Manhattan $5M+ Luxury Sales: August 2024
Manhattan luxury sales rise and inventory declines versus 2023.
Days on market declined annually but average price per square foot also fell compared to last year.
August 2024 had 54 sales over $5M, up 10% annually.
- This was the strongest August for luxury sales since 2021. Sales over $30M doubled versus a year ago.
Active listings declined 4% year-over-year.
- All product types displayed an annual percentage decline in listed inventory.
Days on market fell 21% year-over-year.
- Average days on market has now declined annually for eight of the past 12 months.
Average price per square foot dropped 12% annually to $3,168.
- This month and August 2023 each saw resales exceeding $11,000 per square foot. Excluding these outliers, the average resale price this month was $3,024, reflecting a 1% annual increase.
