08/08/2026
In July 2026, the $5M+ luxury real estate market experienced a modest uptick in contract activity while inventory hit historically low levels. A total of 53 contracts were signed - up 2% year-over-year - driven largely by double-digit gains in resale condo and co-op sales. Active listings fell 3% annually to 782 units, marking a 12-year low for July, which helped accelerate market pace as average days on market dropped by 24% (roughly one month) across all property types. Meanwhile, average asking price per square foot declined 3% year-over-year to $2,906, pullbacks in resale co-op valuations driving the overall pricing drop.
July contract activity exceeded the historical average, while inventory declined, marketing times fell, and pricing cooled.