Hi Carol,
The August slowdown has officially arrived in Manhattan’s $4M and over luxury real estate market. Just 14 contracts were signed last week, down 56% from the week prior. Yet the broader picture remains resilient: 94 contracts were signed over the last 30 days, a 6% increase compared to this time last year.
With fewer listings coming to market and sellers recalibrating expectations, this seasonal shift presents strategic opportunities for both sides of the deal.
Market Snapshot | Contracts Signed $4M+
- Weekly Contracts Signed: 14 ↓ 56%
- 30-Day Contracts Signed: 94 ↑ 6% YoY
- Weekly New Listings: 16 ↓ 30%
- 30-Day New Listings: 111 ↓ 20% YoY
- Weekly Off-Market Listings: 37 ↓ 5% YoY
- 30-Day Off-Market Listings: 169 ↓ 29% YoY
- Sales Volume: $103,219,000 ↓ 38% WoW
- Discounted Contracts: 5 of 14 (39%) | Median Discount: 7%
- New Development Share: 3 contracts (23%)
- 61 East 80th Street – Upper East Side Townhouse
Asking $19.8M | 4 Beds | 4.5 Baths | 9,000 SF | $2,200 PPSF
A classically scaled Upper East Side townhouse offering volume, privacy, and location.
- 35 Hudson Yards #235 – New Development Condo
Asking $9M | 4 Beds | 4.5 Baths | 3,436 SF | $2,619 PPSF
203 Days on Market
The $10M+ Market | Fewer Deals, Stronger Leverage for Buyers
- Contracts Signed $10M+: 1
- Market Share: 8% of weekly volume
- Market Pulse: 1.4
- Down 2.1 pts MoM, up 40.5% YoY
- Climate Index: 0.38
- Down 47.9% MoM, up 40.7% YoY
While only one $10M+ contract was signed last week, the segment’s year-over-year indicators are signifcantly stronger than in 2024.
Macro View | September Rate Cut in Focus
The markets are anticipating a 0.25% Fed rate cut in September, which could infuence borrowing costs and support buyer sentiment heading into Q4. While many luxury purchases are cash, interest rate movement often plays a psychological role in buyer urgency and market confidence.
Seller Perspective
If you're currently on the market:
- Are you priced correctly and seeing steady showings? Stay active.
- Not getting traction? It’s time to reassess.
- Homes not renovated in the past 10 years are viewed by buyers as renovation projects—and must be priced accordingly to move in today’s cost-conscious environment.
Buyer Perspective
With just 14 luxury contracts signed and 39% involving discounts averaging 7%, the market has shifted more towards buyers —particularly those acting decisively.
If you're eyeing a listing that has lingered, this is a time to engage. With fewer buyers in play, sellers are more receptive to offers backed by market logic.
Conclusion
Despite the seasonal slowdown, the Manhattan luxury real estate market continues to show strength. With 94 contracts signed in the last 30 days, improved year-over-year metrics, and tighter inventory, smart pricing and positioning remain your keys to success.
The Pulse: Where data becomes insight. And insight drives results.
Wondering how your property is positioned—or where to fnd hidden value in Manhattan's $4M+ or $10M+ market? Let’s talk. [
Email Me Here].
Warm regards,
Carol
Carol Staab
Global Real Estate Advisor
Sotheby's International Realty..
650 Madison Avenue
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