The Q4 2024 Manhattan Market Report reveals notable trends:

Signed contracts surged 4.8%, driven by a 63% increase in luxury homes above $5M and a 46.2% rise in sales over $20M. Condos performed strongly with an 18.3% sales increase, though inventory dropped 10% YoY. Median prices fell 4.3% YoY to $1.1M, while average prices held steady at $2.06M (-0.4% YoY). Average price-per-square-foot climbed slightly (+0.8%) despite affordability challenges. Inventory recalibration signals potential shifts in 2025, with luxury and entry-level markets leading growth.