Manhattan luxury sales moderated as inventory rose from 2023 levels.
Days on market, along with average price per square foot, both decreased compared to last year.
May 2024 had 96 sales over $5M, down 6% annually.
- Despite the year-over-year decline, Manhattan’s luxury market remains historically strong, with May 2024 outperforming the same month in all but three of the past 10 years (2017, 2021, and 2023).
Days on market fell 9% year-over-year.
- With market conditions more stable than a year ago, luxury marketing times have fallen by double-digit percentages in four of the last five months.
- Average days on market has now been under 200 for four consecutive months.
Average price per square foot fell 2% annually to $2,874.
- Despite robust activity near the southern end of Central Park, the market share of sales over $3,000 per square foot nonetheless decreased 5% year-over-year, pulling down the market-wide average.