Manhattan signed contracts rose 8% year over year in the third quarter of 2024 as perceived value, lower mortgage rates and pent-up demand brought buyers back, even while many waited on rate cuts and the election. In the market report we shared with clients, closed sales rose 2%, inventory sat 10% below the five-year third-quarter average, and average price per square foot fell 6%. Below, I cover sales, prices, inventory, and luxury activity in the third quarter of 2024, how the major brokerage reports compare, and what the quarter meant for Manhattan buyers and sellers.
Did Manhattan Sales and Contracts Rise in Q3 2024?
The market report we shared with clients showed closed sales up 2% and signed contracts up 8% year over year. Brown Harris Stevens counted 3,350 closings, up 6%, while Douglas Elliman counted 2,784, down 2.5%. Firms count transactions differently, but rising contracts pointed to demand building into the fall.
What Was the Median Manhattan Apartment Price in Q3 2024?
The median Manhattan sale price was between $1.1 million and $1.15 million in the third quarter of 2024. Brown Harris Stevens reported $1,150,000, up 2%, and Douglas Elliman reported $1,115,000, down 3.0%. Douglas Elliman put the co-op median at $840,000, down 4.0%, and the condo median at $1,615,000, up 0.3%.
Brown Harris Stevens noted that the average price fell while the median rose, which it attributed to less high-end activity.
How Much Did Manhattan Price per Square Foot Fall in Q3 2024?
In the report we shared with clients, average price per square foot fell 6% and median price per square foot fell 9% year over year, the sixth straight quarter of annual declines. Rising sales alongside softer pricing per square foot suggested buyers were finding value, while persistently limited supply kept overall prices supported.
Is Manhattan Apartment Inventory Still Tight?
Yes. Inventory dipped during the third quarter and sat 10% below the five-year third-quarter average. Douglas Elliman counted 7,224 listings, down 0.6%, and Brown Harris Stevens put supply at 6.2 months, the lowest since January. Years of low inventory had built up pent-up demand that kept transactions moving.
How Did Manhattan’s Luxury Market Perform in Q3 2024?
Signed contracts between $10 million and $20 million rose 15.4%, and contracts above $20 million rose 16.7% year over year. Prices in the $10 million to $20 million range had fallen about 20%, which likely drew buyers back. Douglas Elliman put the luxury median at $5,759,902, down 4.0%, and new development averaged $4,047,911, up 30.3%, on 338 sales.
How Do the Brokerage Reports Compare for Q3 2024?
Each brokerage counts sales differently, so the figures in each firm’s Q3 2024 report differ. Year-over-year changes are in parentheses.
| Metric | Douglas Elliman | Brown Harris Stevens |
|---|---|---|
| Closed sales | 2,784 (-2.5% YoY) | 3,350 (+6% YoY) |
| Median sale price | $1,115,000 (-3.0%) | $1,150,000 (+2%) |
| Average sale price | $1,973,404 (+0.9%) | $1,962,758 (-1%) |
| Average price per sq ft | $1,597 (+0.3%) | Not reported |
| Days on market | 80 (+2.6%) | 105 (lowest in two years) |
| Inventory | 7,224 listings (-0.6%) | 6.2 months of supply |
Were Manhattan Buyers Still Waiting in Q3 2024?
Activity rose even though many buyers were holding out for rate cuts and the outcome of the presidential election. That hesitation kept some demand on the sidelines going into the fourth quarter.
What Did Q3 2024 Mean for Manhattan Buyers and Sellers?
Manhattan remains a world-class market, and the third quarter proved it. Perceived value, lower mortgage rates, and pent-up demand brought buyers back.
When sales climb while price per square foot declines, buyers are recognizing value, and limited supply keeps prices from sliding further. For sellers, that means pricing to today’s market wins. For buyers, it means the window for value is real but won’t stay open indefinitely.
What Results Has The Michael J. Franco Team Delivered?
Through Q2 2024, my team had more than $130 million in sold and pending listings and had assisted 72 individuals and families. Who you work with matters.
Many buyers spent 2024 waiting for the Federal Reserve. In this video, I explain the gap between what markets expected and what economists forecast.
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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