Manhattan Luxury Sales Break Record As Ultra-Rich Return: Study

NEW YORK CITY — Looks like the ultra-rich haven't given up on New York City.

Luxury home sales in Manhattan in November broke a single-month record, according to a new StreetEasy study.

In total, 422 homes priced above $3.85 million — the current "luxury tier" in Manhattan — went into contract last month, the study found.

"Before November there had never been more than 400 luxury sales in Manhattan in one month, according to StreetEasy records dating back to 2010," the study states. "Prior to the pandemic, the record high was in July of 2019, when 307 luxury contracts were signed."

The 1-percenter buying spree is likely at least in part because of the coronavirus pandemic, the study states.

New Yorkers of all stripes, rich and not-so-rich, fled the city during the pandemic. Home sales effectively paused and only recently restarted.

And some particularly far-flung prospective luxury home buyers have just recently returned.

"One plausible source of this demand is the fact that vaccinated international visitors were granted access to visit the U.S. again as of November," the study states.

"Another reason? The pandemic spurred some price cuts in the luxury sector. In April 2021, luxury prices fell to $3,643,000, the lowest they’ve been since July 2012. The lower prices, combined with sellers willing to negotiate and favorable mortgage rates, increased demand for these homes."

The uptick in luxury sales likely won't have a direct impact on lower-priced homes, the study states.

Lower-priced home homes aren't selling as fast, or have seen costs rise, according to the study.

Read the full study here.