VOLUME 1
Summer 2020

Manhattan
$10M+ Market
In 2024, Manhattan’s $10 million+ real estate market remained steady compared to 2023, but across categories saw varying performance.

1016 Fifth Avenue, #11AC, Upper East Side, NY

Trade quantity declined by 7% year-over-year, and sales volume fell by 4%, but select price segments and neighborhoods, particularly ultra-luxury properties above $40 million, or Midtown West, demonstrated robust growth.

In 2024, the average trade price in the $40M+ segment rose by 24%. Buyers in this category, who often view real estate as a long-term asset rather than a near-term tradeable one, provided stability to the market’s top tier.

Sales by Neighborhood


As far as neighborhoods, Midtown West saw an 82% increase in sales volume, year-over-year to reach $1.3 billion. This rebound recalls but surpasses its popularity in 2020 and 2021, driven by the development of Hudson Yards, which was followed by surrounding complexes. In 2024, the neighborhood had 60 trades, compared to 36 trades in 2023, which was itself a record-setter. Conversely, Midtown East, which performed strongly in 2022 and 2023 due to its revitalized inventory, experienced a 13% decline in sales quantity. Downtown Manhattan, including Tribeca, saw overall volume drop by 13% but remained a hub for trophy property sales. These shifts underscore how buyers continue to gravitate toward neighborhoods offering unique value propositions.

The new development sector displayed notable strength towards the end of the year, with sales volume rising 229% in the fourth quarter, from 7 in Q4 2023 to 23 in Q4 2024, followed by a 448% dollar increase, from $86 million all the way to $473 million. As a result, the average sale price in this category surged by 36% year-over-year, reaching $24 million as buyers focused on quality over quantity. Limited inventory and high buyer interest in premium projects reinforced the sector’s ability to command top dollar.

Macroeconomic Impacts


Cash-rich buyers played a pivotal role in shaping the market this year, particularly in the $40 million+ segment, where financing contingencies are less common. These buyers, largely insulated from rising interest rates, acted decisively on high-value properties, contributing to pricing stability at the market’s upper end. However, their influence extended beyond ultra-luxury transactions. In a high-interest rate environment, properties in the $10-$20 million range became an attractive option for affluent buyers seeking to leverage liquidity without overextending on larger purchases. “The relative affordability of these properties compared to the ultra-luxury tier enabled cash buyers to focus their purchasing power on mid-tier opportunities,” says Michael Cantwell, Founding Partner & CMO at Bespoke, resulting in a 4% increase in dollar volume in this category despite a 7% reduction in trade quantity.

The ability to deploy substantial cash resources allowed buyers to navigate a competitive market with minimal reliance on borrowing. As such, the $10-$20 million category offered a strategic entry point for those prioritizing immediate livability, value, and lower financial exposure, further solidifying its role as a key driver of market activity.

Average sale price above $10 million increased to $18.93 million in 2024.

111 Central Park North, PHB, New York, NY

Overall, in 2024, there was a 67% increase in Midtown West trades and a 82% dollar volume increase.

9 East 88th Street, Carnegie Hill, NY

71 Laught Street, 6C Tribeca, NY

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