Despite the 50-basis point rate cut by the Fed in mid-September, it was too late to have a material impact on quarterly sales in Manhattan. Sales slipped annually as cash sales fell to their lowest share in nearly two years. Median sales price slipped year over year for the third time despite the highest market share of bidding wars in seven years. Listing inventory slipped annually for the fifth time in six quarters, remaining consistent with the third-quarter decade average. Luxury median sales price declined year over year for the second time while luxury listing inventory increased annually for the third time due to the expansion of new development supply.
Manhattan Q3 Market Report 2024
- Jordan Hoch
- 10/7/24
