Credit: The Olshan Luxury Market Report

The Manhattan luxury real estate market continues to show strength, with twenty-nine contracts signed at $4 million and above in the last week of June. This performance marks June 2023 as the second-best June in the luxury market since 2006, largely driven by the robust performance of the stock market.

Weekly Sales Overview

Despite a slight dip from the previous week, with three fewer contracts signed, the market remains vibrant. Condos outsold co-ops, with 13 condos, 9 co-ops, and 7 townhouses changing hands.

Top Contracts

The highest-priced contract of the week was a triplex penthouse at 180 East 88th Street, which was listed at a staggering $29 million. The second-highest-priced contract was for a unit at 217 West 57th Street, listed at $22.1 million.

Condo Market Snapshot

The average asking price for condos was $11,381,250, with an average size of 3,026 square feet. The average discount from the original asking price to the last asking price was 5%, indicating a relatively stable market. These properties spent an average of 488 days on the market.

2023 Luxury Market Performance

So far in 2023, the luxury market has seen a total of 120 contracts signed, with condos being the most popular property type. This trend reflects the continued demand for luxury living spaces in Manhattan.

For more detailed information, visit the Olshan Realty Market Report.

For more articles like this, explore our blog.

Syd Harewood is a real estate professional with a passion for NYC’s architectural gems. For inquiries, call or message Syd Harewood at 📞646-535-3819. Experience the finest in NYC real estate with Syd’s expert guidance and deep knowledge of the city’s most exquisite properties.

Blog

Sydney Harewood.Lrsp, LEVEL. 5 West 37th Street | New York, NY 10018 | Tel: 646-535-3819