The luxury real estate market has set an all-time record in Manhattan and presented a jump in Brooklyn signed contracts.
In just nine months, based on combined asking prices, 11.4 billion worth of luxury listings had their contracts signed, while in Brooklyn, 70 million worth of luxury homes were signed during the last week of September (20–26). The median asking prices of those properties, in Manhattan and Brooklyn respectively, were 6 million and 2.5 million.
For the Manhattan real estate market, this represents an all-time record, surpassing the last annual record of 11.3 billion set in 2014, as reported by Olshan Realty’s weekly contract report. As for Brooklyn, last week’s jump, after weeks of not reaching the 20-contract mark, could mean a recovery.
Those luxury homes spent an average of 680 days on the market in Manhattan, and 111 days in Brooklyn, and the majority of properties closed were condos, which is a great indication of what buyers are currently looking for. After a setback in luxury sales during the pandemic and the overflowing discounts, especially on rentals, the market finally gets back on its feet, and it demands to not be ignored.
