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ew York City's residential market is experiencing a resurgence, driven by declining mortgage rates and increased activity. According to StreetEasy, September saw a significant uptick in home sales, with 1,676 homes going under contract - a 26.4% jump from last year.

    Manhattan led the charge, recording 726 new contracts, a 28.7% increase from last year. The Upper East Side stood out with a 39.2% rise in signed contracts, reaching 167 homes. The luxury market, which had been stagnant for months, is finally gaining momentum due to price reductions.

    The starting price for luxury homes dipped to $4.7 million in September, down from its December peak of $4.95 million. This led to 70 luxury homes entering contract last month, compared to 46 in September 2023. Manhattan dominated with 64 luxury contracts, and new listings in the luxury category rose 7.9% year-over-year.

    StreetEasy analysts note that both the rise in new contracts and increased listings point to an improving outlook for the luxury sector after a sharp slowdown in 2022 and 2023. With lower prices and increased availability, now may be the time for buyers with deep pockets to strike, signaling a potential turning point for the city's luxury market.