Here’s more proof that luxury real estate in Manhattan is rebounding.
A new report indicates a 60% increase in contracts signed on luxury homes in the Big Apple during the first quarter of 2021 as compared to the same pre-pandemic time period in 2020. The findings, released Monday from Olshan Realty, suggest that buyers are banking on Manhattan’s comeback.
A new report indicates a 60% increase in contracts signed on luxury homes in the Big Apple during the first quarter of 2021. (C. Taylor Crothers/Getty Images)
Indeed, there were 41 contracts signed for homes priced at $4 million or above during the week of March 15, bringing the year-to-date total to 343. During the same time frame last year, 215 such contracts had been signed before the Big Apple faced city-wide shutdowns starting on March 22.
During the shutdown period, only 53 contracts for luxury homes were signed at the $4 million or more mark, according to the report. At then end of March 2020, and into the first three weeks of April, just two contracts were signed on higher-priced homes every week.
Widespread vaccine distribution seems to be fueling hope in Manhattan’s luxury real estate market. A total of 36 luxury properties priced at or above $4 million went into contract last month including 26 condos, seven co-ops and three townhouses, according to a February report from Olshan Realty as reported by Mansion Global.
The demand for luxury homeownership continues to skyrocket outside of New York City as well. Real estate brokerage firm Redfin reported on a January survey that interest in seven-figure homes reached a record high for the month, noting more than 10% of home searches on its website were filtered by users at a starting price of $1 million – up 8.5% from 2020.