The city is currently experiencing a nascent shift as its inventory grows and prices plummet; buyers are taking advantage. According to dropped to just over $2 million in Q2, a 3-percent downward shift that’s still 5.5 times the national average. At the same time, the median price dipped two percent to $1.2 million, while sale prices for luxury apartments declined for the first time in more than a year. A Prominent Restaurant Family's Longtime Beverly Hills Home Hits the Market for $5.
Closings and contracts of sale across the overall Manhattan market have improved both on a quarterly and annual basis for the first time since mid-2022, according to a . Meanwhile, the number of sales saw a 34 percent increase quarterly, while signed contracts grew by 13 percent compared to the last quarter.
“Manhattan’s second quarter wrapped up on a promising note, with slight increases in both supply and demand compared to last year,” Pamela Liebman, Corcoran president and CEO, said in the report. “As we close out the first half of the year, attractive prices are drawing in buyers. Savvy sellers have adjusted their expectations by offering more value, and buyers are responding enthusiastically.” After two years of falling inventory, Manhattan is now dealing with a 9.