2024 Year End Pulse

2024 wasn’t just a comeback—it was a call to act.

After a slow and lackluster 2023, Manhattan’s luxury market roared back to life. Buyers returned, trophy properties soared, and sellers who embraced strategy gained leverage in a market full of opportunity.

The numbers are clear:

• Contracts for $4M+ properties rose 17% year-over-year.
• The $10M+ market surged 34%, while the $20M+ segment skyrocketed 60%.
• December defied expectations, with a 35% YOY jump in new listings as sellers prepared for what looks to be a strong spring.

But these numbers don’t tell the full story—they’re just the starting point.

2024 was the year of decisive moves. Buyers stepped off the sidelines. Sellers who priced strategically saw faster results. Discounts played a role, but preparation and execution set the top performers apart.

Welcome to The Pulse, where I help you turn data into clarity and strategy into action.

If you’re planning your next move in 2025, the market is ready to reward those who act boldly, decisively, and with a plan. Let’s break it down.

2024: A Market Defined by Bold Moves

Buyers Returned With Confidence

• Contracts surged: 1,357 $4M+ deals were signed, up 17% YOY.
• Condos dominated: 68% of the market (919 contracts).
• Neighborhood Highlights:
  • Downtown: Captured 41% of contracts (500 deals).
  • Upper East Side: Secured 27% (357 deals).

Trophy Properties Stole the Spotlight

• The $10M+ market surged 34%, as buyers prioritized lifestyle-defining investments.
• The $20M+ segment skyrocketed 60%, with trophy new development condos driving demand.
• Not to be outdone, two Fifth Avenue prewar co-ops reminded us that classic elegance still can hold its own against modern towers.

Top 10 Priciest Contracts of 2024 [Link to Photos, Floor Plans]

Ultra-luxury sales stole the spotlight this year, driven by record-breaking deals and trophy properties. Here’s a detailed look at the Top 10 Priciest Contracts of 2024: See Stats of the 10 contracts in content box.

1. Central Park Tower PH #107/108 – $149.5M | 12,557 sq. ft. | $9,348 PSF | New Development
2. 960 Fifth Avenue #12 – $60M | Prewar Co-op | Reduced by $10M
3. 125 Perry Street PHW – $57.5M | West Village | $8,088 PSF | New Development
4. Aman Hotel #PH23 – $56M | Midtown | Resale
5. 50 W 66th #52E – $54.5M | Upper West Side | New Development
6. 500 West 18th Street PH26 – $49M | Chelsea | $6,644 PSF | New Development
7. 50 W 66th #41NS – $46.75M | Upper West Side | $6,734 PSF | New Development
8. 140 Jane Street PH11 – $45.5M | West Village | $7,960 PSF | New Development
9. 2 E 67th Street #9 – $44.5M | Upper East Side | Prewar Co-op
10. 140 Jane Street #6 – $40.5M | West Village | $5,136 PSF | New Development

Sellers Found Leverage—But Discounts Played a Role

• 24% of contracts in 2024 included discounts, with a median reduction of 7.9%.
• December was even more competitive, with 31% of deals closing with discounts. Sellers who prepared strategically saw faster sales and minimized reductions.

Inventory Remained Tight, But December Surprised

• Listings dropped 5% YOY, creating a tight inventory environment.
• December defied seasonal norms, with new listings jumping 35% YOY, setting the stage for an active spring market.

The Macro Picture Supported Confidence

• The Federal Reserve cut rates three times in Q4, starting with a 50-point cut in September.
• Despite this, mortgage rates hovered near 7%, signaling stability that brought buyers back into the market.

What This Means for You

For Sellers: 2025 Will Reward Preparation

If 2024 taught us anything, it’s that sellers who embrace strategy, tactics, and execution win.

#1- Strategy: Your Compass in the Market

• A data-driven plan ensures every decision—from pricing to timing—is aligned with your goals.
• Sellers who priced correctly and hit the market at the right time saw faster sales and fewer discounts in 2024.

#2- Tactics: Attract the Right Buyers

• Your Marketing Message Matters: Today’s buyers connect with properties that tell a compelling story. Highlight your property’s unique value—whether it’s a Fifth Avenue address or state-of-the-art amenities.
• Flawless Presentation: Professional staging, photography, and video aren’t optional—they’re the tools that make buyers fall in love.

#3- Execution: Deliver on Your Plan

• The best strategies mean nothing without seamless execution. Marketing must reach the right audience, pricing must be spot-on, and your timing must align with buyer demand.
• With 24% of contracts closing with discounts (and 31% in December), sellers who executed effectively minimized reductions and secured stronger offers.

If you’re considering selling in 2025, let’s discuss how to position your property to stand out.

For Buyers: Strategic Moves Win in 2025

The market is competitive, but opportunities exist for prepared buyers. Here’s how to position yourself for success:

#1- Strategy: Target the Right Opportunities

• Focus on listings with 120+ days on market. These properties often offer the best room for negotiation.
• Look for hidden value in premium locations or new development properties.

#2- Tactics: Negotiate with Confidence

• With 24% of deals including discounts in 2024 (and 31% in December), sellers are open to negotiation—especially for properties with longer days on market.

#3- Execution: Act Decisively

• December saw a 35% YOY increase in new listings, and spring will likely bring more inventory. However, buyers are back, and competition is heating up.
• Being ready to act quickly when you find the right property will give you an edge.

If you’re curious about where the opportunities are, I’d be happy to walk you through the possibilities. Email me here.

Looking forward to helping you achieve your goals in the new year. Thank you for your loyal support of the Pulse, soon celebrating it's 10th year.