New York City’s housing market is heating up again after a drop in mortgage rates, marking its best start to the fall since 2021.
September saw a significant increase in activity, with 1,676 homes under contract – a sharp increase of 26.4% compared to the same time last year, according to a report from listing portal StreetEasy.
Momentum built weekly, with 349 deals in the first week of the month and 441 in the last week. Manhattan was at the forefront of this boom, registering 726 new contracts, an increase of 28.7% from the previous year.
Among its neighborhoods, the Upper East Side stood out with a 39.2% increase in signed contracts, reaching 167 homes. The report noted that the luxury market, which has been relatively stagnant for months, is finally picking up steam, largely due to price cuts.
In September, the starting price for the city’s luxury homes — defined as the top 10% of listings — dropped to $4.7 million, from a December 2023 high of $4.95 million.
That price drop helped put 70 luxury homes under contract last month, compared to 46 in September 2023.
Of those, 64 were in Manhattan.
The luxury segment of the market is also poised for a strong October, with last week marking the best stretch for high-end home deals in nearly three years, according to Olshan Realty.
Thirteen trophy homes – priced at $10 million or more – went under contract in just seven days. New listings in the luxury category also increased 7.9% year over year, providing more options for buyers looking to invest in high-end properties.
StreetEasy analysts noted that the increase in new contracts and the increase in listings point to “an improved outlook for the luxury sector after a sharp slowdown in 2022 and 2023 amid higher borrowing costs and volatile financial markets.” .
For deep-pocketed buyers, now seems to be the time to strike, as lower prices and increased availability signal a potential turning point for the city’s luxury market.
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