Q1 2024 Market Report

Wake Up Call: In Q1 2024, New York Real Estate Came Alive!

Overbids! Multiple offers! The New York City real estate market came alive in the first quarter of 2024. Transaction volume ticked up substantially across all categories, with the second week in March seeing the number of contracts executed for $4 million or more in Manhattan rising to forty, a number not seen in well over a year. Particularly interesting was the increase in large co-op sales, which accounted for eight of the twenty-five $4 million-plus contracts during March’s 3rd week. While the majority of larger sales still fall between $4 million and $10 million, there have also been a few sales in the $20 million range. This demographic, however, has slowed substantially in volume since 2021. The really big condo buyers just don’t seem to be in town these days!