March 2023 | Manhattan Ultra Luxury Market Update

Once again, the ultra-luxury residential market in Manhattan defies the economic gravity affecting the broader global economy. March 2023 median and average sold prices beat last month’s sold prices and continued to exhibit double-digit or near-double-digit gains year-over-year. Sold prices per square foot are also up year-over-year at a healthy $3,400, slightly lower than last month’s number. The number of sales in this segment of the market are lower YoY, however, they are in line with the activity of the last several months, with only 1 fewer sale this month compared to February ’23.

The ultra-luxury rental market in Manhattan maintained an average asking rent north of $25,000, a single-digit gain YoY, and a slight decrease from February ’23. There were 173 properties in this price category rented in March, a 25% increase compared to last year, further indicating a booming luxury rental market in the borough, with no signs of slowing down.