T
he Manhattan real estate market experienced a significant rebound in the fourth quarter of 2024, driven by lower mortgage rates and renewed buyer confidence following the election. Sales surged 3% year-over-year to 2,686 closings, while signed contracts jumped 22%, one of the largest annual gains in over a decade.

    The average price climbed nearly 3%, fueled by an uptick in high-end sales, with resale condos also seeing a boost due to stronger demand for larger units. Resale condo median price rose 3% annually to $1.4 million, driven by more two- and three-bedroom sales than a year ago.

    Active listings fell 8% annually to 5,900, the lowest fourth-quarter figure in nine years, as buyers came off the sidelines. The market under $1 million saw a 3% annual drop in listed inventory, while homes listed between $1 million and $5 million saw a 9% YOY decrease.

    Pamela Liebman, Corcoran President & CEO, notes that the surge in buyer confidence has tightened inventory, making it an ideal time to buy. With demand starting to chip away at supply, particularly at the high end, she expects the market's momentum to continue into 2025.