft. |
2017
Townhouses |
29 |
28 |
11 |
32 |
100 |
$9,559,078 |
$1,897/sq.ft. |
5,208 sq.ft. |
2016
Townhouses |
32 |
32 |
5 |
43 |
112 |
$10,400,788 |
$1,944/sq.ft |
5,531/sq.ft |
| SUMMARY |
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
2018 |
2017 |
2016 |
2015 |
2014 |
| Total Volume: |
$11,163,926,914 |
$9,984,115,836 |
$10.320,149,800 |
$15,912,375,308 |
$5,082,652,981 |
$7,651,428,687 |
$9,077,371,226 |
$9,104,329,032 |
$8,937,866,862 |
$10,738,479,892 |
$11,256,284,299 |
Average Asking Price
on All Properties: |
$8,712,376 |
$8,372,734 |
$7,980,111 |
$8,461,763 |
$7,934,564 |
$8,174,955 |
$8,180,303 |
$7,761,413 |
$8,090,435 |
$7,940,624 |
$8,140,776 |
Median Price on
All Properties: |
$6,655,081 |
$6,329,076 |
$6,126,317 |
$6,541,346 |
$6,663,763 |
$6,199,375 |
$6,289,038 |
$6,149,606 |
$6,367,820 |
$6,289,375 |
$6,440,048 |
Average Discount from Original
Ask to Last Asking Price |
10% |
9% |
5% |
9% |
12% |
10% |
9% |
8% |
6% |
5% |
4% |
Average Days on
The Market: |
660 |
615 |
545 |
566 |
586 |
496 |
447 |
433 |
318 |
243 |
181 |
© 2025 Olshan Realty | All Rights Reserved.
This website, its content, and the Olshan Luxury Report is copyright of Olshan Realty.
Source: Olshan Realty
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for the week of
2024 YEAR END REPORT
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