The New York Luxury Housing Market Is Back

Following the U.S. Presidential election, a surge of luxury buyers ($5M+) re-entered the NYC market after being sidelined for 2+ years! The Trump trade, equity gains in the S&P and Crypto, the Fed rate cut in September, coupled with pent-up demand all drove luxury sales late in the 4Q. "The market for luxury home deals in November was the strongest it's been in three years. There were 90 contracts to buy homes over $5M signed that month, making it the third best November for luxury sales in the past decade". Luxury new development condo sales have outperformed the broader market, reflecting wealthy buyer's tastes and lifestyles. Despite the recent uptick in mortgage rates, this price segment tends to comprise mostly all cash transactions. The outlook for the economy is good, so continued buyer confidence and a strong Wall Street bonus season should propel the NYC luxury market in 2025! See link below to read the full article...

Click here to read the article on bloomberg.com.