January 2024

2023 was a turbulent year for real estate. Increased interest rates caused many would be buyers and sellers to sit on the sidelines. Overall sales volume was down 28% year-over-year and the average discount from last asking price was 7%. The uber luxury market ($10M+) had about the same volume as 2022, however buyers were able to score an average listing discount of 22%. Those paying in cash took advantage of the softer conditions and got some great deals. 2024 is already off to a great start. In January, two incredible benchmark deals were inked, a penthouse at Central Park Tower for $149.5M (pictured below) and a penthouse at One Highline for $49M. Overall buyer interest has spiked, and open house activity has been robust. It appears that we have bounced from the bottom and that the market is turning the corner. The market has been reacting to news of rate cuts. As interest rates fall, demand will continue to rise. I predict that it will be a very busy spring market.

If you are a buyer, I suggest treating your search with urgency and make a deal while you still can. Sellers should price their home within or just below market value to have best success. The market is dynamic and changing constantly. As always, I'm here to help advise you or anyone you may know who is interested in making a move. For those looking to move outside of NYC, I have a robust network of agents across the US and Europe that I'd be more than happy to connect you with.