Amid inventory shortage and high mortgage rates, the number of signed contracts for homes $20 million and up jumped 300 percent year over year.

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Sales of N.Y.C. Homes Worth $20 Million and Above Surge 300% This Year

Key Points:

• Number of signed contracts for homes $20 million and up jumped 300% year over year
• Inventory shortage and high mortgage rates contribute to the surge
• Manhattan luxury housing market shows signs of recovery

Expert Insights:

Realtor Jessica Fulk on the Surge in Sales

The surge in sales of luxury homes in New York City is a clear indication of the strength of the real estate market. Despite inventory shortages and high mortgage rates, buyers are still willing to invest in high-end properties. This trend is likely to continue as the market continues to recover.”

Real Estate Market Trends

As the real estate market continues to evolve, it’s essential to stay informed about the latest trends and developments. Jessica Fulk, an expert in real estate, encourages potential buyers and sellers to ask questions and seek advice from professionals in the industry. “Understanding the current market conditions and how they may impact your real estate goals is crucial for making informed decisions,” she says.

Engagement and Discussion:

As the luxury housing market in Manhattan shows signs of recovery, it’s essential to consider the implications of this trend for the broader real estate market. What factors are driving the surge in sales of high-end homes? How might this trend impact the availability and affordability of homes for sale in other price ranges? We encourage readers to engage in thoughtful discussion and share their insights on this topic.

Orginal article: Link To Article – provided by Kansas City Realtors