New developments are seeing strong interest from foreign buyers, too.
Subscribe to RR1 Live+ for exclusive virtual events all year long , conversations with Robb Report editors, special perks, and more.Blackstone Group’s Former CIO Lists His Connecticut Mega-Mansion for $47.5 Million
Newly released market reports by some of New York’s biggest and busiest real estate brokerages indicate that despite historically high interest rates and a lack of inventory, wealthy buyers have shown thatare still very much in demand. According to a new third-quarter report by Compass, the number of contracts signed for homes asking $20 million or more spiked 300 percent year-over-year. At the same time, luxury deals were up 23.6 percent on a quarterly basis, per Douglas Elliman.
Compared to last year, Compass found that properties priced in the $5 to $10 million and $10 to $20 million ranges only decreased 1.9 percent and 2.6 percent, respectively. To Slater’s point, ultra-luxury inventory levels fell 7 percent from last year, the biggest drop in any price bracket. The shortage has causedhome currently stands at $1.17 million, a 2 percent rise from 2022, according to Corcoran. When it comes to the top 10 percent of the market, the median luxury home price clocks in at $6 million, a 4.3 percent uptick from last year.
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