Why did Manhattan contracts jump 22% in Q4 2024?

Signed contracts rose 22% year over year in the fourth quarter of 2024 because lower prices, a stronger economy and more consumer confidence after the election brought buyers back. Closed sales increased by approximately 3% over the same period.

What was the median Manhattan apartment price in Q4 2024?

The median price in Manhattan fell 4% to $1,100,000 in the fourth quarter of 2024, the lowest fourth-quarter figure in five years. The average price per square foot declined 2% to $1,811, its seventh straight quarterly decline.

Did co-ops or condos hold their value better in Q4 2024?

Co-ops held their value better: the average price per square foot for co-ops rose 5% to $1,247, while the average for condos dropped 10% to $1,780.

How low did Manhattan inventory fall in Q4 2024?

Manhattan inventory fell 8% year over year to 5,900 active listings, the lowest number since early 2017. Only 3,200 new listings came on the market in the fourth quarter, a drop of 6% from the year before.

How much has changed in the five years since January 2020?

A lot: in the five years since January 2020, the Dow rose around 55%, the S&P 500 around 90% and U.S. GDP about 35%, according to a list shared by Compass' Chief Evangelical Officer.

What did Q4 2024 tell me about the year ahead?

The fourth quarter reminded me how much can change in a single year: 2024 ended quite differently than it began, with buyers returning in force after the election. Lower prices, a stronger economy and more consumer confidence all arrived in the same quarter.

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Why Did Manhattan Contracts Jump 22% At The End of 2024?