Even as New York City’s overall residential market had a mediocre year, its ultra-luxury end soared to nearly unprecedented heights.
“In terms of the $10 million and above market, what I call the trophy market, it’s the second-biggest year ever,” says broker Donna Olshan, who compiled a report of the city’s biggest sales in 2024. At least 278 contracts were signed at prices $10 million and above, she says. “It's looking like the same old, the rich get richer and everybody else doesn't do as well.”
More broadly, Olshan says this year saw more than $11 billion in contracts signed at $4 million and above–an 8.5% increase from last year. In total, 1,295 contracts in that tier were signed in 2024. The average asking price for condominiums within that category has also risen, to just over $3,000 a square foot, Olshan says. “That’s the highest number we’ve ever had.”
Behind this growth is an increasingly dominant preference for new buildings. “Here’s the story: That number was completely fuelled by new-development sales,” Olshan says. “People want new. They want freedom of ownership they get with condos, they want new infrastructure, they want amenities, and so that’s where they’re going.”
The downside of this is that co-ops continue on their slow decline in market share, while townhouse sales, Olshan says, have stayed flat. “One big problem is that the huge gap between condos and co-ops continues to grow,” she continues, referring to the $4 million-plus category. “Condos outsold co-ops 879 to 265.”
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