NYC's fall real estate season off to a strong start with deals up 27 ...

Title: NYC's Fall Real Estate Season Off to a Strong Start

The fall real estate season in New York City is off to a great start, with deals up by 27% since last year. The surge in activity can be attributed to declining mortgage rates that have sparked increased activity across the city, as per a recent StreetEasy report. In September alone, 1,676 homes went under contract, marking a significant 26.4% rise compared to the same time last year. Manhattan led this boom, recording 726 new contracts - a 28.7% increase from the previous year.

The luxury market, which has been stagnant for months, is finally picking up steam largely due to price reductions. The starting price for the city's luxury homes dropped to $4.7 million in September, down from its peak of $4.95 million in December 2023. This decline in price helped push 70 luxury homes into contract last month, compared to 46 in September 2023. Manhattan dominated with 64 luxury contracts, and there was a strong increase in high-end deals, including 13 homes priced at $10 million or more going into contract in just one week.

StreetEasy analysts noted that the rise in new contracts and the increase in listings point to an improving outlook for the luxury sector after a slowdown in 2022 and 2023 due to higher borrowing costs and volatile financial markets. For buyers with deep pockets, now seems to be the time to strike as lower prices and increased availability signal a potential turning point for New York City's luxury market.