property market growth

The Manhattan luxury real estate market experienced a surge in home contracts during the third quarter of 2024, despite a notable decrease in available listings. According to recent reports, sales of residential properties priced at $20 million or more saw a 16.7% year-over-year increase, signaling a significant uptick in high-end property activity. Historically, real estate activity in Manhattan tends to slow down during the summer months. However, the third quarter saw a surprising rise in ultra-luxury home deals, driven by a strong stock market and lower interest rates. Compass, a leading brokerage, reported a 15.4% jump in contracts for homes