Pricing appears to be slipping for Manhattan’s luxury residential market.
The average price per square foot in April was $2,792, which is 11 percent lower than the month before, according to a report from residential brokerage Corcoran that looks at condominium and co-op sales over $5 million.
However, this price-per-square-foot figure is just 1 percent down from the same time the year before. Last month also saw no contracts over $5,000 per square foot, though there were nine of those in March.
Among submarkets, the Upper West Side saw the steepest drop in its average price per square foot year over year, of 15 percent, to $2,289 per square foot. The Upper East Side experienced the greatest yearly growth, of 5 percent, to $2,587 per square foot.
Throughout the borough, the number of contracts over $5 million also slid from March to April, by 23 percent – though this is up 3 percent from the year before. Overall, April saw 997 active listings on the market, which was down 10 percent from 2024 but up 21 percent because of the typical boost in home sales in the spring.
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