Manhattan luxury contracts between $10 million and $20 million jumped 32.4% in the second quarter of 2024 because high-net-worth buyers kept transacting on trophy properties, and they had more room to negotiate as the luxury median fell 10.5% and luxury inventory rose 22.4%, according to Douglas Elliman. Overall, the market report we shared with clients counted 2,596 apartment sales, flat year over year but 45% higher than the first quarter, with both supply and demand rising. Below, I cover sales, prices, inventory, and luxury activity in the second quarter of 2024, how the major brokerage reports compare, and what the quarter meant for Manhattan buyers and sellers.
How Many Apartments Sold in Manhattan in Q2 2024?
The market report we shared with clients counted 2,596 apartment sales in the second quarter of 2024: essentially flat year over year, and 45% more than the first quarter. Douglas Elliman‘s report counted 2,609 closings, up 12.2% year over year, and Corcoran counted about 3,150 closings and about 3,200 signed contracts, up 3%.
Brokerages count transactions differently, so totals vary by report. The direction was consistent: more homes changed hands than in the first quarter, and buyers were signing contracts.
What Was the Median Manhattan Apartment Price in Q2 2024?
The median Manhattan sale price was about $1.18 million in the second quarter of 2024. Douglas Elliman reported $1,181,679, down 1.5% year over year, with an average sale price of $2,001,015, down 3.3%. Corcoran noted it was the second straight quarter of price declines and the lowest second-quarter median since 2018, excluding 2020.
Co-ops and condos moved differently. Douglas Elliman put the co-op median at $850,000, up 1.8%, on 1,457 sales, up 18%, and the condo median at $1,732,500, up 3.4%, on 1,152 sales, up 5.7%.
Which Manhattan Neighborhoods Outperformed in Q2 2024?
Midtown East, including Murray Hill and Kips Bay, posted a 15.2% year-over-year increase in sales, and signed contracts on the Upper East Side rose 12.7%. Midtown East’s median price and price per square foot sit well below Manhattan’s overall figures, and in a quarter when buyers were watching value closely, that gap made it one of the clear winners.
How Did Manhattan’s Luxury Market Perform in Q2 2024?
Signed contracts between $10 million and $20 million rose 32.4% year over year, and contracts above $20 million rose 8.3%. High-net-worth buyers kept transacting on trophy properties, and they had more room to negotiate: Douglas Elliman put the luxury median, the top 10% of sales, at $5,997,500, down 10.5%, with luxury inventory up 22.4%.
Is Manhattan Inventory Rising?
Yes, modestly. Douglas Elliman counted 8,044 listings, up 4.2%, and Corcoran counted 7,539 active listings, up 3%, with new listings up 12%. Corcoran noted that the growth came from resales, since few new developments launched. Homes took longer to sell, with Douglas Elliman’s days on market rising 7.3% to 88, and the average discount from original list price widened to 11.3% from 5.9% a year earlier.
How Do the Brokerage Reports Compare for Q2 2024?
Each brokerage counts sales differently, so the figures in each firm’s Q2 2024 report differ. Year-over-year changes are in parentheses.
| Metric | Douglas Elliman | Corcoran |
|---|---|---|
| Closed sales | 2,609 (+12.2% YoY) | About 3,150 (+1% YoY) |
| Signed contracts | Not reported | About 3,200 (+3% YoY) |
| Median sale price | $1,181,679 (-1.5%) | $1.181 million (-2%) |
| Average sale price | $2,001,015 (-3.3%) | Not reported |
| Average price per sq ft | $1,671 (+1.8%) | Not reported |
| Days on market | 88 (+7.3%) | Not reported |
| Listings | 8,044 (+4.2%) | 7,539 active (+3%) |
Did the 2024 Election Slow the Manhattan Market?
Some buyers chose to wait until after the November 2024 election, which thinned the buyer pool for the summer. For buyers ready to act, that pause was an opening, with less competition before buyers were expected to return after the election and as mortgage rates were expected to ease.
What Did Q2 2024 Mean for Manhattan Buyers and Sellers?
For sellers, the lesson of this quarter was pricing. The homes that did best were priced properly from the first day, which drew the largest pools of buyers and avoided the deeper discounts that follow an overpriced launch.
For buyers, more inventory, wider negotiating room, and a pre-election pause added up to leverage. I told clients the same thing I tell them every quarter: who you work with matters.
What Results Has The Michael J. Franco Team Delivered?
Through Q1 2024, my team had more than $100 million in sold and pending listings and had assisted 60 clients. Who you work with matters.
Confidence at the top of the market helps explain the quarter’s luxury contracts. In this video, I look at how millionaire investors viewed the economy heading into 2024.
If you are thinking about buying or selling in Manhattan, request a confidential consultation and I will walk you through what the latest numbers mean for your home. For the newest edition, read the Q3 2026 Franco Report, and sign up for The Franco Report newsletter to get each quarter first.
About the author. Michael J. Franco is a top producing broker at Compass with more than 20 years of experience as a broker, attorney, and investor. The Wall Street Journal and Real Trends ranked him number 13 in Manhattan and number 100 in the United States.
This post is for general information and is not financial, legal, or tax advice. Compass is a licensed real estate broker. Equal Housing Opportunity.
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