New York City Luxury Market

In 2023, New York’s luxury real estate market experienced a decline, with prices dropping by 2% and sales falling even further, ending the year 8% below their peak, according to Douglas Elliman and Knight Frank’s annual Wealth Report. The city saw no sales surpassing $100 million, contrasting with two such sales in 2022. Despite a global uptick in luxury prices by 3%, sales volume decreased by 37% in major cities like New York, London, Dubai, Singapore, Hong Kong, and Sydney. The drop in New York’s luxury sales is attributed to a shortage of listings, suggesting a market rebound in 2024.