In recent weeks, there has been a surge in luxury real estate purchases in New York City, with 55 contracts signed for properties over $4 million, marking a notable uptick since 2021. This trend reflects high-end buyers' resilience amidst stock market fluctuations, as many in this segment possess significant equity and are not heavily reliant on mortgage financing. The time on the market for luxury homes has slightly decreased, while lower-priced properties are taking longer to sell. The luxury market's current activity indicates continued strong demand.
"We have not seen 50-plus contract weeks at $4 million and above since 2021, which was the biggest year in the history of luxury real estate in Manhattan."
"What is particularly noteworthy about last week is that the activity showed resilience in the face of uncertainty."
"Buyers who put their purchasing on hold came back on the field."
"The $1 million-plus sales segment accounts for 7.6% of the market, according to data from the National Association of Realtors."
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